Times are tough, and we're always looking to save some cash. And that's goes for our insurance. Here are several ways to lower your health insurance costs and save money.
Good Morning America's consumer correspondent Elisabeth Leamy says the ways to save include raising deductibles, and going outside your work group coverage.
- Most of us know to save on car or homeowners' insurance by raising our deductible. Leamy says we can do the same with health insurance. By choosing a higher deductible, the insurance company rewards you with a lower premium. Just make sure the deductible won't ruin you if you have to pay it.
- Also, compare individual health insurance rates. Leamy says for people with health conditions, joining a group plan can be key, but if you're young and health, its often cheaper to buy individual health insurance instead of getting it through your employer.
- And, check out health savings accounts... Or HSA's. It's a tax free account you can use to pay for health care costs. And unlike a flexible spending account, you don't have to guess how much money you will spend on health care and then forfeit the money if you guessed wrong.
Click here to learn more about health savings accounts and how they work. And check out GMA's "Five Ways To Lower Your Health Insurance Costs And Save Money".