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Sunday, February 20, 2011

Cheap Health Insurance - Ways to Lower Your Premium

It is possible to find cheap health insurance, or at least to find insurance that is more affordable. There are many ways to do this, including raising your deductible, opting for a health savings account, finding a group plan to join, opting for a family plan, and getting your children on student plans. Here are some ways you can find cheap health insurance:

Look Forward to the New Health Care Reform Laws:

Under the new health care reform act passed in 2010, called the Affordable Care Act, there will be a lot more tax incentives and government stipends available for people who have a hard time affording their premiums. While this doesn't exactly qualify as cheap health insurance, it does make your bill a lot less scary.

Raise Deductible:

If you find a plan that allows you to raise your deductible, it will most likely in turn lower your monthly premiums. However, don't get caught without money in a savings account to pay that higher deductible if and when the time comes; high deductibles can cost thousands of dollars and you may need the money up front.

Open a Health Savings Account:

Health savings accounts are designed specifically to help you pay down high deductibles. You want to find a plan that offers a high deductible and a low monthly premium, and then open a health savings account to help save for that deductible.

Go for a Group Plan:

You can find group plans through your alumni organization, your workplace, your union and even your professional organizations that you belong to.

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