A health insurance premium is the monthly amount that must be paid for health insurance coverage. This is usually paid by either the employer of the insured or by the insured himself. Premiums do not cover out-of-pocket expenses. To save some money on premiums for Health Insurance in Humble TX, follow these three simple tips.
Family Discounts
Many health insurance agencies offer family discounts. If a family is compromised of two adults and two children, the chances are a discount will be given for both children provided they are insured under the same carrier as the parents. In some cases, the children will get a discount of a generous 70%. Several agencies will also offer free basic insurance for the third child and onward. For example, if you currently have two children and one on the way, the third child may receive health coverage at no cost. Go to the ASAP Insurance website or give them a call at 281-978-4474 to discuss their current available family discounts.
Income Reductions
Many low-income families can easily receive reduced premiums based on their annual earnings. For example, an individual who makes anywhere from $11,670 to $46,680 yearly can be eligible for a subsidy in the United States. This subsidy is a tax credit that is given to help the individual pay for their health insurance premium. A family of two making anywhere from $15,730 to $62,920 annually can also be eligible for the subsidy. In layman’s terms, if you are considered low-income, you can definitely end up saving quite a bit on standard premiums.
Raising Deductibles
Raising deductibles is the most popular way to lower premiums. The deductible is the amount required to be paid for health care costs before the insurance kicks in. When you choose a higher deductible, you are essentially telling the health insurance agency that you can easily pay a certain amount of health costs before the health insurance can kick in and help pay for the remainder of the costs. For example, a healthy man may raise his deductible from $500 to $1,500. In turn, he would then be saving approximately $1,428 annually. That $1,428 that has been saved from raising the deductible can then be put aside for medical emergencies.
Keep these three tricks in mind when looking to save a few dollars on premiums for Health Insurance in Humble TX. Visit here for more details.
