One of the top five expenses in a normal household is health insurance. In some cases, health insurance is the second biggest expense behind the home mortgage. With all of that said, health insurance can also be the best place to start when it comes to saving on monthly expenses. Here are some tips that can help any person save a little extra money off the total monthly expenses from health insurance.
Consider the Deductible
The first place to start when looking for Health Insurance In Lancaster PA is with the deductible. A higher deductible will mean a lower payment per month for the insurance. A lower deductible will mean a higher amount for the monthly payment. With that said, a person should never just choose a plan with the highest deductible. Instead, a person should go with the deductible that is high but not too high that it is not affordable. For example, if a person only has $5,000 in savings then they should never agree to a deductible that is over $5,000. Every person has their own unique situation, so there is no general rule for choosing a deductible other than choosing one that is affordable.
For people that choose a high deductible for their Health Insurance In Lancaster PA, they often pair that high deductible with a Health Savings Plan or HSA. This is where a person can set aside a certain amount of money each year that can be used for any approved health related expense. The great benefit of a HSA is that the money used is deductible from a person’s income up to a certain amount each year. Plus, the interest earned from the HSA is also interest free. That is a double bonus. This makes managing a high deductible much more affordable.
Another way to save money on health insurance is to bundle plans. A lot of insurance companies offer additional discounts for those who choose to have their health, car, and home insurance policies all with the same company. These insurance companies offer a blanket discount for this type of bundling.
Health insurance is required, but there are ways to save. These are just a few of the ways to save a little extra money.
The Unruh Insurance Agency is a provider of health insurance for Lancaster PA. The company serves the insurance needs for nearly 10,000 individuals, families, and businesses.
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