Saving Plan

According to the Bureau of Labor Statistics’ Consumer Price Index, the costs of health insurance jumped 28 percent from September 2021 to September 2022. If you’re looking to save some money during open enrollment (which ends January 2023), here are some things you should know.

You Could Get Help

As Money notes, you might qualify for subsidies on healthcare premiums. If your income is below $54,360 for a single-person household, you may qualify. Your potential savings depend on your age and where you live.

Assess Your Healthcare Needs

Before you start shopping for a healthcare plan, you’ll need to determine your healthcare needs.

• Look at your previous year’s healthcare plan. Most insurance company websites allow you to see what coverages, premiums, co-insurance, and deductibles you’ve had before.
• Have there been any life changes since last year? This includes things like a new child, marriage, divorce, loss of a spouse or partner, etc. You may need to add or drop coverage options depending on your situation.
• If that plan fits well and there are no life-changing events, you could search for a similar healthcare plan.

Shop Around

If you don’t qualify for a subsidy, shop for the plan that offers the best coverage and value. If you want a specific doctor, use the state marketplace to filter healthcare plans based on provider coverage.

The HSA Option

You may be tempted not to consider a high deductible plan because of the high deductible, but there are some benefits. High deductible healthcare plans (HDHP) typically have a lower monthly premium. The other benefit is that you can save money to use for healthcare expenses in a health savings account (HSA). With your monthly premium savings you can put that money in an HSA for healthcare expenses like prescriptions, co-pay fees, and others. Your contributions go in pre-tax, the money you invest grows tax-free, and when you withdraw cash for medical expenses, it’s tax-free.