Updated on: November 15, 2024

Explore Medicare options to save you money!

Compare Plans and Shop Around

One of the first things you need to keep in mind is that the pricing of plans can change from year to year. Just because you feel that you had a decent deal last year doesn’t mean it’s still the best option. Always take the time to compare the different plans available and shop around.

Today, there are a lot of companies offering health plans in the marketplace. You have plenty of options, so take the time to shop around.

Check for Tax Credits

Not everyone will be eligible for a tax credit, but you should still check to see if you might qualify through the American Rescue Plan Act of 2021. This could help to reduce how much you are paying for healthcare. Check to see whether you can potentially qualify for a tax credit. Some might be able to get some savings if they were on unemployment in 2022.

Consider a Health Savings Account

This only applies to some plans, but it could be something to consider. Health savings accounts (HSA) are a way to set aside some money before taxes that can be used to pay for various medical expenses. You won’t have to pay taxes when you put the money from your paycheck into the HAS, and you don’t have to pay taxes when you use it for qualifying medical expenses. It is tax-free, and it can roll over from year to year.

Additionally, some employers will match what you are putting into the HSA. It’s even possible to invest the funds, so they can grow more.

Don’t Automatically Choose to Use Your Employer’s Plan

Many people who are offered health insurance through their employer never stop to look into the details of the health insurance package. While it’s nice to have coverage through an employer, it doesn’t always mean it is the best option for everyone. Some plans might be good for most employees but might not fit well for those who have certain needs.

Other times, the plan might be terrible. It might be extremely expensive, and it may still not cover everything you need. Don’t just choose the plan from the employer because it seems convenient. Remember to shop around to find the best.

Conclusion

Choosing a healthcare plan and trying to save money can be difficult. If you have done your research, and you still aren’t certain which option you should choose, consider asking for some help from an expert who knows the field.