The average home buyer in the United States spent about $2,500 a year on insurance premiums last year, according to the American Association of Personal Insurers.
That’s a hefty sum, especially for a family of four, who make up about a quarter of the population.
But those numbers aren’t just about the money.
A large percentage of them also pay for health care and prescription drugs, which can add up quickly.
It’s an expensive proposition, but it also can be a cost-effective investment in your health and well-being.
Here are three ways to save your wallet.
First, you need to understand what your deductible is.
The deductible for your home insurance policy is the maximum amount you’ll pay if your policy doesn’t cover the full cost of the medical care you need.
It is often referred to as your premium.
To find out what your premium is, visit the Affordable Care Act’s website or call 1-800-318-2554.
It should give you a rough idea of what the average policyholder spends on medical care each year.
If your deductible isn’t listed, you’ll have to pay more out of pocket, even if you’re not in need of medical care.
For instance, if you get checked out for an X-ray and your deductible was $400, your deductible would be $500.
To learn more about deductibles, visit www.healthcare.gov.
A bigger deductible can also help you lower your monthly premium.
You can get a better idea of your deductible when you apply for your policy, and it’s often listed on your application.
To calculate your deductible, call 1,800-922-4888.
But if you can’t figure it out, you can also get help from the Consumer Federation of America.
They offer online calculators to help you determine your deductible and how much you’ll be paying out of your pocket each month.
And if you already have a deductible, it may help to talk with your health care provider about setting a different deductible, like $1,000 per month.
Also, don’t forget to consider the value of your policy.
Insurance companies have different rates for different types of coverage, and different policies offer different benefits.
For example, if your premium covers an MRI, your policy may not cover a CT scan, a heart scan, or a mammogram.
So don’t just compare rates because they are the same.
The most important thing to do is get the right plan.
The American Academy of Actuaries estimates that if you have a health insurance plan with a high deductible, you may be able to save $1.20 or $1 more per month on your premiums.
This can make a big difference in how much money you save.
It can also give you confidence that you’ll get the best coverage for your health, even when you’re struggling to pay for insurance.
If you’re looking for a better way to save, consider a health savings account, which offers monthly deposits for different costs.
Some health plans offer tax-advantaged savings accounts, too.
And keep in mind that you may need to use your savings to pay the premiums or the bills yourself.
It might be cheaper to take advantage of your savings by working a few extra hours to pay your bills or to get out of debt.
In some cases, you might be able forgo deductibles entirely.
For more information on how to save for your medical expenses, visit healthinsurance.gov or call 800-318