6 SECRETS TO SAVING ON HEALTH INSURANCE.
1. IF YOU HAVE GROUP HEALTH INSURANCE, READ THIS. Most employer health insurance groups cannot afford to pay for dependent coverage. Most groups have inflated premiums because the law requires them to cover pre-existing conditions. Another problem is that group policies charge for one child the same as ten children. The other problem with group dependent care is that you have to take the plan offered by your employer which may not fit your needs best.
Stragety: It's not unusual for people with group health insurance to save thousands on dependent coverage by switching to individual health insurance. Unless your employer contributes to dependent coverage, a better value is almost assured.
2. FIGHT HIGH RENEWAL FEES Did you know that your renewal rates can be much higher than what your current carrier offers to new clients on the exact same policy. In fact, the longer you are with a carrier, the worse this may be. We have seen families save thousands just because of this fact alone.
Stragety: It may be possible for families who have one family member that can't switch carriers due to a pre-existing condition to leave this family member with their current insurance. The rest of the family can move to a new better value insurance plan. Often times this cuts the family deductible in half too. Many families have taken advantage of this approach.
3. BREAK UP HIGH FAMILY DEDUCTIBLES Many families are switching to higher deductibles. Most of these plans have a combined family deductible. This means that any one person or the entire family has to hit the deductible in order for the benefits to start. This has led to families being out of pocket $5000 for one procedure.
Stragety: Many people have discovered that they can break up these high family deductibles to get a better insurance value. It may be possible to have a plan in which 2 family members each have a $2500 deductible instead which may work better. In some cases, families who do this actually save money on their premium too.
4. TAKE ADVANTAGE OF IRS TAX LAWS As you get older, premiums will increase. These premiums may force you to take a higher deductible. In any case, your best insurance value will change.
Stragety: The IRS allows people to save money with a Medical Savings Account. This account works like a medical savings IRA and allows you to pay medical charges with pretax dollars. Money you are paying to the insurance carrier now can be put into your bank account. If you receive a 1099 or are self employed, and in a fairly high tax bracket, this option can save you 25%+ and more on your annual taxes.
5. PLAN DESIGN CHANGES ACTUALLY SAVE YOU MONEY Sometimes changing your plan design can save you more than your entire deductible in the year. Since you know you will be paying the insurance company but not sure if you will be paying the doctor, it makes sense to change to a higher deductible. If you stay healthy, you are able to bank the savings. If not, you are already saving enough in premium to pay the deductible. Many times this higher deductible plans have the IRS tax advantages too.
6. GETTING INSURANCE FOR THE FIRST TIME Who do you trust to provide you with professional advice? Trust Yourself! If you want your best deal on health insurance, try running a free quotation now! This state of the art website allows you to view rates from ALL of Louisiana's top health insurance carriers! View actual rates, outlines of coverage and if you choose, even enroll online! Get the professional advice you need now.
IMPORTANT CONSIDERATION Please don't discount a family saving of only $150 a month on your existing health coverage. This will add up to thousands in no time. This $1800 annual over charge may steal over $10,000 in as few as 5 years.