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How Can You Minimize Your Medical Insurance Rate?

When purchasing a medical insurance policy, budget is an important factor to consider in the decision of the type and extent of the coverage. With consistently rising medical insurance rates, (especially in states like Texas and California) it is advisable to choose an insurance plan that serves your needs at a price you can afford. However, lack of expertise in insurance and too many options can be extremely confusing. MillerWade’s Insurance experts can offer solutions to help in minimizing the rate of rising medical insurance cost.

The cost of your medical insurance coverage depends on the type of plan you choose and from where you obtain your insurance policy. Group health insurance or employer-sponsored plans usually have the most affordable health insurance rates. If you are self-employed or your employer does not offer a medical insurance plan, buying a plan managed under a HMO or PPO is a good option.

Understanding various factors that make up the cost of insurance is essential to lower the total insurance rate.

  • The first cost to be considered is the premium.
    This is the monthly fee you are required to pay for the insurance coverage. The premium amount of the plan often depends on various factors such as your age, level of coverage, and your current health condition.
  • Deductible is the next cost to be considered.
    If you are a healthy individual, raising your health insurance deductible is a smart way to lower monthly premiums. The drawback of having a high deductible, low premium is that if you get sick you will have to pay a larger deductible rate before coverage begins.
  • Other than deductibles, monthly premiums can be lowered by co-payments and co-insurance.

Buying medical insurance with higher deductibles is one way to lower your medical insurance rate. However, high deductibles create a problem of maintaining additional out of pocket expense. Creating a Health Savings Account (HSA) offers a simple solution for lowering health insurance premiums. You just need to take the money you spend on a traditional high cost health plan and put it in your tax deductible Health Savings Account. This way you can reduce your taxable income. You can use the account to pay for medical expenses until your health plan deductible is met.

Millerwade’s DirectAccess provides an ideal solution for those who have been previously considered un-insurable, or those who cannot afford a typical health insurance plan or who may have a high deductible insurance plan. Let our specialists and financial advisers provide professional advice and solutions that meet your needs.

The experts at MillerWade can help you lower your health insurance rates with a DirectAccess HSA.

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