As the monthly cost of medical insurance rises people search for ways to keep spend less. Health insurance is priced so that you can either:
1) spend more on a monthly basis and less when you receive treatment; or,
2) spend less on monthly premium and more when you receive treatment.
This is the health insurance balance or trade off (see related article “How do insurance companies price individual health plans.”)
One way to lower your monthly health insurance premium is to enroll in a high deductible plan. With these plans you pay more (in some cases, such as Pacificare‘s HSA plan, up to $10,000) before the health insurance company begins paying for treatment. If you can afford to pay the deductible you may be better off saving the amount that you would have paid had you enrolled in a lower deductible PPO plan.
The high deductible health plans (HDHP) are usually compatible with Health Savings Accouts (HSA) and you can arrange to make the money you spend towards your medical insurance plan calendar year deductible Federally tax deductible.
Call BenefitsCafe.com for more information on this option 800-746-0045.