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Tips For Saving on Your Health Insurance Bill

Jan 23rd, 2012

Health insurance billSelf employed health insurance may be overwhelming especially during these tough times. Fortunately, there are a number of things you can do in order to make your health insurance premiums more affordable once you choose an appropriate health insurance plan.

Some of the steps discussed involve opting out of certain coverage, others call for increasing the amount you shell out of your pocket for some expenses. You may also choose to join discount health plans which offer cheaper fees for the services you avail. All of the steps involve shouldering some of the risk for insuring yourself so you can save on your health insurance bill.

Forego Coverage for Routine Doctor Visits for Cheaper Premiums
If you are a considerably healthy individual with few prescription and do not have any children, a catastrophic health insurance policy may be the only coverage that you need. This premium which covers you in cases of accidents and unexpected illnesses are among the least expensive you can find. Some are well under $100 per month for an individual. In most cases, you can apply online and get approval within 24 hours.

Get a Higher Deductible to Save on Premiums
Deductibles are the amount you have to pay before the insurance company starts covering your bill payments. Generally, your monthly premiums go down when you increase the amount of your deductible. Keep in mind that you will be paying more out of pocket in case something does happen to you. But it is more affordable and logical compared to going without a coverage because you cannot afford the monthly premium.

Opt For Annual Premium Payments for Big Discounts
By fully paying for your premium at one time annually, you can often get the most affordable deals on your health insurance. Almost all health insurance companies give substantial discounts on health insurance premiums if you make one time payment every year.

Have a Medical Savings Account (MSA)
MSAs are designed to help individuals or self-employed people access a more affordable health care plan. With MSAs, you are allowed to put a certain amount into a tax-deferred savings account, This amount will be used to cover your medical expenses. Having both this and an affordable high deductible insurance policy means you will pay fewer taxes on your MSA earnings. Additionally, you can use them to pay health insurance deductible if necessary.

Take Advantage of Your Health Insurance Deduction
When filing your taxes, make sure take your health insurance deduction. It is possible to deduct up to 70% of your insurance costs, even without itemizing all your expenses, from your income when filing your taxes.

"Vista Health Solutions" www.nyhealthinsurer.com Tel (888)215-4045 Email info@nyhealthinsurer.com