How does health insurance and the costs work?
Understanding what affects your health insurance costs can help you make smarter decisions about your coverage. Knowing the factors behind those costs and the kind of care you need can get the most value out of your insurance.
So, what does impact your costs?
Along with the regular costs of your health insurance plan, there are a few personal factors that could influence how much you’ll pay:
Age
Generally, older individuals purchasing their own plan could pay more for premiums.
Family size
Whether purchasing your own plan or enrolling through an employer, family coverage typically costs more than individual or individual-plus-spouse coverage.
Location
The cost of your plan can be influenced by state regulations or the local cost of living.
Smoking
Tobacco use can affect the price of your plan, and some employers may charge more based on smoking habits.
Know where to go when you need care
Getting the right care, at the right place, at the right time is not only good for your health – it can save you time and money.
Health Savings Account
A Health Savings Account (HSA) allows members enrolled in a qualified high-deductible health plan to contribute funds on a tax-free basis into the member’s account. A member’s employer may also contribute funds to the account. These funds are used for payment of qualified medical expenses as defined by the IRS. Unused funds in an HSA rollover in the member’s account at the end of each calendar year.
Financial assistance
If you are enrolled in an ACA plan you may be eligible for lower premiums and out-of-pocket costs through subsidies or cost-sharing reductions.
Pharmacy benefits
Understanding how your pharmacy benefits work and whether your prescription medications are covered by your health plan can help you manage the costs of your ongoing medications.
