How to Save Money on Health Insurance Premiums

​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.