The cost of health insurance might significantly strain your finances, but knowing where to go for cheap health insurance can help a lot. The following tactics will help you reduce your health insurance premiums without compromising the quality of care, regardless of where you live—in New Hampshire (NH) or elsewhere.
We'll walk you through all the important steps in this in-depth guide to help you find the best possible deal and lower the cost of health insurance in New Hampshire.
Understand Your Health Insurance Options
Before diving into the ways to lower premiums, it’s important to understand the types of health insurance plans available. In New Hampshire, individuals have several options for obtaining affordable health insurance, depending on their eligibility and income level.
Types of Health Insurance Plans
Employer-Sponsored Plans: If you work for a company that offers health insurance, these plans are often more affordable due to employer contributions.
Marketplace Plans: The Health Insurance Marketplace is an option for those without access to employer-sponsored plans, offering various tiers of coverage.
Medicaid and CHIP: For low-income individuals and families, Medicaid and the Children’s Health Insurance Program (CHIP) offer affordable health insurance.
Medicare: For individuals over 65 or those with certain disabilities, Medicare provides affordable health coverage options.
Understanding which type of plan best suits your needs is the first step in finding affordable health insurance.
2. Review Your Current Coverage
Before seeking lower premiums, review your existing health insurance plan. This will give you a baseline to compare with other options.
Key Areas to Assess
Monthly Premiums: How much do you currently pay each month for your health insurance?
Deductibles: What are the costs you need to pay out-of-pocket before your insurance kicks in?
Co-pays and Co-insurance: What are your costs for doctor visits, prescription drugs, and emergency services?
By evaluating your current coverage, you’ll be able to identify if you’re overpaying for services you rarely use.
3. Shop Around for Affordable Health Insurance
To find more affordable health insurance, take time to compare different plans. The marketplace for health insurance in NH offers many options, each with different levels of coverage and premiums.
How to Shop for Health Insurance in NH
Use the Health Insurance Marketplace: The federal Health Insurance Marketplace allows you to compare plans based on your budget and healthcare needs.
Consult a Licensed Insurance Agent: Agents can help you find affordable health insurance tailored to your needs.
Compare Employer-Sponsored Plans: If you’re eligible, compare your employer’s offerings to marketplace plans to ensure you’re getting the best deal.
By comparing options, you’ll have a clearer understanding of what’s available and at what cost.
4. Opt for a Higher Deductible Plan
One way to lower your health insurance premiums is to select a plan with a higher deductible. A high-deductible health plan (HDHP) generally comes with lower monthly premiums but requires more out-of-pocket payments before the insurance coverage starts.
Benefits of a High-Deductible Health Plan (HDHP)
Lower Monthly Premiums: You’ll pay less each month, which can make health insurance more affordable.
Health Savings Account (HSA): HDHPs often pair with an HSA, allowing you to save money tax-free to cover medical expenses.
For individuals in good health, a high-deductible plan can be a cost-effective solution.
5. Take Advantage of Subsidies and Tax Credits
The Affordable Care Act (ACA) offers subsidies and tax credits to make health insurance more affordable for individuals and families with lower incomes. When shopping for health insurance in NH through the Health Insurance Marketplace, you may be eligible for financial assistance.
How to Qualify for Subsidies
Income Requirements: Subsidies are based on your household income. Generally, households earning between 100% and 400% of the federal poverty level are eligible for subsidies.
Premium Tax Credits: These tax credits can lower your monthly premium costs, making health insurance more affordable.
Check your eligibility for these programs when searching for health insurance in NH, as they can significantly lower your premiums.
6. Stay Within Your Network
Health insurance premiums are often lower if you choose a plan that limits coverage to a specific network of doctors and hospitals. While it may feel restrictive, staying within your network can lead to significant cost savings.
Benefits of Choosing In-Network Providers
Lower Costs: In-network providers have agreements with your insurance company, which means you’ll pay less for healthcare services.
Predictable Expenses: With in-network care, you’re more likely to know upfront how much a service or procedure will cost.
Before choosing a health insurance plan in NH, confirm that your preferred doctors and hospitals are within your network to avoid additional out-of-pocket expenses.
7. Utilize Preventive Care Services
Preventive care services are often covered at no cost under most health insurance plans, including those in NH. By taking advantage of these services, you can reduce your overall healthcare costs and avoid expensive medical treatments down the road.
Common Preventive Services Covered
Annual Check-Ups: Regular visits to your doctor can catch health issues early.
Screenings: Mammograms, cholesterol checks, and blood pressure tests are usually covered.
Vaccinations: Routine vaccinations, including flu shots, are often provided at no cost.
By using preventive care services, you can stay healthy and reduce your long-term medical expenses, making health insurance more affordable.
8. Bundle Health Insurance with Other Policies
Many insurance providers offer discounts if you bundle your health insurance with other policies, such as life insurance, dental insurance, or vision coverage.
Advantages of Bundling Insurance
Lower Premiums: Bundling policies can result in a discount on your overall premium costs.
Simplified Payments: You’ll manage fewer bills, making it easier to stay on top of your payments.
Ask your insurance provider if bundling is an option to make your health insurance more affordable.
9. Improve Your Health
Your lifestyle choices can impact your health insurance premiums. Maintaining a healthy lifestyle not only reduces the need for medical care but can also lower your premiums.
Ways to Improve Health and Lower Premiums
Maintain a Healthy Weight: Obesity can lead to higher insurance premiums, so working to maintain a healthy weight may lower your costs.
Quit Smoking: Smokers often pay more for health insurance, so quitting can help reduce premiums.
Exercise Regularly: Regular physical activity can improve overall health and reduce your risk of costly medical conditions.
By focusing on improving your health, you can potentially lower your health insurance premiums over time.
10. Review and Adjust Coverage Annually
Health insurance needs change over time, and it’s important to review your plan annually to ensure it’s still the most affordable option. New Hampshire’s health insurance market may offer new or updated plans each year, and you may find that switching plans saves you money.
Why You Should Review Annually
Changes in Your Health: As your health changes, your coverage needs may also change.
New Plan Options: The health insurance marketplace introduces new plans and pricing each year.
Life Changes: Marriage, having a child, or a job change may require a different level of coverage.
Regularly reviewing your plan can help you stay on top of rising premiums and ensure you always have access to affordable health insurance.
Finalization
Finding affordable health insurance and decreasing your premiums is doable with the appropriate tactics. It can make a big difference to know your alternatives, shop around, and take advantage of incentives when looking for health insurance in New Hampshire or another state. By selecting for higher deductibles, staying within your network, and employing preventative care services, you may ensure that your health insurance remains reasonable while still delivering the coverage you need.
You can keep your health insurance premiums cheap year after year if you make it a routine to examine your coverage each year.
