Solving the High Premium Puzzle: Your Guide to Insurance Savings
After all, a low price isn’t worth it if you end up paying thousands out of pocket in the event of a claim. If you’re ready to get started, click the button below to request a quote. If you're in the market for a cheap insurance plan, it helps to explore options that fit your current needs. This includes understanding the factors that influence premiums, such as coverage amount and term length, as well as exploring opportunities to save on costs like deductibles and coinsurance. Sarah is a NerdWallet expert on insurance with more than 20 years of experience writing and editing.
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1. Understand Your Needs
Whether you’re purchasing health
insurance on your own through the healthcare marketplace, receiving subsidies
through your employer or making changes to your current coverage during open
enrollment, it’s important to understand your family’s needs and budget before
selecting a plan. Cost is an essential factor, but you should also look at
things like copayments, deductibles and out-of-pocket maximums.
A quick way to get a rough
estimate of your total costs is to use the GetCoveredNJ shop and compare tool.
This will show you a snapshot of your monthly premium and total out-of-pocket
costs based on your family’s expected usage of healthcare services over the
year. You can compare these estimates to a variety of different plan levels,
including Gold plans, Silver plans and Bronze plans. Also consider doctors,
hospitals and other providers that are part of each plan’s network.
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2. Look for a Plan with a Low
Deductible
A deductible is the amount you
pay each year for most eligible medical services or medications before your
health plan starts to help cover costs. Copays are flat fees you may pay for
services like visiting the doctor or getting a prescription. Some copays count
toward a plan’s deductible, but others do not.
When choosing a plan, look at the
total cost — including monthly premiums and out-of-pocket costs — to make sure
it fits your budget. You can use the GetCoveredNJ shop and compare tool to see
estimated costs for plans based on your expected usage. It can also estimate
whether you qualify for financial help with your monthly premium. You can then
apply during the Special Enrollment Period for a gold, silver or bronze plan
that meets your needs. You can also apply for an HSA to save tax-free money to
help pay for your deductible, copays and out-of-pocket costs.
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3. Look for a Plan with a Low
Co-Pay
As you review plans, make sure
you're looking at all costs associated with care, including deductibles, copays
and coinsurance. Also consider prescriptions, if you're on any, and whether the
plan's formulary includes your preferred medications.
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