Insider hacks that can save you money on health insurance | hioscar Blog | Oscar
Insider hacks that can save you money on health insurance
If you play your cards right (your insurance card, that is), you could save some serious $ on care.
Picking a Plan Oscar Health Insurance
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Usually, when people think of health insurance costs, it’s the monthly premium (opens in new tab) that immediately comes to mind, but there are a lot of other less visible costs that impact what you’ll need to pay over the course of the year. If you play your cards right (your insurance card, that is), you could save some serious $$$ and still get quality care.
Subsidies
First, see if you qualify for a subsidy (opens in new tab)—a form of government financial aid that helps people afford health insurance. Your eligibility for a subsidy is based on your modified gross adjusted income (MAGI), so if you make less than a certain amount a year, you may qualify for financial aid. If you’re not sure what your MAGI is, you can get detailed info on how to estimate it in our FAQ section (opens in new tab).
Once you have an estimate of your yearly income, visit Healthcare.gov (opens in new tab). Choose your state, and then you’ll be asked to provide some basic info and your MAGI. In order to qualify for a subsidy to help with insurance costs, your household income must be between 100% and 400% of the federal poverty level (opens in new tab). Depending on your state and income, you may also qualify for Medicaid.
The next thing you’ll need to do is choose a plan. This part is a bit more complicated, but one thing that can make it easier is knowing what you need ahead of time. Do you need to see a doctor on a regular basis because you have a known medical issue? It’s important to get a plan that gives you the proper coverage. Likewise, if you really don’t ever see the doctor but you want to make sure you have a backup in case of an emergency, you should make sure you’re not over-insuring yourself. The amount you’ll pay per month for your premium, and what you’ll pay out-of-pocket for your deductible (opens in new tab), should reflect what level of care you’ll need.
Once you’ve picked a plan, you should take advantage of the free stuff! Preventive care (opens in new tab) includes routine wellness exams like your annual physical with a primary care doctor (opens in new tab), a well-woman exam (opens in new tab) with an OB-GYN, or a well-child/well-baby visit for the kiddos. Most importantly, preventive care services are covered-in-full, meaning free for you. Preventive care is all about preventing issues before they happen, so you can get things like a flu shot during flu season (opens in new tab) as well as other immunizations for common illnesses. There are also mental health screenings and reproductive health benefits (e.g. birth control). Just make sure you are seeing a health care provider in your insurance plan’s network (more on that below) and that your doctor sends your tests to an in-network lab.
If your doctor happens to find something during a routine free exam, she may suggest a follow-up diagnostic exam (opens in new tab) to figure out the issue. A common example is an OB-GYN finding a lump during a routine breast exam. The diagnostic mammogram or ultrasound you could receive to diagnose the lump may be subject to your a cost-sharing (opens in new tab)policy, depending on your health insurance plan. Either way, if your doctor finds something suspicious please get it checked out—early detection is crucial!
Stay in-network
Your health insurance company has a network of doctors, specialists, hospitals, etc. that they work with. If you see a health care provider in this network, your services will be covered (opens in new tab)—you may owe a copay (opens in new tab) or coinsurance (opens in new tab), but any money you spend will count towards your deductible and out-of-pocket max (opens in new tab). If you go out-of-network (opens in new tab) and see a doctor that your health insurance company does not have a relationship with you may have to pay more money, and any money you spend won’t count your deductible and out-of-pocket max. If you plan on visiting a new health care provider, it’s a good idea to call them first to confirm that they are in your health insurance company’s network. Long story short, stay in-network, and you will save money (opens in new tab).
Soak up the perks
Now for the fun part! Health insurance companies often offer extra perks to their members, like discounts on gym memberships and fitness equipment, or rewards for staying active. Perks are extra “nice to have” things that can add a lot of value to your plan if you take advantage of them.
At Oscar, we have a few sweet perks of our own, like free 24/7 Virtual Urgent Care (opens in new tab)*, which allows you to speak to a doctor over the phone instead of having to trek all the way to a doctor’s office. (This feature is especially handy at 3 a.m.) Oscar members also get a dedicated Care Team (opens in new tab) who can help find local doctors who are in-network, as well as solve any issues with claims or billing. There’s also an easy-to-use Oscar app with Step Tracking rewards (opens in new tab) that literally pays you for walking.
Talk to a broker
When in doubt, ask a pro. If you still have questions or concerns, you can always talk to a broker (opens in new tab), which is basically a health insurance expert. Brokers get paid by health insurance companies, so if you do end up enrolling through a broker, you don’t need to pay them anything out of your own pocket.
*Oscar’s Virtual Urgent Care offerings are not available in US territories or internationally. If you have an HSA-compatible high-deductible health plan or a Secure plan, you won't be eligible for $0 visits. Prescriptions, visits and services may be limited per provider discretion.
