How Can I Reduce My Health Insurance Premium?

Answer:
Want to reduce your health insurance premium?

One of the best ways is to quit smoking and encourage other covered family members who smoke to do the same thing. Health insurance companies charge smokers much more than they charge non-smokers.

Some insurance companies offer reductions in the premium if you agree to participate in regular preventative screenings such as annual mammograms or blood pressure checks.

Other ways to reduce the premium include reducing the benefits, raising the deductible, or increasing the co-payments. A higher deductible or co-payment means you’ll pay more out of pocket from time to time but if you only see the doctor once or twice per year, the premium savings could work to your advantage.

If you don’t want to reduce the benefits, consider using pre-tax dollars to pay for your insurance premiums if possible. One way to do this is if your employer offers a flexible spending account. This could save you between 20 to 35 cents per dollar because you are spending money that hasn’t been taxed.

If you are anticipating medical costs, consider setting up a Medical Expense Account through your employer to use pre-tax dollars to cover co-pays and out of pocket medical expenses.


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