Pay Your Health Insurance Bill Annually

It’s a difficult time to be an American right now. As everyone knows the economy is in free-fall, and hundreds of thousands of people have lost their jobs. According to one recent poll, as much as half of all Americans are worried or somewhat worried that they will lose their jobs within the next year. Add concerns about spiraling health care costs to worry about job uncertainty and you’ve got a recipe for disaster. Since everyone needs to cut costs, one way to save is by paying your health insurance bill annually. When you pay your insurance bill annually, you save money over a monthly payment schedule. The savings can be big.

Most people pay for their big-ticket items on a monthly basis. Auto loans, mortgages, college tuition – all cost a lot, and most people can’t afford to pay for them all at once. Health insurance is a big-ticket item too, but not quite as big as some of the other common financial commitments. Your health insurance bill for a year may be, say, $3,000, as opposed to $25,000 for a car. So paying your insurance bill annually is tough, but doable. If you pay your insurance bill on an annual basis, you could easily save several hundred dollars doing so. Many insurance companies offer cash-saving incentives to people who pay their insurance bill annually. You have to have health insurance – that’s a given – so it might be in your best interests to get it by paying for your insurance annually, and save some of your hard-earned cash in the process.

Before you commit to a health insurance plan, be sure to go over it in as much detail as possible with both a financial adviser and a health care representative. You may find that paying your insurance bill annually makes a lot of sense for your specific needs.