1. Consider choosing a Health Savings Account – Health Savings Account’s (HSA’s for short) are becoming increasingly popular for many Americans for 2 reasons: A) Lower premiums and B) Tax breaks.
An HSA plan has a lower monthly premium than a traditional copay type plan because the HSA plan does not have copays and it typically has a higher deductible. HSA’s still have comprehensive major medical coverage in the case of a big medical bill but are just much cheaper because there are no pricey extras like copays for Doctor’s visits (Doctor’s visits are still covered under most HSA plans they are just subject to the deductible).
An HSA plan has some important tax advantages over a traditional plan because of it’s savings account component. The HSA savings account component allows the individual or family an above the line tax deduction for every dollar contributed to the plan (up to certain IRS limits) and also allows for the money to accumulate and grow tax free within the account. The strategy of the HSA is for the money in the savings account to grow to the point that all medical expenses can be paid for out of the account.
2. Increase Your Plan Deductible – Many people choose a deductible that is simply too high to be cost efficient. If you are one of those people that just sleep better at night with a lower deductible because you know that your maximum out of pocket cost is quite low in the event of a catastrophic medical bill then by all means keep your plan deducible low. However, for most people it may be a wise choice to increase your plan deductible at least marginally so as to decrease your monthly costs.
3. Compare Health Insurance Companies – Ideally you should aim to review your health insurance coverage every year. Rates change over time and it is important to make sure that your rate is still competitive. There is no need to travel all around town as you can view health insurance quotes online from many different insurance companies in less time than it takes to get your mail from your mailbox.
Search for health insurance the easy way by taking 30 seconds to input your health information and then viewing
free health insurance quotes from the top 5 companies that offer health insurance coverage in your home zip code. Also learn about
Health Savings Accounts.
Make sure that you use the price transparency of the Internet to find the most affordable and comprehensive health plan quotes in your home zip code!
