Save Money On Health Insurance
Here are some tips for lowering your health insurance costs:
- Live a healthy lifestyle. For example, a smoker who kicks the habit
can save about $500 in health insurance discounts. Ask your insurance
company about other discounts they may be willing to give you.
- A Medical Savings
Account (MSA) is available only to people who have high-deductible
medical insurance. You can use an MSA if you're
self-employed (if not, your employer must be providing you with high-deductible
medical insurance.) Around $3,000 per year can be placed in your
MSA, tax-deductible to the company, and tax-free to you (no income tax, not
even a Social Security tax!) If you can
stay healthy until age 65, you can then take money out of your MSA penalty-free.
Before age 65, you can withdraw it tax-free for medical purposes. You
could withdraw the money for other purposes, but you'd have to pay income tax on
the withdrawal, and pay a penalty of around 10% to the IRS.
You can think of the MSA as a 100% tax-free retirement account for
people who plan to stay healthy. With an IRA, you'd have to take a
tax hit at some point.
- Join An HMO: It's less expensive than
traditional fee-for-service health insurance. U.S. News
& World Report Magazine maintains HMO Rankings that can help you pick a good HMO
in your area.
- Start your own business. Medical insurance provided by
corporations is tax-deductible. For single proprietors, it's also
now 100% tax-deductible. If you didn't have either
of these tax breaks, medical insurance and expenses would be only partly
deductible (in excess of 7.5% of your Adjusted Gross Income.)
InsureKidsNow.gov shows how
"many families who work hard to make
ends meet can get low-cost or free health insurance for their
children through 18 years of age."
Here's how to get free insurance quotes and find the best health insurance for your needs:
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Save Money On Health Insurance 
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Time to complete:
| 10 minutes |
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Money you'll spend:
| $0 |
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What you'll get:
| Health insurance at a discount price |
Step-by-step instructions:
- If you already have insurance, call your insurance company and get them
to lower their rates.
- Visit HealthInsuranceSavings.com to get a free
health insurance quote,
 or visit eHealthInsurance -
free instant quotes are available there too.
A new window will open.
Continue to follow the online instructions.
- Before you accept an offer from an insurance company, visit
Insure.com's Insurance Company Ratings and make sure that it's
rated "A+" or "AAA".
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Further Reading:
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