By Greg Haehl
Some things in life are taken for granted and the privilege of
having health insurance may be one of them. Employers have to
give their employees some kind of benefit program in their
overall compensation package. The employee expects it and
enjoys the security of having good health insurance.
changes when the employee leaves the employer. Insurance
decisions have to be made. No one can escape from this
The employee soon finds the cost to continue the insurance to
much more than expected and they start scrambling for
alternatives. Are there alternatives? What can be done to
reduce the cost?
There has been a major shift in thinking by the insurance
buying public over alternatives to lowering the cost of health
insurance. Low deductibles are a thing of the past. It has
taken some time to change the thinking about having low
deductibles. Low deductibles mean less out of pocket expense.
It works the opposite in today’s market for health insurance.
The premiums paid for lower deductibles are so high that it no
longer makes sense to have them. The higher deductibles reduce
the premium dramatically. There are deductibles as large as
$5000 in some health insurance plans.
1. Take the highest deductible that you can afford. This is
called self-insuring. You are insuring yourself for the
deductible amount in exchange for a lower premium.
2. Start a Health Savings Account. This is a savings account
that is used for medical expenses only. This is a fantastic
of putting money aside for the out of pocket deductible amount
and any additional medical expense. The best part about it is
that the health savings account is tax deductible. See your
advisor or accountant on how to set up this plan.
Insurance is a great place to start to lower your monthly
bills. We hope that this will help you analyze your next
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