Top 7+ Ways to Save on Health Insurance in 2024 for Individuals & Large Families

Are you tired of skyrocketing health insurance premiums? Look no further! We’ve compiled the top seven foolproof ways to save big on health insurance in 2024, whether you’re an individual or part of a large family. With these game-changing tips, you’ll be able to secure comprehensive coverage without breaking the bank.

As healthcare costs continue to rise, finding ways to save on health insurance in 2024 when you have a large family is more crucial than ever. According to the Centers of Medicare Services, people spend over $12K per year on healthcare services. In addition, due to rising inflation, many Americans have seen their premiums go up. In this blog, we will outline the seven ways you can save money on your health insurance needs.

Here are seven strategies to help you cut your health insurance expenses:

1. Shop Around for the Best Plan

Choosing the best health insurance can be daunting with so many options out there. My best advice is to not settle for the first health insurance plan you come across. Learn to compare multiple plans, both within and outside of government exchanges to find one that suits your needs and budget. Look at factors like premiums, deductibles, copayments, and out-of-pocket maximums.

Also, consider your healthcare needs when choosing a plan. If you will need treatments for a chronic condition or any additional services outside of routine annual visits, choose a plan that covers specialty care services.

2. Consider Getting High-Deductible Health Plans (HDHPs)

If you and your family members are generally healthy, then high-deductible plans can help you have lower monthly premiums. While you’ll pay more out-of-pocket before your insurance kicks in, they can be a cost-effective choice, if you’re in good health. HDHPs often come with Health Savings Accounts (HSAs), which offer tax advantages for healthcare expenses.

For example, if someone has a chronic condition like asthma but it’s well controlled, they can certainly benefit from HDHPs. Additionally, Health Savings Account (HSAs) will help cover the costs of medications, nebulizer machines and copays.

3. Schedule Your Preventative Care Visits

Many insurance plans cover preventative services, such as vaccinations, screenings, and annual check-ups, at no cost to you. Preventive services help you find health problems early, which can save you money on treatment in the long run. Additionally, treating diseases early can increase your life expectancy.

Cancer screenings are also part of preventative care services. Both private and government insurance pay for colorectal, breast, prostate screenings on an annual to biannual basis, however other non-routine cancer screenings like ovarian cancer screenings is done depending on risk factors.

Preventative services are extremely important, especially if there is a family history of a disease. You may be eligible for early preventative test based on family history risk. For example, if there is a history of colorectal cancer in a first degree relative (parents, siblings, child), you would be eligible to receive a colonoscopy before the recommended age of 45.

4. Choose Generic Medications Over Brand Name

Let’s face it, medications are expensive. One way to save money on prescription medications is to ask about generic alternatives.

Generic medications work the same way and have the same risks and benefits as brand-name drugs. This is because they contain the same active ingredient and dosage form.

According to the Fair-Trade Commission Consumer Affairs, people can save up to 85% when using generic drugs. This may be the relief many American families need to save more on health services, including you! Many doctors will prescribe brand-name drugs; however, you can ask for the generic alternative instead.

5. Choose In-Network Providers

When you receive medical care, ensure that your healthcare providers are in-network for your insurance plan. To find in-network providers, go to your insurance provider’s website and search for doctors/ specialties. All providers shown in the results will be in network.

The Importance of Staying in Network

Staying in network gives you more “bang for your buck” and helps you save on health insurance costs. All in -network providers have a negotiated rate of reimbursement, so it is highly unlikely that you will deplete your in-network funds. You can find this amount if you look at your insurance card. Additionally, you can find this amount on your statement or call your insurance company to inquire the amount.

6. Utilize Telehealth Services

Telehealth services have become increasingly popular and widely available since COVID-19. Using telemedicine for non-emergency medical consultations can be more cost-effective than traditional in-person visits. There are many types of telehealth services that can fit your health needs.

Most telehealth services are often covered by insurance plans. Telehealth is revolutionizing healthcare in many ways and is a great alternative if you need access to primary care providers and specialists.

