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3 Steps to Saving Money on Health Insurance

If thinking about the details of health insurance stresses you out, you’re not alone. Between all the insurance advertisements, confusing terms like “deductibles” and “actuarial value,” enrollment periods, and more, lots of people would love to pick one health plan and stay on it forever. And saving money in the meantime wouldn’t be a bad thing!

We’ve broken this process down into three steps that will help you not only find the right health plan for your needs but also save you money.

Skip to the bottom of this blog post for one easy step that will save you money and time on health insurance!

Step 1: Define your needs.

Buying a health insurance plan is like buying a winter jacket – you look for one that fits you.

Take some time to think through what you need from your health insurance plan. Who are your important doctors? What prescriptions do you take? Do you plan to travel next year? Do you prefer to visit a certain hospital or pharmacy? These kinds of details are what should drive your health plan decision.

Outlining your individual health care needs will help you avoid wasting time looking at health plan options that won’t fit your situation. Which leads us to the next step.

Step 2: Identify the plans that cover your needs.

You have access to more than 200 Medicare plans, all varying in cost and benefits. That’s a lot of choices! In order to narrow it down, identify the plans that fit the criteria you listed in Step 1.

Step 2 matters because enrolling in the wrong plan for your needs could lead to scenarios like an expensive prescription drug or a medical procedure not being covered, meaning you would have to pay those costs out of pocket. That adds up fast!

Focusing only on plans that cover your list of needs is a key step in saving big bucks on health care. This step may seem obvious, but did you know that 92 percent of people don’t end up choosing the lowest cost option for their needs? This study by PlanPrescriber found that most individuals could save an average of $682 per year on prescription costs alone just by picking a different plan! Which brings us to the third and final step.

Step 3: Determine which plan option will meet your needs at the lowest cost.

If you make it through Steps 1 and 2, your list of plan options is much smaller than when you began…but it’s still tough to choose. One plan may cost more but offer extra benefits that are important to you. Meanwhile, another may fit your budget but not cover an important doctor. So, how do you choose?

By looking at each plan based on your overall cost.

Here’s what we mean: think about the year ahead and how you plan to use your health coverage. Do you have any procedures coming up? Did your doctor just mention a generic prescription that will be available to you soon? How often do you typically visit your doctor or specialists? Forecasting how you expect to use your health plan in the coming year can get you beyond confusing numbers to figure out which plan will ultimately offer you the most value.

Or take the simpler route and let us help you with saving money.

Feeling overwhelmed and unsure how to get started with Steps 1, 2, and 3? Good news – this is what we specialize in! RetireMed is a health plan advisor that helps individuals with picking the right health plan for their needs while saving money. With more than 50,000 clients and counting, we know our stuff and can simplify the confusion for you.

If you’d like to discuss your situation, call 855.465.2773 or visit One of our advisors will reach out to you to answer any questions.

Taking the time to find the right plan for you can end up saving money and provide peace of mind. Our experts in Medicare are available to make this process easy and stress-free, at no cost to you.