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Tips for Health Insurance Cost Cutting

Nobody has to tell you that your health insurance premiums have gone through the roof. Your wallet or pocketbook is already feeling the strain. Recent studies confirm the skyrocketing costs. In 2008, premiums for employer-sponsored health insurance rose to an average of $12,680 annually for family coverage ($1,057 per month) and $4,704 ($392 per month) for individual coverage. The cost of family health insurance has now eclipsed the gross earnings of a full-time minimum wage worker and continues to push the price tag of health coverage beyond the reach of the average American worker.

However, there are several ways you can cut costs. Some, like increasing the amount you already pay out of your own pocket in order to lower your premiums, are more painful than others. However, it’s clear that both you and your employees must make some sacrifices and become more educated consumers of health care if you want to stem the tide. Here are the top 10 ways you can reduce your health care costs.

1. Raise Your Deductible, Copays, or Coinsurance.

The higher you set your plan’s deductible, copays, or coinsurance, the lower your premium payments will be. Be careful, though, that you don’t put your out-of-pocket expenses beyond your reach, or your employees’. Make sure your plan limits out-of-pocket expenses and you understand what that threshold is before signing any policy.

2. Take Advantage of Tax Breaks.

Consider pairing a high-deductible health plan (HDHP) with a health savings account (HSA). HSAs are designed to lower health care expenses through the HDHP while providing tax-advantaged savings to the consumer. The HDHP provides...