FREE HEALTH INSURANCE QUOTES Start here...

Select Insurance Type:

Individual Health Family Health Group Health Small Business Health Short Term Health Medicare Supplemental Travel Insurance

Zip code:

With health insurance costs rising, creative businesses are trying to find ways to lower the costs of group health insurance. One of the options to lower insurance premiums is by raising deductibles. In a comprehensive article by thenewstribune.com, we learn that with high costs, many employers are considering different health insurance plans.

Making substantial savings by using plans with higher deductibles, employers find they have extra money. For instance, Health Savings Accounts give employees a debit card they use to pay for the higher deductibles, like prescriptions or other services. Money not spent accrues interest that can be used later towards health costs.

Another marketplace solution is the Health Reimbursement Arrangements, which are employer-funded accounts that employees can draw upon to pay qualified medical expenses. Flexible Spending Accounts are employer established plans that reimburse employees for specified medical expenses. High Deductible Health Plans are often paired with Health Savings Accounts. They have higher deductibles but lower premiums and can save on unneeded services.