With rising health care costs, finding quality health insurance while staying on track with money goals can feel harder than ever. However, managing healthcare costs is a crucial part of successful financial planning.
At Insurance ‘N You, we’re all about helping you find comprehensive coverage that fits your budget, so you can access the care you deserve, without facing financial burden. In this blog, we’ll discuss ways to lower healthcare costs and how to get the most out of your benefits so you can enjoy a healthier life — and bank account.
A Health Insurance Marketplace plan provides coverage for those without health insurance under the Affordable Care Act (ACA). A comprehensive health plan covers doctors' services, hospital care, prescription drugs, and mental health services.
Marketplace insurance plans are divided into four metal categories: Bronze, Silver, Gold, and Platinum. There is a difference between the plans in terms of how the overall cost is shared between you and your insurance provider.
Below is a general look at the cost breakdown of these four plan tiers:
When we talk about the costs you’ll be responsible for when you receive care, we’re discussing:
One important part of health cost management is evaluating each of the above costs, and making sure that you’d be capable of paying them if a medical event occurred. Considering your current state of health can also help guide you in your decision.
For example, individuals with generally good health might choose a Bronze or Silver plan, enjoying the low monthly premiums, knowing the likelihood of a health event is low. Alternatively, if you know you’ll need to go to the doctor often, you might choose a Gold or Platinum Plan. Those with poor health might prefer to pay the high monthly premium of these upper plans, knowing their costs will be low when they seek treatment.
The cost of health insurance is an important part of your annual living expenses, but there are ways to reduce it.
When you purchase health insurance through the Marketplace, you may be eligible for financial aid to lower your premiums. Subsidies for health insurance are based on your earnings and family size (including you, your spouse, if married, and anyone you claim as a tax dependent - even if they do not need coverage). A state's health insurance costs are also taken into account when determining subsidies. If you qualify, you may be able to lower or completely eliminate your premium.
Even with the rising cost of healthcare, you still have options and agency in your wellness plan. Understanding how to find the most affordable plan that covers your needs, and how to take full advantage of your insurance benefits, can help pave the way for lower healthcare costs.
Here are 15 ways you can save on healthcare:
You can save money by choosing an insurance plan through a health maintenance organization (HMO). To see a specialist, you will need a referral from your primary care physician, and out-of-network coverage is limited to emergencies. The overall cost of your health insurance will be lower.
You can save on your monthly payments if you're healthy overall and don't need regular doctor visits except for preventive care. A higher deductible will lead to a lower monthly premium for health insurance. Learn more about high vs low deductibles.
Managing healthcare costs that change from one year to the next is easier with a Health Savings Account (HSA). An HSA is an account you use to pay for medical expenses. By putting money into a health savings account and then using that money for your deductible, copays, and coinsurance, you save on taxes. The premiums of health savings account plans are lower because their deductibles are higher.
Regardless of your plan type, you will always receive the most coverage when you stay in-network. This is true for every type of provider, including primary physicians, specialists, and urgent care centers. If you aren’t sure whether a certain provider is in-network, our AI agent can help with that, providing you with a list of covered providers.
Keeping up with routine appointments can be part of your strategy for reducing healthcare costs. Your primary care physician can help you catch certain conditions before they become serious — and more expensive. Plus, attending your annual checkups gives your primary care physician a chance to develop an overall understanding of your health, and make tailored recommendations for screenings, vaccines, and lifestyle habits that can help you stay in optimal health.
Read through your summary of benefits and coverage thoroughly to understand the full scope of your health care benefits. You might be able to receive preventive care services, like vaccines, routine health screenings, and chronic health conditions counseling for no or extremely low cost. Preventive care can reduce your risk for serious conditions, as well as help you manage existing ones to avoid more costly treatment.
The stress of a large medical bill can feel overwhelming in the moment. But, before you pay the full amount, try fighting the bill with your insurance or negotiating with your provider. Sometimes, they’ll give you a discount if you agree to pay your bill right away, instead of spreading it out over a payment plan. You might also be eligible for assistance through non-profits and charitable organizations. Ask to speak to someone in the healthcare expense management department to learn what sort of assistance you might qualify for.
Telemedicine and virtual care visits typically cost less than in-person visits. Plus, by choosing a virtual visit, you save yourself the time and transportation money of going to a physical office. Virtual appointments can be a great alternative when dealing with common ailments like the flu or a urinary infection. Your doctor can generally diagnose common issues like these through a simple discussion and write you a prescription — without the need to visit them in person.
Just because your plan offers prescription drug coverage, doesn’t mean you have to take name-brand medication. Always ask your doctor if there is a generic option available for your prescription medications — your co-insurance will be much lower for the generic option. When figuring out how to manage healthcare costs and meet savings goals, choosing brand-name medication just doesn’t make sense.
Depending on the provider, you might be eligible for assistance through nonprofits and charitable organizations. Ask to speak to someone in the financial aid department to learn what sort of assistance you might qualify for and discuss how to reduce healthcare costs. For non-emergency care, consider finding low-cost or free clinics.
Want to prepare for unexpected medical costs and get a tax break? Consider a Flexible Spending Account (FSA). An FSA is a great healthcare expense management tool for those with high deductibles. An FSA is an employer-provided, tax-advantaged account to which you can contribute pre-tax dollars, and use that money for qualifying medical costs like copays, deductibles, prescriptions, and medical devices. For the 2025 fiscal year, employees can contribute up to $3,300 to FSAs through payroll deductions.
In addition to learning how to save money on healthcare, it’s also important to be prepared for unavoidable costs. While you can never perfectly predict your healthcare needs, considering your medical history can help you set aside the necessary funds. For example, if you have a chronic condition such as diabetes, you can calculate what you spent last year on things like insulin, screenings, and specialists, and plan to set aside a similar amount in the coming year.
The cost of an emergency room visit is almost always higher than that of providers. Something as simple as an Aspirin or a urine test can cost much more in the ER than it would at your primary care physician’s office. That’s why it’s best to avoid the ER unless you’re facing a true emergency such as difficulty breathing, heavy bleeding, chest pain, or other severe pain. For issues that aren’t life-threatening, but need timely attention, like strep throat or a bladder infection, consider going to Urgent Care. Your cost-sharing responsibilities will be much less at an Urgent Care center than at an ER.
Learning how to eliminate poor health habits is just as beneficial to your wallet as learning how to lower healthcare costs. Taking good care of yourself by doing things like getting regular exercise, not smoking, minimizing stress, and eating a healthy diet can help reduce your chances of preventable issues. Check your plan’s details to see if it includes wellness benefits. Some health insurance plans offer gym membership discounts, nicotine replacement therapy for individuals trying to quit smoking, and other benefits that promote overall well-being.
When open enrollment comes around, evaluate your healthcare plan and see if it meets your current needs. Consider your level of health, medical history, and any anticipated medical or financial changes. You might find that your current plan is more comprehensive than you need. Our helpful AI tool can help you discover how to lower health insurance costs by changing your insurance plan. Simply provide it with some basic information about your healthcare needs and budget, and our AI assistant will show you competitively priced plans that offer the right coverage.
At Insurance ‘N You, we’re committed to helping you meet your healthcare needs — no matter where you are in your health journey. We’re here to answer all of your health insurance questions and help you learn how to save money on health insurance.
We know that managing healthcare costs can seem intimidating, but with the guidance of our powerful AI tool, it doesn’t have to be. With just a few pieces of information about your health and budget goals, we’ll show you health insurance quotes from top carriers, at competitive rates.
Get your free quote and find coverage that revolves around you.
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