Family Health Insurance Coverage - Three Money Saving Tips
Is your annual health insurance renewal coming up? Is your insurance company raising your rates again? Or are you just plain tired of how much health insurance is costing your family? Here are three tips that will help you keep good coverage and keep your monthly cost in check: 1.
Look into qualified high deductible health plans that allow you to use a health savings account (HSA).
High deductible health plans have much lower monthly premiums than regular lower deductible, richer benefit plans.
On top of a lower monthly premium, health savings accounts allow you to pay for your medical, dental, and vision expenses with pre-tax money.
2.
Reapply for the same plan you have now, with the same insurance company.
Each year your premium increases to cover inflation in the health care industry.
On top of that each year, your premium goes up a little more to help cover the collective health claims in the group of individuals and families the insurance put you in with to start.
So, after a few years of compounding rate increases, your rate can get pretty high.
Most insurance companies will allow you to reapply for the exact same plan after a year or two have passed.
If you qualify, they will put you in a brand new group so you aren't paying for other peoples claims.
3.
Reapply with a new company.
The private health insurance market changes each year.
New companies come in, old ones leave, and companies change plans and rating structures often.
It makes sense to look around at your option each year, or at least every other year.
Regardless of what you do, make sure you have a free, local, independent health insurance agent.
It's the best free resource you have.
If you don't have an agent, find one you feel comfortable with, that can present your options to you at each renewal and help you stay up on what the other companies are offering.
Look into qualified high deductible health plans that allow you to use a health savings account (HSA).
High deductible health plans have much lower monthly premiums than regular lower deductible, richer benefit plans.
On top of a lower monthly premium, health savings accounts allow you to pay for your medical, dental, and vision expenses with pre-tax money.
2.
Reapply for the same plan you have now, with the same insurance company.
Each year your premium increases to cover inflation in the health care industry.
On top of that each year, your premium goes up a little more to help cover the collective health claims in the group of individuals and families the insurance put you in with to start.
So, after a few years of compounding rate increases, your rate can get pretty high.
Most insurance companies will allow you to reapply for the exact same plan after a year or two have passed.
If you qualify, they will put you in a brand new group so you aren't paying for other peoples claims.
3.
Reapply with a new company.
The private health insurance market changes each year.
New companies come in, old ones leave, and companies change plans and rating structures often.
It makes sense to look around at your option each year, or at least every other year.
Regardless of what you do, make sure you have a free, local, independent health insurance agent.
It's the best free resource you have.
If you don't have an agent, find one you feel comfortable with, that can present your options to you at each renewal and help you stay up on what the other companies are offering.
