- Philadelphia Health Insurance

Finding Ways to Reduce Cost

According to a study done by MEPS (Medical Expenditure Panel Survey) through the Department of Health and Human Services, Philadelphia has the highest cost for health insurance for any community in the United States, with the exception of New York City. This startling reality financially handicaps most small businesses; for many Philadelphia individuals and families, health insurance has become the single largest expenditure in their budget.

Although nothing can eliminate this hardship, there are some methods available to reduce these health insurance costs. The most frequent of these methods is to choose a health insurance plan that accepts the risk of higher out-of-pocket expenses in return for substantially lower premiums. If the deductible is raised to $1200 or higher, the health insurance plan may be compatible with a tax-advantaged Health Savings Account, which can save substantial additional money. Some health insurance plans offer multiple physician and hospital networks, from which potential insurance buyers may choose. Some networks, which may offer a more limited choice of doctors, can be purchased for a lower monthly premium. Another potential source of savings is spousal insurance. If an individual is paying for coverage of husbands or wives through their employer, they may be eligible for a lower rate by considering individual medically underwritten health insurance for their spouse. The amount of money saved in these circumstances could be significant because insurers generally charge more for an employee and spouse together than the rate of two individuals.

Stay vigilant to make sure your health insurance company is still competitive. Health Insurance companies change rates frequently, and what was a fair price several years ago may no longer competitive. An experienced health insurance broker can help you identify the most affordable and best value among health insurance plans. As a matter of fact, that's exactly what we do. Please feel free to give us a call us at (1-888-323-8832) or e-mail us at quotes@lowcostpahealthinsurance.com.