Telehealth services allow you to save on gas, parking, tolls and more. If this is offered and covered by your insurance, this is a great way to get convenient care that will also help you save on health insurance costs as well.

7. Maintain a Healthy Lifestyle

Living a healthy lifestyle can help you avoid medical issues and save on health insurance costs in the long run. This includes eating a balanced diet, engaging in regular exercise, and avoiding habits like smoking and consuming excessive alcohol.

Some insurance plans offer wellness programs and incentives for healthy living. Once you are enrolled in a wellness program you will earn rewards, which sometimes include money or freebies once you have met the goals.

Getting rewards are fairly easy. I got $ 50 for getting my annual check-up done; this is something I would have done anyway. The requirement was to get it done within a certain timeframe. There is a general form to fill out so that you receive your reward. My form was relatively simple, like typing the date of my appointment, my doctor’s name and address and uploading it through my health portal.

Cha-ching. It was that simple.

Bonus Tip: Negotiate Medical Bills

The importance of negotiating medical bills and services cannot be overstated when it comes to saving on healthcare costs. By actively engaging with healthcare providers, hospitals, and insurance companies, you can potentially uncover hidden savings and explore alternative payment options. Remember, your health and financial well-being are worth fighting for, so don’t shy away from negotiating your medical expenses.

3 Steps to Negotiating Your Medical Bills

Gathering Information

• The first step is to gather all the necessary information about the medical bill in question. This includes understanding the services you received, the charges associated with each service, and any insurance coverage you may have. By having a clear understanding of your bill, you will be better equipped to negotiate effectively.

If you are employed, ensure to use Federal Savings Accounts (FSA) and Employer Based Program are (EAPs) to cover certain medical expenses, then revisit your bill after the payments have been applied.

Making the Call

• The second step is calling the billing department of your doctor’s office, hospital etc., and speak with someone who can assist you. Politely explain your situation. Ask if there are any discounts or payment plans available that could help reduce the cost of your bill.

Showing Proof

• If you are unable to reach a satisfactory agreement over the phone, the third step is to request an in-person meeting with a supervisor from the billing department. Ensure to have all supporting documentation to proof financial hardship or multiple hospital visits that would interfere with full-time work. Additionally, if you can proof that neighboring hospitals are charging significantly less for the same service you have received, be sure to bring those as well.

Negotiating Take- A -Way

Remember to remain calm but remain assertive about your inability to pay the full amount. Being polite and having a respectful attitude can go a long way in reaching a favorable outcome and helping you save on healthcare costs.

By following these steps and being proactive in negotiating your medical bill, you can potentially save on healthcare costs and alleviate some of the financial burden associated with healthcare expenses.

Don’t let medical bills drain your bank account. Take control of your healthcare costs by negotiating medical bills and services. Reach out to healthcare providers, hospitals, and insurance companies to discuss payment options, discounts, or even consider enlisting the help of patient advocacy services. Keep in mind that every penny saved on medical expenses is a step towards a healthier and financially secure future for you and your family.

Conclusion

Healthcare needs and insurance plans can vary greatly from person to person. It is essential to choose a plan that aligns with your specific health requirements and financial situation. Additionally, make sure to stay informed about any changes to healthcare laws and regulations in 2024. Changes to healthcare policies can impact your options and how much you can save on health insurance costs in the future.

To ensure that you get the best possible health insurance for your needs, you can consult with a qualified insurance agent or broker. They can provide valuable guidance in navigating the complex world of health insurance and finding the most cost-effective solution for you and your family’s needs.

There are many ways to curb the cost associated with healthcare. One of the first steps is to choose a health plan that will satisfy your healthcare needs. Other strategies include understanding your benefits and payments obligation. You can find the maximum out of pocket expenses on your insurance plan by contacting the insurance company. Additionally, utilize telehealth services whenever you can and receive care from in-network providers.

If you receive medications on a regular basis, ask your doctor about generic medications, so that you can save on prescription drug costs.

Finally, commit to getting timely preventative care services and living a healthy lifestyle. Preventative services help detect early signs of disease that are usually cheaper to treat in the long run.

By following these tips, you can save on health insurance in 2024.

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