How to Save Money on Health Insurance Coverage
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How to Save Money on Health Insurance Coverage

Posted on Tuesday, October 2nd, 2018 at 7:00 am
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The 2019 Open Enrollment Period for health insurance begins on Thursday, November 1, 2018, to Saturday, December 15, 2018. The easiest way to get a new health insurance plan is during the open enrollment period.

Do you qualify for a premium tax credit?
You might qualify for a premium tax credit that lowers your monthly insurance bill. The amount you can receive depends on your income. It is also called a “subsidy”.

The money is used to lower the cost of your health insurance premium. Those who qualify for a premium tax credit must purchase their health insurance coverage through a Marketplace. The “subsidy” cannot be used anywhere else.

Do you qualify for Medicaid?
The Medicaid program is offered in many states to families and individuals who have incomes that are below a certain amount of money. The amount may differ from one state to the next. Each state will have their own rules about who can qualify for Medicaid. It is worth taking a look at to see if you qualify.

Can you get health insurance through your employer?
Find out what the health insurance your employer offers will cost. Does it cover the things that you, and your family, need? How much of your paycheck will be taken away in order for you to pay your health insurance premium? The answer to those questions may reveal if you can get a better deal through your workplace, or if you should buy insurance from a broker.

Are you under the age of 26?
People who are under the age of 26 can say covered under their parents’ health insurance plan. The parent pays the premium, and the bills (generally) are sent to the parents.

It’s an excellent idea for college students who are going to school and cannot take on a full-time job. It’s also great for recent graduates who are struggling with student loan debt and who have not found the type of job that offers health insurance coverage.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.