How to Save Big Money on Your Health Insurance Expenses
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Do you feel like your health insurance premiums have exploded? Learn how you can save money on your health insurance and medical expenses!
Working to Lower Healthcare Costs
I remember not too long ago, it used to be that the three biggest expenses we had were rent, food, and the car.
We then paid off the car loan early and now avoid loans on them. We worked hard and were grateful to get a good deal on our mortgage on this current house.
Food, well it's food. We're smarter about what we spend.
But there is one expense that has shot up since we got married and I'm almost sure you have seen it explode as well – health insurance.
Though we have had some wins dealing with insurance, Michael Dinich is here to offer his expertise.
He's a financial advisor who helps hardworking people get the retirement they deserve.
Part of that includes making sure they're getting good deals with health insurance.
In today's episode we get into:
- the trend of shifting costs from the insurance companies to us
- how to decide if those high deductible plans are really a good deal
- getting the coverage you need at a more affordable price
Hope you enjoy!
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Resources to Save Money on Health Insurances Expenses.
If you two want to dig deeper into finding ways to save on your health care costs, here are some resources to check out.
- Your Money Geek – Connect with Michael to see if he can help you out with your specific needs
- Why We’re Switching to a High Deductible Health Plan
- How to Spend Less on Insurance
- Save Money on Health Insurance
- New pharmacy discounts may lower your prescription drug bill
- Why We Chose Medi-Share – My buddy
Kristiaover at FamilyBalanceSheet shares why her family chose a health cost sharing ministry and how it works for them.
Want to chat more about ways to save on insurance (and more)?
We're swapping ideas in our private Facebook group over at Thriving Families. It’s free and fun – please join us!
How to Deal with Health Care Costs from Insurance to Us
Michael is a financial planner who's had been helping families manage and optimize their health care expenses.
He's seen how things how costs have shifted from insurance companies to his clients.
- Review your health expenses for the last few years. This can be tricky for families with much to juggle, but if you're looking to get an affordable plan that fits your situation, you have to have a concrete idea of what you're spending now.
- Jot down and compare the crucial numbers. Everyone focuses on deductibles and premiums, but they're only part of the picture. When you look at plans, you want to make sure you're not hit with crazy high bills so make sure you understand what your out of pocket maximums are as well as your co-insurance.
By having a clear idea of what the numbers are, you can get an objective idea of what plan would be a better fit, putting you ahead of many families.
Even though the high deductible plans are quite common, research is actually showing us that most people are ended up choosing the low deductible plans.
In fact, 80 percent of employees are choosing low deductible plans and second a research study was done and it said that on average the people that were choosing those low deductible plans end up overpaying annually over 40 percent or more actually having a low deductible plan.Michael Dinich [5:45]
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Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere and Logan from Music for Makers in this episode.
Originally published March 2018. Updated October 2018