 TITLE: How Much Does Health Insurance Cost? CONTENT: How to Save Money on Health Insurance\n-------------------------------------\nWant to lower the cost of your health insurance? Take these steps to maximize your savings.\n**Check your work benefits.** Employer-provided health insurance is generally the most affordable option, so if your job offers insurance, it's often wise to take it. If your employer doesn't provide health insurance, see if you can get coverage through a spouse, parent or partner's employer-provided plan.\nWondering if you can get a lower price on the Marketplace? Probably not. Marketplace health insurance is intended for people who don't have access to employer-based health insurance. It's sometimes possible to get Marketplace insurance if your employer offers coverage, but you generally won't qualify for premium tax credits or subsidies.\n**See if your employer offers additional benefits such as an HSA or an HRA.** You can reduce your health insurance costs by opening a Health Savings Account (HSA). An HSA lets you set aside money tax-free to use for qualified health care costs, including coinsurance and copays. Your employer may offer an HSA, or you can open one on your own. HSAs offer many tax advantages; however, you must have a high deductible health plan (HDHP) to qualify.\nA health reimbursement arrangement (HRA) is an account your employer sets up and contributes to on your behalf. You can withdraw the money tax-free for qualified health care expenses. However, you can't make contributions of your own, and if you leave your job, you lose the money in the account.\n**See if you qualify for government assistance or subsidies.** Even if you make too much money to qualify for public health insurance such as Medicaid or CHIP, you may qualify for premium tax credits if you buy health insurance through the Marketplace. Depending on your income, you might also be eligible for cost-sharing reductions that lower your deductibles, copays and coinsurance, reducing your costs even more.\n**Choose a plan that fits your health care needs.** In general, health insurance plans with lower premiums provide fewer benefits and require you to shoulder more of the cost of your medical care. Choosing this type of plan could save money if you are young, healthy and rarely visit the doctor. However, it could backfire if you get in a car accident, need surgery or have a major medical expense.\nHealth insurance plans with higher premiums generally have lower out-of-pocket costs for copays and deductibles. If you take several prescriptions, have a chronic condition, visit the doctor often or are older, choosing a plan with higher premiums could ultimately save money by reducing your out-of-pocket expenses.\nYour credit score could be negatively affected if you don't pay your medical bills or if you pay them late. However, medical providers may wait as long as 180 days before sending your account to a debt collector, and the three major credit bureaus (Experian, TransUnion and Equifax), will wait an additional 180 days before adding medical debt-related collections to your credit report. Choosing a health insurance policy that fits both your needs and your budget helps ensure you can handle your medical costs. END