The 5 Easy Steps to Reduce Health Insurance Premiums

With the steadily rising costs of health insurance premiums, people must be able to find ways to reduce costs without sacrificing the benefits that they would get from the policy. In this regard, we can give you some useful tips to help you decrease expenses quickly without having to think about whether you would get the same advantages in the long run.
​
Are you interested to learn more? Please don’t hesitate to continue reading to find out the answers.

1) Search for Options
First, you have to make sure that you can find many options when it comes to health insurance companies to hire. The insurance world is a competitive industry. Because of this, you'll deal with competitive prices.

Just find the cheapest alternative and go with that.

2) Combine Savings with High Deductibles
Secondly, you have to make sure that you can combine high deductibles with a savings option. Choose a plan that can allow you to have the most deductible factors from your policy. Upon choosing the right plan for your needs, you should now fuse it with your employee savings account.

There are two types of accounts that you can use as an employee. These are as follows:

• The Health Insurance Savings Account - This is the tax-deductible savings account for employees that you can use if you have a highly deductible health plan. You will be able to use the money from this account to pay for your medical bills whenever necessary.
• Health Reimbursement Arrangements – The funds for this account come from the employers themselves. An employee has to present a receipt for the reimbursement without having to pay taxes.

If you combine the deductibles from your insurance premium with your savings account, you will have a way to reduce the premium significantly and pay for it without hurting your pockets.

3) Offer Highly Deductible Health Insurance
Speaking of highly deductible health insurance policies, having these will help reduce your premium costs as well. Essentially, this is one insurance policy that has lowered premiums already. The plan was to sign this way because it will help the user contribute to the health Insurance savings account.

The only downside to this is that as the name suggests, you would have a lot of deducted points from your insurance plan, primarily because of the higher percentage that you would have to deposit to the HSA.

4) FSA (Flexible Spending Account)
As an employer, you can also offer FSA's. It will allow your employees to set aside a percentage of their earnings for medical expenses. Primarily, the pretax dollars go to the expense account and budget for future medical bills.

5) Give Your Team Group Health Insurance
Lastly, you could offer group health insurance. The plan reduces costs because not one person will shoulder the premium payments. Your team will end up pitching in to pay for the premium themselves.

The Closing Statement
With these options, you will undoubtedly be able to help your employees save their hard-earned money even more down the line.

At Berlin & Denys Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (800) 946-3303 or Click Here to request a free quote.