Nine Rules in Keeping Your Health Insurance Premiums Low

In 2006, healthcare costs increased up to two times the pace of inflation. For this reason, it is important for you to know the tricks of saving on your medical care without sacrificing your health and your family's health.

Because Health Savings Accounts have become popular, employees, employers, and individuals can take control of their healthcare finances. Here are ten rules to follow in order to keep your health insurance premiums low:

Raise your deductible while your HSA growss

When you regularly fund your health savings account, you are eligible to raise your deductible when your HSA grows. When this happens, your premium will also go down.

Benefit from an instant tax-deduction

Each time you fund your health savings account, you immediately receive an instant tax-deduction. Be aware that when you offset your tax saving from your premiums, you end up having a very low net cost for your HSA plan.

Stay healthy to switch HSA plans

Since virtually all insurance plans increase their rates, it is important that you stay healthy so you will be able to switch to other plans. If, for instance, you develop a chronic disease, you will be stuck with your existing high-rate HSA plan. Of course, some illnesses can't be helped. But, by following a healthy lifestyle and diet, you can improve your chances of staying healthy.

Compare HSA plans

Although you own your health savings account, this doesn't mean you have to live with it forever. If the rates of your HSA increase, you should compare other health savings accounts in order to avoid paying more than you should.

Compare drug expenses

Costs of medications can vary significantly. It is important that you compare prices before using your medical prescription.

Get an inexpensive test

Some communities offer health fairs, which provide low-cost or free health screenings completed by a registered nurse or physician. You could take advantage of these offers and bring the results to your physician in order to discuss possible treatment options. Taking advantage of free opportunities will still give you great results without the added cost.

Avoid ER, if possible

For non-life-threatening emergencies, ask your physician which healthcare facility provides the appropriate treatment. Minor conditions such as flu, stitches, or sprains can be cured without going to the emergency room. Additionally, it will not strain your health savings account.

Shop around for medical care

If you need to undergo a major medical procedure, you should still compare the fees of various medical care facilities. Some allow negotiation and provide you a low-cost pay plan.

Keep your records

Whether you underwent a major operation or just a doctor's visit, keep all the records from your medical expenses. This way, when tax season comes around, you can have the tax deducted from your health savings account.

By following these simple rules, you can maximize your health savings account and benefit the most from your contributions. Not only can you save money, you are also taking care of your well-being, something no amount of money can buy.