Choosing A Better Loan

How To Save On Health Insurance And Boost Your Retirement

by Görkem Talsma

Health insurance coverage is a huge concern for many Americans, especially with the recent changes with the Affordable Care Act. If you are looking to cut healthcare expenses and build up your savings, the following tips will help you spend less and invest more.


When you are choosing a healthcare plan for yourself and your family, you have a lot of options. Your employer likely offers at least one plan, and possibly may give you a few plans to choose from. You can also obtain your own health insurance from a provider of your choice. Don't base your decision solely on the cost of the premiums. Compare all aspects of each plan, including deductibles, coverage offered and names of doctors, clinics and hospitals that participate in each plan. The plan with the cheapest up-front costs may not always be the best.


You can also save money by choosing a plan with a higher deductible. This will lower your premiums up-front, but can increase your out-of-pocket costs for care. Factor in all of the medical necessities that are on the horizon for each member of your family, and estimate how much you may need to spend over the next few years. It's important to compare all of the costs associated with each individual plan, so you can find the plan that will save the most money while providing the coverage you need for you and your family. 

Health Savings Account

Consider making regular contributions to a Health Savings Account (HSA). These contributions are not taxed, and must be used throughout the year for healthcare expenses. These deductions reduce your tax burden and help you have money on hand to pay for healthcare related expenses. This will stretch your paycheck even further, and allow you to keep your family healthy.


When we talk about health insurance costs and ways to save, many people don't even think about investments. They are two separate ideas, right? Well, yes and no. When you save money on your health insurance and have extra room in your budget, it can be tempting to spend these extra funds on new possessions, a vacation or other "fun" stuff. However, if you plan to retire comfortably, you need to think ahead. Invest this extra cash in stocks and mutual funds. This will give you the best return on your money, and help you have the retirement you dream of having.

Contact a service like Culbertson Financial Services to learn more.