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How to Set Aside Money if You Have a High Deductible

Young businessman extending left hand over table talking about high deductible. Office staircase and main counter behind him.

High deductibles are one of the main reasons many people cannot afford healthcare coverage, despite umbrellas under the Affordable Care Act. There are a variety of plans that offer , but many of them carry high deductibles that most cannot afford out of pocket. However, there are key saving measures you can take in order to be prepared.

Establish Goals
The first step in saving money is to map out your finances and see where you can save. A financial plan is vital because it lays out all of the money you have available each month, helps you prioritize and organize your spending, and helps you save for your goals in the process.

If you have a hard time keeping track of finances, you can use savings apps to help you stay on target and maintain your goals. Savings apps can help you in several ways:
•    Record every dollar you spend
•    Motivate you to stay within your budget
•    Guide you to see areas where you can save money

Additionally, start a savings account to help you set money aside. Placing your savings in a checking account may cause you to spend more money than anticipated, but keeping your money in a different account separates your spending and savings money. As you earn money, set a certain portion aside in your savings account each week or month.

Saving on Other Forms of Insurance
Health insurance quotes and deductibles may seem pricey, but perhaps you can save on other policies. For example, you may be paying too much for auto insurance and can save money by trimming excess coverages from your plan. For instance, you can switch over to basic coverage that would still keep you in legal territory. Additionally, find out if you need collision coverage, which is usually an unnecessary component of your plan, especially if you have a vehicle that is low in value.

Consolidate Your Cable/Satellite Bill
You may be paying too much in other areas outside of insurance. Finding money for health insurance is one thing, but entertainment expenses can be especially pricey, especially if you have cable and internet service. You can save on entertainment expenses by bundling your cable and internet packages for a better deal. Your local cable or satellite provider may provide great deals by consolidating your bill, or you can search for an alternative provider that offers a better rate.

Save on Small Expenses
Little things can add up over time, such as a cup of coffee or a restaurant meal. You can save more money by avoiding fast food and other seemingly small things you buy on a regular basis. You’ll not only have more money for your deductible, but will be able to save additional money for other areas of your life. Further, you can get rid of other miscellaneous bills, such as a magazine subscription or online memberships.

Is My Current Health Insurance Plan Right for Me?
To find out more and to request free quotes for health insurance, contact Freeway Insurance at 888-777-5620. An associate will assist you in finding the best health insurance quotes, along with a plan that is affordable for you.

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