We haven’t been getting very good news about employment in the US lately. And of course, all economic news, with the bailout of the mortgage giants, is pretty grim. In fact, home foreclosures hit a record in the 3rd quarter of this year. And if you think that the bailout will help the situation, you might want to read this article: who does the mortgage giant bailout help?
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I grew up in a very frugal home. My parents paid cash for used cars, and we lived in older homes with small mortgages that were well within their means. My folks always had money for important things like health insurance, glasses, or emergency travel. They had what we used to call a depression mentality, and as a young person, I struggled against it. Of course, I wanted a better bike, a fancier bedroom set, and more clothes that had not come from my older sister.
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We certainly see a lot of ads for cheap life insurance, but you seldom see an ad for no load life insurance. This is because this life insurance is sold without adding the commission fees into the premium, and so it is much cheaper. Do not assume you get the lowest, no load rates, even if you purchase a policy direct from an insurance company either because they still have to recoup their advertising. Insurance companies spend a lot in TV ads, direct mailers, and magazine spreads.
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Well, if you live in the US, and need to obtain an individual health insurance policy, it make seem impossible to find cheep health insurance. In fact, this website calls it cheep health insurance! But we actually have some very valid tips. First, look at the deductible. Raising the deductible is one of the surest ways to reduce the premium. The difference between a $1k yearly deductible and a $5k deductible can be hundreds of dollars a year. An HSA account, which allows you to earn interest in a savings account that can be used to meet the deductble and copays, and which also has tax advantages, can be a great step towards frugal health insurance!
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