March 20, 2009, Newsletter Issue #171: Lowering Health Insurance Premiums

Tip of the Week

The high costs of health insurance appear to be with us for good, but there are some steps you can consider to achieve more affordable health insurance premiums.

Consider the type of plan you are using. While fewer than 5% of Americans are covered under traditional indemnity/fee-for-service health insurance plans, if you're one of them you can save yourself a bundle by switching to an HMO or PPO. Likewise, if you are in a PPO, switching to an HMO will save you a lot of money, in exchange for reduced flexibility in health care choices.

Whether you are in an indemnity, PPO or HMO, take a closer look at your deductible. The lower your deductible, the higher your premium. If you have a low deductible, consider raising it. If your deductible is in the mid-range, consider switching to a high deductible health plan and opening a health savings account, which offer many tax advantages and can shave hundreds to thousands of dollars off your annual income tax bill. Finding affordable health insurance does not have to be impossible.

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