There are many different types of California health insurance plans in the marketplace. Before you decide on which plan is right for you, here are some helpful tips to save you some money.
1) Comparison shop across all the health insurance plans
It is very important for you to shop the health insurance market to find the right plan and save money. There are literally hundreds of plans with different benefits for each. Based on your affordability, see what plans make sense for your health history. If you are a healthier person, maybe a higher deductible plan will be the right route for you. Additionally, some health insurance carriers could be more
competitive from a pricing standpoint than others, and that can save you some
money in your wallet.
2) Choose a health insurance plan with a smaller network
If network size is not an important factor for you, then
maybe picking a health insurance plan with a smaller network might be your best
option. This will instantly save you money because health insurance carriers
will always charge you a premium if the network is large. Research to see if
your doctor is in the network you are choosing.
3) Increase your deductible on your health insurance plan
The easiest way to make your health
insurance premiums go down and save you money is to increase your
deductible. The deductible is the money you have to pay out of your own pocket
first before the insurance carrier will start paying benefits. If you have a
higher deductible, you are taking on more risk so the carriers will give you a
break. If you are a healthy person, consider choosing a plan with a higher
premium to save you some money on your health insurance.
4) Consider your health history and how old you are
Knowing your own health history is very important when
choosing a health insurance plan. Health insurance plans have all different
kind of benefits. For instance, if you do not have a history of taking
prescription drugs, then pick a plan with lower drug benefits and that will
lower your health insurance premium. On the other hand, if you have certain
needs that you know will require rich benefits, then picking a plan with a
little bit higher monthly premium will save you money in the long run.
5) Ask your employer if they offer health insurance
For the most part, group insurance through your employer
will have lower monthly premiums. This is also because employers are required
to contribute towards your health coverage and that will always save you money.
Additionally, group insurance plans usually have better benefits than individual
plans so that can also lead to savings in your pocket.
6) Consider HSAs to maximize your tax
Health Savings Accounts (HSAs) are great ways to spend your tax dollars
wisely. These health insurance plans are meant for people who have recurring or
predictable health care needs. The dollars are put into an account that is tax
sheltered and you can pay down your medical bills using those dollars.