One way to reduce health insurance premiums without losing essential coverage is to increase your deductible. A higher deductible means you pay more out of pocket before your insurance starts covering medical expenses, but it can significantly lower your monthly premium payments. This strategy can be especially beneficial for individuals who are generally healthy and don’t anticipate needing frequent medical care.

It’s important to weigh the trade-off between higher deductibles and premium savings. While a higher deductible reduces the upfront cost of insurance, it also increases your financial responsibility in the event of an unexpected medical emergency. Make sure that the deductible is an amount you could afford to pay if necessary. This approach is often combined with the use of a Health Savings Account (HSA), which allows for tax-advantaged savings for medical expenses.