How To Save On Health Insurance Premium
Step 1
Learn about the different kinds of health insurance
Step 2
If you are employed ask your employer about
their health insurance plans
Step 3
Call other companies to see if they offer health
insurance
Step 4
Compare prices between the health insurance your
employer offers and the different insurance
companies.
Step 5
Chose the best insurance that fits your need or that
will be lower in premium
Step 6
Consider getting a high deductible health insurance plan. That can keep your premium low
Step 7
Then research Health Savings Account and obtain this plan to help pay your large deductibles.
What is a Health Savings Account
- It Is a Medical Savings Account
- Known as HAS for Health Saving Account
- Can get this plan through your employment, insurance companies, banking institutions and many other places.
- Is used along with High Deductible Health Insurance Plans in order to help with medical expense
- Contributions or deposits can be made either by the employer or the employee but not both.
- Deposits are limited to a certain amount each year or you may be penalized by IRS
- No more deposits can be made when you reach 65 year old
- Owed and controlled by employee and not by the company or business meaning the funds will always be yours
- Contribution can gain interest.
- Pays no federal income tax on contributions
- Funds can accumulate and roll over every year
- Left over funds can be used for retirement if keep long enough
- Left over funds can’t be used to enrolled in an IRA of 401K
- Contributions can be made either by the employer or the employee but not both.
- Funds must be used to pay for any qualified medical expense in order for it to be tax deductible
- Funds can’t be used to pay for over the counter drugs unless they are prescribed by a doctor
- Funds can be used for anything after you reach age 65 but you will have to pay taxes on the funds and no penalties.
- Can help you reduce your Income Taxes therefore allowing you to keep more money.
To learn more about how this health plan can help you keep more money in your pocket you can go to the IRS.Gov website and download a PFD file that tells you all about Health Savings Plans and how having this plan can help you out.
When you get to the IRS website, all you have to do is type in the word Health Savings Plan in the search box. It will take you to the PDF file.
