How to Navigate Increased Health Insurance CostsSubmitted by North Main Financial Group, LLC on June 23rd, 2020
One of the questions we are asked frequently at North Main Financial is how to navigate the endless increases in health insurance costs. There are a lot of variables that go in to determining that including your location, age, choice of plan, and current health condition just to name a few. It’s important to remember that everyone is different so consulting with an insurance professional can be a helpful way to identify what type of plan would work for you. Keeping that in mind, here are three considerations:
Maintain financial flexibility.
At North Main Financial we sound like a broken record we say this so much. It’s a very large idea that encompasses many things, but it certainly applies to our discussion on health insurance costs. Health issues can arise unexpectedly, so you want to make sure you have the financial flexibility to address them. Especially if you don’t have health insurance coverage. You don’t want to be saddled with ongoing bills.
Explore all the options offered by your employer.
If you work for an employer who doesn’t have a health insurance plan, this doesn’t apply to you. For those who do, you want to make sure to explore all the options offered to you. Unfortunately, the trend is costs are going up and the benefits are going down. Review the plans available to you and make sure you understand the different plans and each of their terms so you can make the best choices for your family.
Take a look at HSAs or Health Savings Accounts.
This applies to small businesses when it comes to planning and thinking about tax advantages. As a note, a Health Savings Account has to be combined with a high-deductibility health insurance plan, but it may be a benefit to your particular situation so it’s worth looking into.
If you have questions about your financial goals or would like to talk with us further about our services, give us a call at (704) 987-1425 or visit us at www.northmainfinancial.com. If you wish to schedule an introductory meeting, we would be happy to meet with you at no cost or obligation to you.
These Blogs are provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of SagePoint Financial.