Health - Reduce Cost Salvage Coverage

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Having a health insurance plan is a must in most instances.  However, high premium price is forcing more people to drop health insurance all together because it is simply unaffordable.

Rather than dropping your health insurance all together you may want to try to have minimum coverage, allowing you to save on monthly premium.  Bare minimum insurance is often better than no insurance at all.

Self-insuring is one way to substantially cut your monthly premium.  Self-insuring is essentially taking on more risk while having the insurance company reducing its risk.  Instead of dropping insurance all together, you could possibly cut your premium in half by electing to have a ten thousand dollar deductible.  This will lower your premium because the insurance company will have much less risk than a policy with a thousand dollar deductible.

Self-insuring also influences people to use the doctor less and more wisely, thus saving the insurance companies money, and ultimately the insured money. 

You may feel uneasy knowing if something were to happen you would be responsible for the first ten thousand, but, remember this, if you are uneasy to except a ten thousand dollar deductible, then you would surely be uneasy knowing a bill of $100,000 could end up in your mailbox.

You may consider putting some money away into a savings account for health purposes.  If an unforeseen accident/illness arises, you would have the funds to pay for the services.  Health Savings Accounts (HSAs) are available to anyone below age 65 and who is not currently enrolled into Medicare.  HSAs are a great way to keep a reserve fund for health purposes while taking advantage of substantial tax benefits as well as a return on your savings.