Health insurance is one of the biggest monthly expenses for many individuals and families. But paying less for coverage doesn’t have to mean sacrificing quality care. With the right strategy, you can cut costs while still ensuring you have access to doctors, hospitals, and medications when you need them.
In this guide, we’ll walk through practical, proven ways to reduce your monthly premiums. We’ll also show how BBS Insurance can help you find the right plan for your health and budget.
1. Choose a Plan with a Higher Deductible
One of the fastest ways to reduce your monthly premium is to choose a plan with a higher deductible. These are often called High Deductible Health Plans (HDHPs). The tradeoff is simple: you’ll pay more out-of-pocket before your insurance starts paying, but you’ll save money every month on your premium.
For people who are generally healthy and rarely visit the doctor, an HDHP can lead to big savings. An added benefit is the ability to open a Health Savings Account (HSA). HSAs let you set aside money tax-free for medical expenses, and any unused funds roll over year to year.
BBS Insurance can help you determine whether an HDHP makes sense for your situation by comparing your estimated medical costs and potential savings.
2. Take Advantage of Subsidies or Tax Credits
If you purchase health insurance through the Health Insurance Marketplace, you may qualify for premium tax credits or cost-sharing reductions based on your household income and size. These subsidies can drastically reduce your monthly premium—sometimes even making a basic plan free.
Many people miss out on these savings simply because they don’t know they qualify. BBS Insurance works with clients to calculate eligibility and ensure you get every dollar of help you’re entitled to.
3. Pick the Right Metal Tier Plan
Marketplace plans are divided into metal tiers: Bronze, Silver, Gold, and Platinum.
- Bronze plans have the lowest monthly premiums but the highest deductibles and out-of-pocket costs.
- Silver plans cost a bit more but may qualify you for cost-sharing reductions.
- Gold and Platinum plans have higher premiums but lower deductibles and copays.
If you rarely need medical care, a Bronze plan could be the most affordable option. If you visit the doctor regularly, a Silver or Gold plan might save you money in the long run.
BBS Insurance compares plan options side by side to make sure you’re not overpaying for benefits you don’t use.
4. Use In-Network Providers
One of the easiest ways to avoid extra costs is by sticking to in-network doctors, hospitals, and pharmacies. Out-of-network care often comes with much higher bills, and sometimes it isn’t covered at all.
When you work with BBS Insurance, they’ll help you pick a plan that includes the providers you already trust. That way, you save money without disrupting your care.
5. Review Your Plan Every Year
Health plans and premiums change every year. A plan that was affordable last year may not be the best deal this year. Your own health needs might change too—maybe you’re taking new medications or expecting a child.
BBS Insurance offers free annual reviews to make sure you always have the right coverage at the right price. Even small plan changes can add up to big savings over time.
6. Consider Group Coverage if You’re a Small Business Owner
If you own a small business, you may qualify for group health insurance. Group plans often come with lower premiums per person and can provide better coverage for employees compared to buying individual plans.
Offering health insurance can also make your business more attractive to potential hires. BBS Insurance specializes in helping small businesses design affordable group plans that meet both company and employee needs.
7. Stay Healthy and Use Preventive Care
Most health plans cover preventive care at 100%, including annual checkups, vaccinations, and screenings. Taking advantage of these services helps you avoid expensive medical issues later on.
Staying healthy through diet, exercise, and regular checkups means you’re less likely to need costly care. Over time, this can reduce your overall health insurance expenses.
8. Work with a Licensed Insurance Agency
Comparing plans on your own can be overwhelming. Premiums, deductibles, networks, and formularies all affect the real cost of a plan.
A trusted insurance agency like BBS Insurance provides expert, unbiased advice at no extra cost. They will:
- Compare plans from multiple insurers
- Identify subsidies or credits you might miss
- Explain network differences and coverage details
- Help you avoid hidden costs and pitfalls
Because they work with a variety of carriers, they can find a plan that truly fits your needs instead of trying to sell you just one option.
9. Avoid Over-Insuring Yourself
It’s common to choose a plan that has more coverage than you really need—especially if you don’t regularly visit doctors or take expensive prescriptions. By realistically assessing your health care needs, you can avoid paying extra for benefits you won’t use.
BBS Insurance takes the time to review your situation, helping you strike the right balance between coverage and affordability.
10. Ask About Special Enrollment Options
Life events like getting married, having a baby, or losing other health coverage may qualify you for a Special Enrollment Period (SEP). During an SEP, you may be able to switch to a more affordable plan even if it’s outside of open enrollment.
The team at BBS Insurance can help you understand your options if you experience a qualifying life change.
Final Thoughts
Lowering your monthly premium takes some planning, but the payoff is worth it. Whether you need individual or family coverage, Medicare, Medicaid, or small business group plans, BBS Insurance can walk you through every step.
Schedule a consultation and see how much you could save on health insurance.