5 Ways To Save Money On NJ Health Insurance
Health care costs and health insurance premium prices have been dominating the news cycles for several years now. More and more individuals are struggling to find affordable health care – and those who don’t may end up paying penalties for not having insurance. Although the federal mandate for health insurance has been lifted, here in New Jersey, health insurance is still required! Like many, you may be concerned about the rising costs of health insurance here in New Jersey so we’ve put together some tips to help you find the most affordable NJ Health Insurance plans available.
Low Premiums Doesn’t Always Equal Affordable
When searching for a new health plan, your main concern is probably the monthly costs to you as an individual. These monthly premiums can cost anywhere from $100 a month to $5000 a month! Naturally, you’re going to want to choose the lowest monthly costs, but there is much more to consider when shopping for health insurance. For instance, a $300 monthly premium may seem affordable, but that plans deductible may leave you paying much more up front in the event of unexpected illnesses. Additionally, lower monthly premiums may have different networks of physicians and pharmacies which could cause you to pay unexpected out-of-network fees.
Look for discounts like ‘Wellness Programs”
Did you know? Many employers and plans offer discounts for wellness activities. These programs can offset the monthly costs of your gym membership, provide policy discounts and even offer cash incentives for being healthy and active! In addition to fitness-related discounts, many plans offer discounts for individuals who are working to lose weight and stop smoking as well! These discounts give you an opportunity to not only save money but to make yourself healthier as well.
Enroll In A Health Savings Account (HSA)
Health insurance is expensive – there is no getting around that fact. However, there are government policies put in place to help you maximize your savings when it comes to health care. One of those is a Health Savings Account, or HSA. An HSA gives you the opportunity to save pre-tax income to help pay for medical necessities such as co-pays, deductibles and more. Additionally, HSA accounts are “tax-advantaged” savings accounts. This means that not only can you contribute your pretax income into the account, but it will also grow tax-free and can be withdrawn without tax penalties! There are requirements and limits for Health Savings Accounts, so make sure you qualify prior to applying.
Review Your Medical Bills
Unfortunately, medical billing has become notorious for containing errors. Something as simple as a mistake in the quantity of medication administered could cost you thousands of dollars! However, you can avoid this by asking for itemized bills and taking the time to review them. If you notice an error, you can reach out to both the invoice’s originator, such as the hospital and your insurance company to note the mistake and request a corrected invoice.
Speak With An Insurance Broker
The insurance world is confusing, complicated and can be stressful. Luckily, Insurance brokers or agents, like the team at Bogle Agency Insurance are experts in insurance policies, federal health insurance mandates and the money-saving possibilities insurance companies offer. Unlike trying to navigate the Health Insurance Marketplace on your own, Bogle Agency Insurance’s agents can help you find the best health insurance for you, your family or your employees that saves you money, provides an ample amount of coverage and doesn’t leave you bankrupt in the event of an illness or injury
Bogle Agency Insurance Offers NJ Health Insurance
Searching for NJ health insurance plans that match your needs can be a daunting task. Luckily, the team here at Bogle Agency Insurance has over 100 years of experience in the insurance industry! Whether you’re looking for an individual health insurance policy, family insurance policy or a health insurance plan for your business, the expert agents at Bogle Agency Insurance can help! Contact us today to learn more about New Jersey Health Insurance plans and how we can save you money!