How To Save On Your Health Insurance


One of the biggest concerns of families today is how they can afford to have decent health insurance. And, things aren't getting any better. Economist Paul Ginsburg recently stated "When spending on health care goes up faster than earning, lower paid people are priced out of the health insurance market." He also went on to say that employers will be less likely to provide coverage.

Just recently the government felt it necessary to release a report on health care reform. In the report the President outlined ways to save including owning an HSA or Health Savings Account. "Eliminating all taxes on out-of-pocket spending through HSAs. Americans with HSAs should be able to pay for all of their care tax-free."

When you lose a dollar to an expense, whether it's health insurance or anything else, that dollar is gone forever. You not only lose that dollar, but you lose what that dollar could have earned had it been put to work. That is called the lost opportunity cost or LOC.

By eliminating unnecessary expenses you can have more control of your money. When you recapture expenses and secure the savings you have created a velocity on your money.

  1. By staying healthy you can qualify for a "preferred" rating with most carriers. You already know how to do this (stay healthy), and you know you should, so just do it. If your coverage is in place and you have recently lost weight, lowered your cholesterol or had your physician remove your prescription, ask your carrier for a review or a healthy discount. Generally, after one year you are eligible for a review if your health has improved.

  2. If you smoke or use tobacco you probably don't want to hear this, but you need to. Not only is tobacco killing you, it's costing you tremendously. You not only pay for the tobacco, but you pay the medical institution and ultimately the insurance companies for the extra costs it takes to support your habit. If you have coverage in place with you as a tobacco user, you can usually reapply or submit a request for non-tobacco rates after one year.

  3. Raise your deductible. This is often misunderstood because many people view raising deductibles as raising their costs. This is untrue and can actually cost you thousands over your lifetime. Whether it's health, auto or homeowner's insurance, by simply raising your deductible, you can save hundreds and even thousands on your insurance premiums.

  4. Health Savings Accounts have become increasingly popular with high deductible plans and can have significant tax advantages. HSA plans allow the insured and the insurer to share in the responsibility of medical expenses.

  5. Eliminate unnecessary riders. Many agents pile on riders to increase their commissions. Some of the riders can be helpful, but you should scrutinize each one to see if it truly offers you the benefits you want.

    6. Start saving today. The money you save today could pay for medical expenses or be your retirement income tomorrow.

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    Posted in Buy Health Insurance on May 15th, 2008
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