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February 17, 2008

Florida Health Insurance Information
Qualified Health Insurance Consultants Are Standing By!

Health Insurance Consultant -- Morgan Moran -- (800) 554-9142

Health Insurance Commentary

Cheap Health Insurance - Save $1300 in ten minutes.

Are you still trying to find cheap health insurance? As you might have noticed health insurance premiums do not seem to be depreciating like your Volvo station wagon. Have you ever heard of the expression "Knowledge is Power"? This simple idea can work wonders when you apply it to your health insurance program. Find out how to lower the cost of your health insurance, while keeping great benefits.

Please follow the following 4 steps to help in saving you on your health insurance premiums. Beware-This could end up saving you $75, $125, or even $1300 annually. Would you like to save money? Doesn't everyone? If you are ready to save hundreds or even thousands of dollars on your health insurance please follow the steps below. Don't worry I know how busy you are.. it will only take approximately ten minutes.

  1. Do you have the correct plan deductible? Actuaries and product design executives with the various insurance carriers take a great deal of time and money to make sure they are competitively pricing their health insurance programs. They do not work with a huge profit margin, so they take advantage where possible. Do the math, you know they do. Is it better for me to have the $1,000 deductible program, over the $2500 deductible? Well take all of the deductible options; check the progression or change in percentage per $100 increment and compare. See if they are over pricing or under pricing certain deductibles. If you are not quite the mathematician, feel free to contact your broker or financial planner to do the math for you.

    An easy calculation to help in the process would be to configure the criteria that makes up your health program, such as price, deductible level, and maximum out of pocket expense and think of it as an annual cost. Many people will over pay in premiums every month in order to have a lower potential out of pocket or to have the little bells and whistles over the course of the year and it will end up costing them more than jus taking the higher deductible.

  2. Do you understand the tax incentives regarding your health insurance? Take your calculation from the previous step and add to it potential tax savings over the course of the next year. Health savings accounts make for a very attractive consideration when you take into account that an HSA's annual contributions roll over from year to year and are much better then Flexible Spending Accounts (FSA) all contributions (up to IRS limits) are tax deductible, and the money grows tax free and is able to be used tax free for all qualified medical expenses. Do you make a lot of money? If so the only plan you should purchase is a HSA compatible plan.
  3. Do you have proper numbers? You now have had a little lesson in understanding how to save money on your health insurance. Take this idea incorporates premium level, deductible level, and out of pocket expense along with tax benefits. All that you now need is some up to date health insurance rates and plan features to plug into your calculations. You may want to call up the insurance companies individually or you could let the ease of the Internet to work for you and shop real time deductibles and rates at the click of the button
  4. Take the guessing out of all of the three previous steps and call your INSURANCE BROKER or WEB PORTAL today!

Most of the time employees on a group health plan will generally be thinking the question, what is my copay? And really don't look any further than that. With these types of plans on the decline be sure to understand the newer programs available to you as an employer. These will offer you a great deal when it comes to tax incentives. Section 125 in the IRS tax codes gives advantages to employers that offer Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), and Flexible Spending Accounts (FSA).

These are the health insurance programs of the future and you should understand how each work. Although all three of these programs offer great tax advantages you can't usually ever beat an HRA. Ask an insurance professional to explain the three programs to you and start implementing one of these financial programs today!

Group health insurance rates can vary a great deal. HMO, PPO, and Fee For Services plans all cover medical, surgical, and hospital expenses in some form. In most instances, prescription drugs are also covered. Do you have a plan that gives you options for which employees contribute an authorized payroll deduction amount? If not be sure to revisit your HRA, HSA, or FSA options.

As an employer be sure to do your homework. Group health insurance is not always comparing apples to apples. In many cases group health insurance brokerages have risk managers that can implement special financial programs that can enhance your savings and increase benefits. Over the next few years you will be changing over to one of these programs, so why wait? Get the best possible group health insurance rates through a tax incentive based financial program.

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