Four Ways to Help Save on Health Insurance

There are several ways you can save on the cost of health insurance. The simplest strategy is knowing and actively choosing cost-effective options when you receive healthcare. Small decisions can have big financial benefits for you and your family, whether opting for in-network over out-of-network care or visiting an urgent care center instead of a hospital.

1. Choose In-Network over Out-of-Network Providers

Health insurance companies partner with healthcare providers, such as doctors, hospitals, dentists, etc., and enter contractual agreements where the providers settle on discounted service rates for members. This group of healthcare providers partnered with your health insurance is called a network, making them in-network providers.

Visiting in-network providers is much more affordable than visiting a provider outside this network, i.e., not partnered with your insurance company. These out-of-network providers will charge you the full price for their services. As such, try to visit in-network providers over out-of-network providers whenever possible.

2. Understand Provider Tiers

The term “tiered providers” refers to a system in which healthcare providers get categorized into different tiers based on cost and quality. You can save on health insurance by choosing tier 1 providers (or “preferred” providers) as they offer the best value in high-quality care with the lowest out-of-pocket expenses. While you should always try to use tier 1 providers, some services, like acupuncture, speech therapy, and chiropractic care, do not have tiering.

3. Urgent Care vs Emergency Room

Many Americans go to the emergency room when the severity of their injury or ailment does not warrant a trip. You can save on health insurance by going to an urgent care center instead of an emergency department. A study published in Health Services Research discovered that urgent care centers reduce costly emergency department visits, particularly in areas with long wait times.

Urgent care centers are not for emergencies, nor are they open 24/7. However, if you can’t get to your primary care physician and have a non-life-threatening symptom (fever without a rash, moderate flu-like symptoms, small cuts, sprains or strains, etc.), visiting an urgent care is more financially advantageous than going to an emergency department which will probably take longer and cost more.

4. Using Telehealth

Another way you can save on health insurance is by taking advantage of your insurer’s telehealth services. Much like an urgent care center, telehealth providers can treat non-emergency health conditions. But, leading telehealth providers go beyond by being available 24/7 and having dedicated clinicians assigned to you that can help manage chronic conditions like hypertension and diabetes. According to research from UnitedHealthcare, using telehealth resources instead of visiting the emergency room allows you to save up to $1,500.