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Berlin & Denys Insurance Blog

How to Save Money on Health Insurance Premiums

2/20/2020

4 Comments

 
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​To have additional monthly savings on your health insurance premiums to have the opportunity to open health savings accounts, then indulge yourself in having a high-deductible health plan.
Advantages of High-Deductible Health Plans
Having a high deductible health plan (HDHP) will allow you to have lesser premium rates compared to the standard health insurance plan, but with lower deductibles. If you have guarantees that you won’t be spending much on medical expenses for the following year, then its ideal to decrease your premium and apply for an HDHP. That way, you’ll save plenty of money – up to several hundred over the year.

HDHP and Preventive Care
Fortunately, because of the requirements for the Affordable Care Act, you’ll still have a hundred percent coverage for preventive services before you attain your deductible. That is, if you choose to have a high-deductible plan. Several functions are under this category with the benefit of you not requiring to copy nor co-insure any of the offers. Sample services include:
  • Aspirin for cardiovascular disease prevention for both men and women ages forty and above
  • Screening for blood pressure
  • Screening for Depression
  • One-time screening for abdominal aortic aneurysm for men of specified ages that have not experienced smoking.
  • Screening for colorectal cancer for adults above fifty years old.

HSA Eligibility
Aside from lower premium rates, another benefit you can gain from acquiring an HDHP is the opportunity to open a health savings account. You can save a significant amount of your medical bills when you use your HSA to pay for them because of the contributions coming from pre-tax money. To state an example, let’s say you’re included in the twenty-four percent of the federal tax bracket. Having medical expenses worth $100 will immediately only cost $76. However, you are required to have an HDHP before you are permitted to contribute to an HSA.

HDHP and You
Whether the sound of having HDHP interests you or not, it will most likely depend on the stage of life you are in and the medical bills you will undoubtedly face. If you’re still young and living a healthy diet along with exercising regularly, then you’ll probably save plenty of dollars if you purchase an HDHP, especially if you rarely see your doctor.

Planning for your future is always a critical responsibility, especially when it comes to both your health and your savings. Having an HDHP will not only save your wallet, but you can also get tax breaks on medical bills through an HSA.

At Berlin & Denys Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (800) 946-3303. You can also request a free quote by CLICKING HERE.
4 Comments
Darrien Hansen link
1/27/2021 09:16:37 am

I had no idea that high deductible health plans can help you save money if you are living a relatively healthy life and do not see a doctor frequently. My wife and I have been thinking about getting some health insurance now that we are planning on having a baby this summer, but we need to find some affordable coverage since my wife cannot get a job while she is pregnant. Maybe we should find a service that can help us look over our coverage options before we make a decision.

Reply
Derek Swain link
2/18/2021 11:25:32 am

It's good that you mentioned how you can significantly reduce your premium rates by having a high deductible health plan. My wife has been experiencing heart complications ever since she got sick at work last month, and I would like to find an affordable insurance plan that will help keep our premium rates low until my boss gives me a raise next year. We'll be sure to find a plan that aligns with our budget.

Reply
Curtis Butler link
2/26/2021 08:39:47 am

I think it's great that you talked about how you should consider lowering your premium if you anticipate that you will not be spending a lot of money on medical expenses in a year. My wife recently had knee surgery last month and comes from a family that doesn't have a history of any serious medical conditions, and I would like to find some affordable insurance since we are currently unemployed and only plan on seeking medical help during emergencies. We'll think about our needs as we find the coverage that is right for us.

Reply
lacarecovered link
12/16/2022 02:15:23 am

Saving money on health insurance premiums requires a lot of research and planning. It’s important to consider all of your options when selecting a health insurer, including their coverage options and costs. Additionally, it’s important to take advantage of any discounts that are offered and look into different payment plans that may be available. Staying on top of changing health insurance regulations can also help you save money.

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