Even though you can’t control what happens to you when you get injured or sick, you still have the option of different health insurance premiums. Here are some ways that may help lower your bill.

 

See if you’re eligible for a tax credit subsidy

You may be able to get help paying for your health insurance from the government if you are buying your own health insurance plan. The government provides an Advanced Premium Tax Credit subsidy to help lower your monthly payment. You can also check if you qualify for reduced costs while you are shopping for plans.

 

Choose an HMO

A PPO, or preferred provider organization, is a type of health insurance that allows you to see the doctors that you want without a referral. These doctors and specialists can be in or out of network and still be covered by your insurance for most services. However, with great freedom comes higher premiums.

 

A Health Maintenance Organization plan, or HMO, is a type of health insurance that provides a single primary care physician for you. You’ll need a referral from them to see a specialist. It also doesn’t have out-of-network coverage except for emergencies. This, in turn, lowers your monthly payment and your overall healthcare costs. 

 

Choose a high-deductible plan

Before your health insurance kicks in, your deductible must be paid. A high-deductible plan can lower your monthly premium.

 

If you don’t often go to the doctor and take regular prescriptions, your health insurance will not cover much of your deductible. However, this may change at any time. If you get seriously ill or injured, your plan might not cover enough for your medical expenses. Think about whether or not you can afford the remaining deductible before health insurance kicks in. 

Choose a plan with a health savings account

A health savings account, or an HSA, is a type of account that you can use to pay for your medical expenses. It can be either tax-deductible or tax-free.

 

A health savings account can also help lower your monthly premium. Most plans that combine with an HSA have higher deductibles, which can lower the cost of your premium.

 

These are just a few ways that you can lower your monthly health insurance premiums.