Choosing a health insurance plan can be a confusing process with lots of choices and options. Sorting through these choices can be a daunting process, however we can make it easier.Below are the easiest ways to lower your health insurance costs, allowing you to save money on your monthly bills.
Raise your deductible. Increasing your deductible you can lower your monthly premium. Do this especially if you are a healthy individual and do not foresee a long run of serious health issues. This will lead to big savings in your annual premium bills. According to the National Association of Insurance Commissioners, the lower your deductible, the more likely you will make a claim with the health insurance company. Health insurance companies compensate for this by increasing the premium on low-deductible plans. In order to get more bang for your buck, set your deductible at minimum of $3,000 or higher.
Consider an HSA plan. HSAs cut overall long term health costs by about 1/3 for most people. A Health Savings Account (HSA) is a tax-favored account used in conjunction with an HSA-compatible health plan. The HSA allows you to contribute funds on a pre-tax or tax-deductible basis, which you may use to pay for eligible medical expenses. HSA plans can help you save on both your health care needs and your taxes!
Regularly reassess your health insurance needs. You may be missing out on savings simply because you’ve stuck with the same plan year after year while your situation has changed. Things you should think about include: Do you have children that go to the doctor often? Do you take a lot of prescription drugs? Are tax breaks important to you? Are you willing to assume the cost of routine health in exchange for much lower premiums? If you’re in the market for a new plan, make sure to search with an independent agent that represents all the major health insurance companies. This will insure you get the best deal available in the market.