Utilize the free services of an experienced broker/agent. Believe me, it will save you time and money (and frustration), as you compare the best plans online in minutes and receive clear unbiased advice. The broker should represent multiple carriers, not just on company.
If your household income is under $95,000, you may be eligible for a federal tax subsidy during Open Enrollment later this year (October). This tax break could easily save you thousands of dollars each year so don't leave it on the table. Also, if your income exceed what you projected in the previous year, you may have to pay some of your tax credit back to the IRS.
Consider buying policies "outside of the Exchange." If you don't qualify for federal tax credits, it may be worth considering. Anthem and other carriers are expected to offer options that re not officially part of the new Marketplace.
The Bronze medal plan will be the least expensive policy offered in every state. Yes, you do have to pay the highest projected percentage of your expected expenses (40%). However, if you are in excellent health, it will save you thousands of dollars each year. If your health suddenly changes, you can switch to a different policy during the annual Open Enrollments.
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| Baby Well-Checks Are Covered at 100% |
Remember that most preventive services are free. You don't have to wait 30 days or meet a deductible. Regardless whether it is a child or an adult, there are may benefits that can be utilized, and all are designed to keep you in good health!
Don't be afraid of higher deductibles. Yes, a $10,000 deductible is very high, but a $5,000 deductible, compared to a $1,000 or $2,500 option is likely to save you premium dollars over the length of time you have coverage. Review the differences, understand the risk and you will be rewarded.
Eat your vegetables. Sorry. I had to slip that in there. I can't tell you how many times I was told that, so I had to mention it. And admittedly, I hate broccoli.
Negotiate with your provider. Yes, you can do that. For example, if you have an MRI scheduled at a hospital, the retail cost could easily be in the $3,500 range. Your insurer's provider discount could reduce that amount to about $1,500, which is still a large amount, especially if it is subject to a deductible.
Your next step is to locate a stand-alone facility (make sure it's reputable) and request their pricing. You may be shocked to learn that your MRI may only cost $500-$900, including the reading. Assuming it's the exact same MRI, that's a lot of savings.
Join a Fitness Club, YMCA or other exercise-related facility. Many insurers will pay for up to 25% of your annual membership fees every year. Although, the annual reimbursement is often capped between $250 and $500, it's free money to you!
Don't be afraid to change policies during Open Enrollment. As your personal medical profile changes, you may need to adjust the type of benefits you have. You don't want to pay for benefits you don't need, but you also don't want to miss adding benefits that you can utilize.
