If you are like many New Jersey residents, your budget has been stretched pretty thin by the cost of health care and health insurance. We feel you. So we’ve put together a list of five ways to save hundreds, maybe even thousands, on your health insurance.

Top 5 easy tips to save on your NJ Individual Health Insurance

• Use GetCoveredNJ – starting in 2021, NJ opened its own health insurance exchange and separated itself from the federal exchange. Anyone eligible for coverage can purchase a plan through the exchange and have both federal and state tax credits reduce the premium to make it more affordable. Many people mistakenly think they won’t qualify due to their incomes, but with the passing of the American Rescue Plan Act, it is much easier to qualify and get help and reduce your premiums. As an example, two 64-year-old spouses earning $150,000 year are eligible for $835 per month of advanced premium tax credit. These credits are continuing through 2022, so please don’t wait to see if you qualify now.
• Deductible Carryovers – Did you know that monies you paid towards your old plan deductible can be credited to your new plan? All you need to do is submit the appropriate form along with your claims report to your new carrier, and they will apply credits to your new deductible. This could save you thousands if you had already met your deductible on your old plan. This doesn’t happen automatically, so be sure to submit the request when you are eligible.
• Use Telehealth – This isn’t everyone’s thing, but when the situation fits, you can save yourself time and money by using telehealth. In some cases, the copay could be 1/3 of an in-person visit. Please use your own discretion when using telehealth, as it certainly isn’t for every medical situation. We suggest reviewing the service your insurance carrier uses before actually needing it, so you are ready to go at a moment’s notice.
• Consider an H.S.A. qualified plan – You’ll notice certain plans sold in N.J. are labeled as “H.S.A. qualified.†With these plans, you have the option to open a tax-favored account to use for medical expenses. Monies put into the account are tax deductible, they grow tax free, and come out tax free for medical expenses. Unlike an FSA, the money can remain in the account indefinitely. Another benefit to using an S.A. is that, as you make contributions, it lowers your adjusted gross income, which in turn increases your tax credit to help pay for insurance.
• Get help from a broker – This may sound self-serving, but one of the most important things you can do is to work with a competent broker to discuss all of your needs and have them assist with choosing a plan. A good broker will make sure you choose a plan that will work with your doctors and within your budget. When using GetCoveredNJ, they give an option to choose a broker that is local to your area. That chosen individual can help with all aspects of the application and the plan thereafter. Please consider this to save yourself a ton of time and money.

If you have any questions on your N.J. individual, group, or Medicare insurance, please reach out to Mike at msheeran@glenninsurance, or book an appointment here: https://calendly.com/msheeran/health-insurance-consultation