Save Money on Health Insurance - Raise Your Deductible

The Easiest Way to Save Money on Health Insurance Premiums

This is the easiest thing you can do to lower your monthly premium. But for some reason, people are hesitant to actually make the change...

Most Americans are familiar with plans that cover your office visits and prescriptions before you are required to pay toward the deductible. If you have this type of plan, your deductible will most likely only apply to other, more major services. If you are healthy and don't expect to meet your deductible in the future, this is a great way to save some money.

In my opinion, the best way to decide whether or not to raise your deductible is to add up the savings in premium between the new plan and the old plan, over a 12 month period.

An Example

As a fictitious example, let's say that my family's premium is $378 per month with a $1,500 deductible, per person, per year. If I raised my deductible to $2,500 per person, the monthly premium would drop to $294 per month. That's a savings of $84 per month, or $1,008 per year. That's enough to pay the difference in the deductible for one person in my family over the next 12 months.

Given the above scenario, it's worth it for me to raise my deductible to $2,500. If the savings were only $400 over the first 12 months, I would probably opt to keep the better coverage, because it would take me two and a half years just to save enough money to pay the difference in deductible for one of my family members.

If the math makes sense, consider making the change.

If you would like free help making changes to, or looking at new health insurance plan options, contact an agent in your local area by filling out this short form.

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