Nine Rules to Maintain low Health Insurance Premiums

In the current year, the cost of healthcare has doubled the increase of inflation. Therefore, it is crucial to know how to save on medical costs without jeopardizing your family’s well being.

Due to the increase of Health Savings Accounts offerings, employers, employees and other individuals are now able to take charge of their healthcare finances. Here are some principles to follow to be able to maintain low health insurance premiums:

Increasing your deductible as your HSA grows. As you ensure funding for your heath savings account, you become eligible to increase the deductible as your HAS grows. At this time your premium cost will decrease. Take advantage of an immediate tax-deduction- every time you fund your account, you automatically receive a tax-deduction Please take into consideration that when you offset your tax savings from the premiums, you end up with a low net cost for your HAS plan.

Remain healthy in order to switch HSA plans – since most insurance plans increase their rates, it is important to stay healthy so you can have other choices concerning health plans. In the event, of developing a chronic illness, you will have to keep your existing high rate plan. Therefore, it is very important to conduct a healthy lifestyle in order to improve your health situation.

• Compare HSA plans – Just because you own your health savings account, it doesn’t mean you have to keep it forever. In case of an increase in rates of your HSA, you should compare the rates to avoid paying more than necessary.
• Compare drug cost- price of medications can vary significantly. It is important to compare prices before using your medical prescription.
• Get an inexpensive test – certain communities programs offer free or low cost health screenings. If you make this choice, remember to bring the results to your physician for a possible treatment plan. Taking advantage of such an opportunity will provide good results without the cost.
• Avoid the emergency room if possible – For non-life threatening situations; ask your physician which healthcare facility provides the best treatment. Less serious conditions such as flu, stitches, or sprains can be taken care of without going to the emergency room. Additionally, it will not affect your health savings account.
• Look around for medical care – If you need to undergo a major medical procedure, you should still compare the cost of different health care facilities. Some will negotiate and provide a reduced cost payment plan.
• Keep your records – Whether you underwent major surgery or just a routine doctor’s visit, keep all the records from your medical expenses. By doing so you can use it as tax deduction.

By following these simple rules, you can maximize your health savings account and also benefit from your tax return. Besides saving money, you are also caring for yourself and your future.