One way to save money on health Ins. is to get an HSA plan {more details on HSA plans, in another blog} HSA plans have a high deductible so you are responsible for a percentage of your medical bills up to this deductible before the ins co offers any coverage. These plans come in several different designs but you get the idea.
Tammy, Great post! Your exactly correct, this is one way to save money on a health insurance policy. But just in case this type of policy does not fit the need of what a consumer needs, I have some more suggestions. Health insurance policies come in many shapes and sizes so there is no way i can cover it all in a few post. So I will continually add tidbits here and there. To start most hp(health policies) have a basic structure. Each policy may have 1. A deductible, 2. Co-insurance, 3. Preventative care coverage, 4. Out of pocket maximum, 5. A Lifetime maximum,(been removed due to Obamacare) See the definitions of each of these items in the side column of this blog. Another way to remember how to save money is to remember this...The more financial responsibility the insurance company takes on the more expensive your policy will be. The more financial responsibility you take the cheaper your policy will be.ex: If you choose a $500. dollar deductible your policy will be allot more expensive than if you chose a $3,000.deductible, because the insurance company starts paying benefits after only $500. instead of $3,000. More to follow in future post.
One way to save money on health Ins. is to get an HSA plan {more details on HSA plans, in another blog} HSA plans have a high deductible so you are responsible for a percentage of your medical bills up to this deductible before the ins co offers any coverage. These plans come in several different designs but you get the idea.
ReplyDeleteTammy,
ReplyDeleteGreat post! Your exactly correct, this is one way to save money on a health insurance policy. But just in case this type of policy does not fit the need of what a consumer needs, I have some more suggestions. Health insurance policies come in many shapes and sizes so there is no way i can cover it all in a few post. So I will continually add tidbits here and there. To start most hp(health policies) have a basic structure. Each policy may have 1. A deductible, 2. Co-insurance, 3. Preventative care coverage, 4. Out of pocket maximum, 5. A Lifetime maximum,(been removed due to Obamacare)
See the definitions of each of these items in the side column of this blog. Another way to remember how to save money is to remember this...The more financial responsibility the insurance company takes on the more expensive your policy will be. The more financial responsibility you take the cheaper your policy will be.ex: If you choose a $500. dollar deductible your policy will be allot more expensive than if you chose a $3,000.deductible, because the insurance company starts paying benefits after only $500. instead of $3,000. More to follow in future post.