Are you shopping for health insurance? Are you looking for the
best rates? Are you totally confused? There are so many people
scrambling for health insurance and are trying their best to
compare the rates. This is not easy at first because the health
insurance companies have had to come up with creative
alternatives in their insurance portfolios. Those creative
alternatives can give the average person an insurance headache.
The rising costs of hospital and physician services are always
passed on to the consumer. The consumer depends on their
insurance company to pay for their medical expenses in exchange
for a premium. The medical rates are based on several criteria.
Here are a few:
1. Gender - Male/Female rates differ.
2. Tobacco - Non-Tobacco - Tobacco users are higher
3. Household Status - Single, Parent-child, Parent-children,
Husband-Wife, Husband-wife-child, Husband-wife-children
4. Deductible - $500 to $5000 (with some companies)
There are some things that you can do to affect the rate. The
most cost savings method is to choose a high deductible plan.
The higher the deductible calculates into a lower the rate. Low
deductibles no longer justify the premiums paid. This trend
toward high deductibles is called self-insuring. You are taking
on the financial responsibility for the deductible amount.
The best way to offset and prepare for the out of pocket
deductible is to start a health savings account. This is a tax
deductible savings plan for medical expenses. It's the
equivalent of a medical IRA. The tax deduction offsets some of
the out of pocket expense you incur with the higher deductible.
Contact your tax advisor or accountant about starting a health
savings account.
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