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Health insurance often saves people money in the long run. However, short-term expenses can make it difficult to afford. Individuals must consider things like premiums, co-pays, deductibles, and out-of-pocket expenses.

You can make health insurance more affordable if you maximize benefits and budget correctly. Read on for some useful tips on managing the costs of individual health care.

How to Maximize Benefits

Get Familiar with Your Plan

Most insurance companies provide clients with an online platform they can access to manage their healthcare plans. Create an account and familiarize yourself with the available tools. The site may provide cost calculators that help you determine the most affordable healthcare strategies.

The site will also provide valuable information about deductibles, copays, and out-of-pocket expenses that will help you budget accordingly.

Know Who Your Providers Are

Healthcare emergencies can be frightening. Many people will rush to the nearest hospital or clinic to get their needs taken care of. Unfortunately, they may end up going to an out-of-network provider that isn’t covered by their insurance.

Go through your care plan and identify your network providers. That way, you will know who to call when an emergency occurs.

Additionally, members must ensure they work with an in-network doctor. People often change plans and don’t consider finding a new physician. However, if the doctor is not within the network plan, they may not receive coverage.

Have Your Health Insurance Support Team in Your Cell Phone Contacts

When emergencies arise, you may have questions regarding what’s covered and what’s not, or you may need general advice. Consumers who have their member’s services and nurse advice line numbers stored in their phones will have an advantage. They can consult with their providers and get the information they require quickly.

Some providers also offer apps and chat functions that make communication even easier. Download these platforms to your phone’s interface to ensure fast service.

Find Out About Programs and Incentives

Many healthcare providers offer programs and incentives that make their coverage more appealing to consumers. They may offer wellness programs like:

  • Stress management
  • Weight loss
  • Smoking cessation
  • Mental health counseling
  • Diabetes management

Or they may provide incentives like:

  • Discounts on gym memberships
  • Travel discounts
  • Good member discounts
  • Referral discounts

Members that take advantage of programs and incentives will get more bang for their buck. They will save money on other needs and make health insurance more affordable.

Learn About Tax-Advantaged Accounts

There are several types of tax-advantaged accounts consumers can use to save money. Individuals with personal healthcare may consider a health savings account (HSA). An HSA allows you to put pre-taxed income towards savings and investments accounts or out-of-pocket medical expenses.

What are HSA Terms?

  • Funding Availability: Consumers can access funds once they reach a certain amount. For example, a consumer may set an annual amount of $1200 to be withdrawn from their paycheck at $100 per month. They can access the funds after receiving their paycheck.
  • Contribution Limits: Contribution limits apply and vary by tax year. In 2024, the contribution limits are $4150 for individuals and $8300 for families.
  • Rollover Terms: Funds roll over from year to year and may build up over time. Individuals may contribute unused funds towards retirement plans, college plans, and other investments. The money can be withdrawn at any time.

What are the Benefits of an HSA?

  • Reduces Expenses: Individuals who enroll in an HSA can set aside pre-taxed funds for medical expenses. Because the funds are pre-taxed, they reduce your taxable income. Consumers can save up to 30% a year on out-of-pocket medical expenses.
  • Improves Health Outcomes: HSAs make it easier for people to afford the care they need to stay healthy.
  • Better Financial Outlook: The savings make healthcare more affordable, reduce taxable income, and allow people to contribute to their retirement plans. People who enroll can save hundreds of thousands of dollars based on their expenses and tax bracket.

Find an Affordable Option With Insurance Broker Hub

Consumers can also save money by finding providers that offer low premiums for maximum coverage. Insurance Broker Hub will help you shop for an insurance plan that’s right for you. Contact us for a free health insurance quote today.