5 Ways to Save Money With a High Deductible Health Plan (2024)

According to a 2019 study, it now takes more than five months for U.S. adults with a high deductible health plan to meet their deductible,¹ the amount you must pay out of pocket before your health insurance will cover your medical services.

With more people taking on a greater share of their healthcare costs via high-deductible health plans, it's important to stay informed about ways to make your dollars go farther. In 2022, a plan is considered “high deductible" if your deductible is $1,400 for individuals or $2,800 for families or higher.²

Here are five ways you can save money on healthcare costs when you have a high deductible health plan:

1. Take Advantage of Free Health Screenings and Preventive Care

Most high deductible health plans offer routine or preventive services at no cost to you. These can include annual checkups, immunizations, health screenings and mammograms. Take a look at your health insurance plan to determine what healthcare services your plan covers at no cost to you and without having to meet your deductible first.

2. Choose In-Network Providers and Services

Check your insurance company's website or provider directory for a list of in-network providers. You will generally pay less for services from an in-network provider.

3. Use Funds in a Healthcare Savings Account (HSA)

High deductible health plans are often paired with a tax-free savings account known as an HSA. You can use HSA funds to pay your deductible and other qualified medical and dental expenses. HSA balances roll over from year to year, so you can continue to access the funds when you need them.

4. Look for Pharmacy Discounts

You may be able to pay less for prescriptions by switching to a generic brand, purchasing medications by mail, or using a prescription discount card, such as GoodRx or MDsave Rx card. Some insurers require you to use a certain pharmacy for the medications you take routinely.

5. Compare Costs

Healthcare costs can feel daunting when you do not know what you will owe before receiving care. Healthcare price transparency tools can help by showing either an estimate for that service at your preferred healthcare facility or an average price for your local area. Try Healthcare Bluebook or a cost estimator offered by your hospital or health insurer.

While insurers often negotiate favorable pricing for their members, you may want to compare the pricing of services available through discount programs such as MDsave. MDsave shows you the complete price (including any fees) from local providers and lets you purchase your procedure beforehand. When you arrive at the doctor's office you present a prepaid voucher.³ Keep in mind that you can use the CareCredit credit card to pay for any service that you purchase from MDsave.*

Managing Healthcare Costs with CareCredit

If you are looking for an option to help manage your medical bills, consider healthcare financing with the CareCredit credit card. The CareCredit card can help you pay for the care you want and need and make payments easy to manage.** Apply today and use our Acceptance Locator to find a provider near you that accepts CareCredit. Continue your wellness journey by downloading the CareCredit Mobile App to manage your account, find a provider on the go, and easily access the Well U hub for more great articles, podcasts, and videos.

Our Expert Reviewer

Patty Caballero and her team of consultants together have more than 35 years of health insurance knowledge working for some of the biggest health insurance companies in the US. She has knowledge in building brands and strategic initiatives to help consumers better understand their health benefits.