How To Save Money on Your Health Insurance Premiums
With all the recent talk about health care policy reform, it’s no surprise that many Americans feel the strain that their health insurance premiums put on their wallets. Many families struggle month to month trying to cover the costs of skyrocketing health insurance that many choose to roll the dice and have no insurance coverage. Studies show that approximately 18 percent of the U.S. population (over 46 million Americans) under the age of 65, simply have no coverage at all. If you are one with no coverage or are looking for a way to find a cheaper health insurance solution, here are three ways to lower your health insurance insurance premiums.
1. Raise Your Deductible
One quick and easy way to lower your health insurance premium is to raise your deductible. One study showed that by raising the deductible from $2500 to $5000, the premium decreased by 25% ( 35-40% in some areas in the country). You don’t necessarily have to double your deductible to see a significant change. Even lower increases can make a significant difference. If you raise to $1150 or $2300 for a family policy, you can open a Health Savings Account (HSA) which lets you contribute tax deductible money and you can use tax free money for medical expenses in any year. This can help you stretch your money that much further.
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