In a world full of instability, one thing you can, unfortunately, count on is the rising cost of health insurance. In 2020 alone, group insurance premiums increased by 4%. Health insurance costs are not rising for health insurance corporations to make more money. Instead, they are growing to keep up with medical expenses estimated to increase by a rate of 5.5% per year for the next seven years. As medical care costs continue to skyrocket, so does the importance of having health insurance to protect yourself financially.
Countless laws have gone into effect, helping citizens gain access to improved coverage. However, many Americans still forgo health insurance due to costs, inadequate coverage, and application complications. Even though healthcare plans allow you to obtain routine and emergency care without breaking the bank, over 30 million people across the U.S. are going without it.
If cost is the main issue holding you back from obtaining health insurance, state and federal programs like Medicaid and Medicare are free for those without adequate funding. In the case you aren’t eligible for federally funded health care, affordable plans are still within reach. Federal tax credits are one way to reduce your monthly premium significantly.
Choose Your Private Health Insurance Wisely
If your company doesn’t offer health insurance through employee benefits programs, you’ll need to purchase coverage through a private company. Private plans differ from publicly-funded packages because you are the sole beneficiary responsible for paying the monthly premium. Due to this, you can pick and choose the health insurance that best fits your lifestyle.
For instance, if you’re a healthier individual who wants to pay the bare minimum of coverage, a private insurer may be a cost-effective option. Those interested in shopping for a private health insurance exchange, research affordable health plans at AHiX marketplace for numerous, personalized options.
Money-saving strategies for purchasing health care
Exhaust all options
Before you purchase health insurance, make sure you explore all options available to you. For example, if you’re married and your spouse also needs insurance, be sure to sign up together to get better rates.
Health insurance waivers
If you decide to go with private health insurers instead of employer-sponsored packages, you’ll need to sign a waiver. Health insurance disclaimers allow you to forgo company plans and utilize services outside of your place of employment.
Use an HSA to pay for health-related costs
One of the best ways to pay for health care expenses is a Health Savings Account (HSA). An HSA allows you to store money tax-free and use it for eligible medical costs down the road. HSA’s enable you to expect the unexpected and plan for emergency visits and unforeseen illnesses.
The bottom line
Shopping for health insurance can be complicated and exhausting as you sift through high-premium plans with inadequate coverage. However, there are actions you can take to find affordable, benefit-rich packages for your healthcare needs.