3 Ways to Save money on Health Insurance

There are many things that you can do right now that will help you save hundreds and maybe even thousands of dollars a year on your health insurance bill. With just a little bit of research then you will be well on your way to finding cheap health insurance!

Here are some quick and easy things that you can try right now to help you find an affordable and comprehensive health insurance plan:

1. Consider a Health Savings Account – Health Savings Accounts (HSA’s) are tax advantaged accounts that give you comprehensive health insurance at a lower monthly premium cost and also allows you to take advantage of some very attractive tax benefits. HSA’s are comprised of two parts: the insurance part and the savings account part. The insurance element is comprehensive major medical coverage with no copays and typically no coinsurance. These types of plans have higher deductibles and in turn much lower monthly premiums. The savings account portion of the plan allows for a full above the line tax deduction for all money contributed into the savings account (up to IRS limits) and the money in the account grows tax free and comes out tax free so long as the distribution is used to pay for qualified medical expenses.


2. Consider CHIP – The Children’s Health Insurance Program (CHIP) is a Federally sponsored and state administered program to provide coverage for children whose parents are considered low income by the state. The program specifics differ from state to state but in most states if you have very low income then your children will be eligible for this type of coverage.


3. Comparison Shop – Health insurance rates change often. It is recommended that you should get a health insurance quote comparison from at least 3 different insurance companies every 6 months. Health insurance is much different than life insurance in that as long as you are healthy and you only choose insurance companies that are “A” rated or higher with comprehensive health insurance polices then it makes sense to switch policies quite often if you can find a cheaper rate.

Article Source: Free Debt Advisor