Health care insurance is a necessity, but is it necessary to pay a lot for it? That depends on your particular situation. The following guide will show you a few ways to cut down your health care payments without sacrificing the quality of your coverage.

Do You Qualify for the Tax Credit?

The Health Insurance Marketplace allows certain people to save money (after taking their income and number of family members into account). The tax credit that may help lower your health insurance costs is called the Advance Premium Tax Credit. 

The general guideline to see who qualifies changes from time to time. So it is best to talk to your health care insurance specialist to find out any details that might have changed should you qualify. But, for now, the following might give you an idea of who qualifies:

  • Family of one with an income of $11,670 to $46,680
  • Two-member family with an income of $15,730 to $62,920

You can follow the link mentioned earlier to see if you qualify for the tax credit.

Freedom Will Cost You

You may have the power to choose your own doctor and visit a specialist without referrals. But this freedom is increasing your monthly premium. So to cut expenses, stay away from PPO health insurances that allow you these freedoms, and consider an HMO.

An HMO will not grant you the same freedoms of a PPO. You cannot visit doctors outside of your area, nor can you see specialists without the permission of your primary health care provider. But it will help lower your rate. 

Sacrifice Just a Little More

The next thing you may want to consider is increasing your deductible. This step should help lower your monthly payments, since you are lifting some of the burden your health care insurance company is providing. 

All you have to do is make sure you can afford it, and commit to the higher deductible.

Go Ahead & Explore Just a Bit

Some health care insurance companies offer discounts for choosing their company over others. The discounts do not affect the amount of coverage that you are going to get. You can talk to your health care insurance specialist to find out if you can take advantage of any discounts provided by insurance companies. 

As you can see, there are several ways that you can save a buck when it comes to purchasing a coverage plan. For assistance, talk to a professional like Culbertson Financial Services.