Here’s how to lower the price of your health insurance

5 ways to pick yourself up and protect your finances after a job loss

If you’ve been laid off during the Covid-19 crisis, rethinking how to pay your bills and replenish your greatest financial asset — your income — are likely among your top priorities. The next moves you make, experts say, should be realistic and strategic to help you manage through the uncertainty. Here are five ways to pick yourself up and protect your finances after a job loss.

Health insurance isn’t getting any cheaper. In fact, it’s getting a lot more expensive. 

Insurance costs have increased 740% since 1984, according to data company Clever. And employers are already reporting a 3% to 4.5% rise in premiums for 2021 due to the Covid-19 crisis. 

With such an expensive commodity, it is important to take advantage of any savings you can get. 

While the inner workings of health insurance can get complicated, the basics are pretty simple: You pay money every month so that when you have an accident or get sick, your medical costs aren’t so expensive that they bankrupt you.

‘It was the lesser of two evils’: Workers in their 50s and 60s are retiring early because of the coronavirus pandemic

The virus has derailed the finances and careers of individuals of all ages. But for workers in their 50s and 60s, it may also upend their retirement security.

Two of the most important terms in health insurance are “premiums” and “deductibles.”

Check out this video to see how the two work and to learn how you can use them to get the most out of your insurance. 

More from Invest in You:

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  • The financial lessons this mother of two learned after suffering an unimaginable loss

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

Related Tags

  • Life
  • Patient Protection and Affordable Care Act
  • Health insurance
  • Investment strategy
  • Personal saving

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