How can I lower my health insurance costs?

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A question we hear every year in eHealth’s customer care center is, what can I do to lower my health insurance costs?

That’s our favorite question:

Here’s the deal, there are three main ways to lower your health insurance costs – you can apply for subsidies, you can make sure you’re enrolled in a health plan that covers your doctors AND your prescription drugs at the lowest possible cost.

Let’s start with subsidies –

We have a couple of good videos on how health insurance subsidies work, and who qualifies – so let me just cover the basics here in this video:

To qualify for subsidies, you have to:
1. Meet U.S. residency requirements – so you must be a citizen, or in the US legally and not in be prison
Your income must be no more than 400 percent of the federal poverty level
If you meet those criteria, chances are you qualify for subsidies.

Plans with your doctor
Next, let’s talk about plans that include your doctor – a provider network is a group of doctors and hospitals that have contracts with insurance companies to see their customers at a reduced price.

So, if you enroll in a health plan that has your doctor in its provider network, you’re going to save money every time you visit the doctor or hospital.

Now, if you can’t find a plan that your favorite doctor accepts –you can look for health plans like PPOs that have out-of-network coverage, or you can consider changing doctors.

Plans that cover your drugs
Finally, let’s talk about Obamacare health plans and their prescription drug formularies.

What’s a prescription drug formulary? We’re so glad you asked!

A prescription drug formulary is list of drugs that your health plan will cover.

Every health plan has one, AND – this is important – every health plan formulary must include prescription drugs for every therapeutic category of medicine.

In other words, if you have a treatable illness, in most instances, your health insurance plan’s formulary includes at least one drug that can treat that illness.

Here’s the catch – not every drug is covered, and some plans charge more for covered drugs that others.

So, if you take a drug that isn’t covered by your plan, that could cost you a fortune out of your own pocket.

The best way to know what’s covered is to look for your drugs on a plan’s formulary, or use eHealth prescription drug comparison tool – let us do the work for you.

You can find the tool online, at eHealth.com. YOU can also watch our video on how to use the drug tool.

And, if you ever have questions, you can always give is a call.

How To Save Money On Health Insurance, How can I lower my health insurance costs?.

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