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Ideas to Save Money on Health Insurance Policy

Insurance is equally essential for businesses and consumers. They need the best cover to protect their family members from different troubles. With current reforms in health care policy, several Americans feel strain they have to pay their insurance premiums. Several families consistently struggle to manage the prices of skyrocketing insurance. It doesn’t mean to ignore the importance of a health insurance policy. Here are some tricks to save on your health insurance policy.

Increase Your Deductibles

health-costs-eurosIf you want to decrease your insurance premium, it is essential to increase your deductibles. By increasing deductibles from $2500 – $5000, you can decrease the premium by 25% or even 35 to 40%. There is no need to double your deductibles to experience significant changes.

Even slight increases may make significant differences. If you try to raise to $1150 – $2300 for your family policy, try to open an HSA (Health Savings Account) that allows you to contribute tax-deductible money. Moreover, you can get the advantage of tax-free money for medical expenditure annually. It may help you to stretch your money. For instance, if the deductible is $500, the premium per month is $484 per month, and the annual cost will be $5,808. Similarly, for $5,000 deductibles, a premium will be $247 per month, and yearly cost becomes $2,964.

Now you can understand the instant savings with the help of deductibles. Higher deductibles (HD) can increase your annual savings. The higher deductible health plan can be a good choice for your family. These policies allow you to get the advantage of 1 – 2 preventative visits per year. For more information, consult your health plan provider.

For instance, if you currently pay $250 per month for an HD plan that covers three members of your family. Each person can have deductibles of $1,500. In this situation, you can save over $1,500 on health insurance annually. While searching for cheap health insurance, make sure to check different providers. It will help you to get the best deals to cover the needs of your family.

Separate Coverage for Family Members

Before buying a policy, it is essential to check the requirements of your family members. If a person has specific health problems, try to get a separate policy for this member. Your family should get the best coverage from a plan. A decrease in subsidy may help you to get the assistance of your employer. With sudden spikes in prices, it will be good to keep your family on a separate policy.