1. Shop for Insurance Premiums Again
Even if your current insurance policies appear to be fairly low rates, ask your current agent or shop around. Consumers who have moved or changed jobs can benefit since rates are often lower depending on your location. Many agents give online quotes, so obtaining an estimate can be a simple task.
"Re-shop all your insurance policies such as auto, homeowners, liability and life," said Greg McBride, chief financial analyst for Bankrate, the New York-based financial content company. "Comparison shop your policies every year or two."
2. Bundling Policies
Many insurance carriers will offer discounts to consumers who purchase more than one plan from them. Consider bundling the policies together, said McBride.
3. Review Your Memberships
Insurance companies work closely with thousands of organizations and offer discounts to their members, such as alumni associations or credit unions. Check to see if any of your memberships can be advantageous.
4. Increase Your Deductible
Consumers who have "sufficient savings" should consider increasing their deductibles for auto, home or even health insurance to lower their premiums even more, said McBride.
5. Remain On Your Parents' Health Insurance Plan
Individuals who are under the age of 26, can opt to stay enrolled in their family's health insurance plan. This option can be helpful if you live close to your parents home and can access their network of doctors, said Nate Purpura, vice president of consumer affairs at eHealth.com, an online health insurance exchange based in Mountain View, Calif.
"This may be your most affordable option, but it's not always the best choice if you're living farther from home and don't have access to the network of doctors and medical facilities," he said. "Then you may be paying more for less coverage."
6. Enroll In a Catastrophic Plan
For consumers who are younger than 30, they qualify to purchase a catastrophic major medical health insurance plan rather than a full-fledged Obamacare plan, said Purpura. These catastrophic plans are designed especially for younger people who tend to be healthy and do not require medical care very often.
"They still provide you with significant health benefits and meet your coverage requirements under the Affordable Care Act," he said.
The average premium paid by unsubsidized health insurance shoppers in the 20 to 25 age range was $261 a month, according to a recent eHealth report. Individuals who chose the catastrophic coverage paid an average monthly premium of only $131.
7. Look Beyond Government-Run Marketplaces
While a number of large health insurance companies have stopped offering ACA plans, there are many other options available.
"They're hiding in plain sight," said Purpura. "Take a look at the other health insurance plans available in your area through private online health insurance marketplaces. There's no extra charge when you shop through a licensed agent online and you may find more affordable options that will still meet your coverage requirements under ACA rules."
8. Change Your Prescription Drugs Plan
Consumers can save some money by optimizing their coverage based on their current medical needs. The drugs that are covered by each major medical health insurance plan can vary significantly from one plan to another, said Purpura.
Some health plans place various drugs in different coverage tiers. This means while one plan may exclude coverage for one drug, but another insurance company will extend coverage for a second one when both are used to treat the same condition.
9. Buy a Short-Term Plan
If you can not afford an ACA-compliant plan or fail to qualify for coverage outside of open enrollment, consider buying a short-term health insurance plan. These can provide consumers with temporary coverage for an unexpected illness and injuries for an average of $110 per month, said Purpura.
10. Purchase Packaged Medical Insurance Products
Some insurance brokers and online marketplaces also sell packaged medical insurance products that bundle short-term coverage together with other products like accident or critical illness insurance, dental or vision insurance or telemedicine benefits, said Purpura.
"Packaged medical insurance products offer you more coverage than short-term plans alone, while often still being significantly less expensive than Obamacare-compliant major medical plans," he said. "You may be subject to the ACA tax penalty and pre-existing conditions and other benefits such as prescription drug coverage or maternity coverage may be excluded."
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