Health insurance premiums are becoming a larger and larger portion of the typical Colorado family’s budget. For most, the rate of increase is not sustainable — but what do you do? It would be unwise to go without health insurance coverage, but something has got to change.
Here are five steps that you can take to save money on your health insurance premiums (and/or reduce other health-related expenses):
Step 1
Consider taking a prudent risk by going with a higher deductible health plan. Doing so can save you hundreds (or even thousands) of dollars per year. Every dollar saved can pay “first dollar” benefits (i.e. co-pays and/or deductibles) if needed. And, if you don’t need to spend it on health care, it is pure savings. In addition, the purchasing power of these saved dollars is increased by 40% to 50% if the savings is invested (passes through) a tax advantaged account such as an Health Savings Account (HSA) or a Flexible Spending Account (FSA). Continue reading ‘How to Save Money on Colorado Health Insurance’ »