Health Insurance

Affordable Health Insurance Options

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There are many options available for health insurance coverage and knowing and understanding all of your options can help lower your health insurance costs. Several popular plans may provide many benefits, as well as certain drawbacks, and understanding these differences can help you determine the right health insurance choice for you and your family.

Health insurance plans can vary greatly, and the coverage you need will depend on your health and specific wants and needs.  Knowing the different types of coverage, what the insurance pays, and what the deductibles are is the most important step to saving on your health insurance.

4 Easy Ways to Save Money on your Health Insurance

If you’re like most people then you may often worry about the rising cost of health insurance. Here a few quick and easy tips that can save you hundreds if not thousands of dollars on your health insurance premiums.

Find out if you qualify for your states subsidy. The Patient Protection and Affordable Care Act (Affordable Care Act) is the federal law that provides affordable health insurance to more Americans.  It is also known as Obamacare.  We can help you determine if you qualify for a premium subsidy or tax credit for your coverage.  This law provides increased benefits and requires that all Americans have health insurance or face a penalty.  Call us today to see if you qualify for a subsidy, or can now get health insurance if you were previously declined coverage.

Increase your deductible.  This is one of the quickest ways to lower your premiums.  The cost difference between a $500 deductible and a $5,000 deductible would amount to a significant savings each month.

Work with an agent or broker.  Agents have the ability to get you quotes from multiple insurance companies and can help you compare the benefits of each plan for cost.  Best of all working with a health insurance agent will cost you nothing and having an expert on your side can save you money.

Consider a High Deductible Health Plan (HDHP) and Health Savings Account (HSA). HDHP’s typically have lower premiums and higher deductibles than traditional health plans.  Once the deductible is met, there is typically no additional out of pocket expense during that calendar year, and the deductible is waived altogether for preventive care.  Enrollment in a qualified HDHP is required in order to open an HSA, which is a tax-advantaged medical savings account.  The funds contributed to an HSA are not subject to federal income tax at the time of deposit or upon withdrawal when used for qualified medical expenses.  The funds earn interest and roll over and accumulate year to year if not spent.

 

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