For many Americans, great health insurance comes at a cost. On the surface, premiums and deductibles seem straightforward (these are the expenses you’ll pay both monthly and annually). However, there are many more factors to consider such as copays, coinsurance, medication, and the ever-fluctuating healthcare marketplace.

Fortunately, it is possible to have a great health insurance plan without having to empty your wallet each month. There are many different ways you can save on health insurance costs, but here are our top five money-saving tips.

  1. Shop Around for the Best Plan
    Choosing a health insurance plan with the lowest monthly premium is certainly one way to save money on healthcare, but it’s not necessarily an affordable option. For one, if you encounter any medical emergencies or accidents, you’ll have to meet a substantial deductible before your low-premium insurance kicks in.Instead, you need to find the best plan for you. When browsing for health care, you should consider specific factors such as the frequency of which you’ll need medical assistance, what tax credits (if any) you qualify for, the amount you’re capable of paying out of pocket, and the healthcare needs of your family.
  2. Check to See If You Qualify for Financial Benefits
    Depending on your financial situation, you may qualify for subsidies and tax credits that will lower the overall expense of your healthcare. If you are married or in a domestic partnership, you may qualify for additional benefits. Local state laws regarding healthcare may entitle certain benefits depending on your situation. This can significantly reduce the overall costs of a health insurance plan, and it’s definitely worth checking to see if you qualify.
  3. Chat with an Insurance Broker
    A health insurance broker is a licensed professional that will help you find the right insurance for your needs. Chatting with an insurance broker often comes at no cost to you, as their goal is to place you with a health insurance partner.Whether you’re concerned about long-term care, annuities, life insurance or disability income, talking to a health insurance broker can clear up any confusions. From beginning to end, an insurance broker will help you research, buy and manage your new healthcare insurance plan.
  4. Save Money by Understanding How Health Insurance Works
    Health insurance can seem complicated and confusing to grasp, but a fundamental understanding of a plan’s core components will help you save money. Learn about premiums, deductibles, copays and coinsurance. Research additional elements, such as lifetime maximums and health savings accounts. The more you know, the better prepared you’ll be to make an informed and cost-effective decision.
  5. Compare Service Provider Options
    Once you have a health insurance plan, you can further your savings by comparing and negotiating your healthcare service options. This involves two parts: knowing which services your local providers offer and whether your current health insurance plan allows you to select services from different providers.For example, a trip to the ER will likely cost more than visiting your local clinic. But it’s possible that the clinic offers the same service you need from the ER and is covered by your insurance plan, too. You’ll want to research and know your options in advance, but doing so will save you money when or if medical assistance is needed.

Health Insurance Doesn’t Have to Break the Bank

Take the time to learn about health insurance and the services available in your area. As mentioned above, one of the best ways to find an affordable health insurance plan that suits your needs is through talking with a health insurance broker. They’ll assess your current needs and medical history while answering any questions you may have. Get in touch with us here if you have any questions.

When all is said and done, you’ll be wealthier—and healthier! —as a result.