5 Ways to Lower Health Insurance Premiums
Health insurance is an expense that, paradoxically, most of us can’t afford to be with out. However, there are a number of easily actionable ways that you can reduce the premiums you might be expected to pay. Here are just five methods you should consider;
Raise the Deductible
The deductible is the amount that you have to cover at your own expense before your insurance kicks in when an expense is incurred. This is normally variable on a policy, and if you choose to go for a higher deductible, the company will offset the risk you’re taking by giving you a lower premium.
Obviously, you need to think carefully about just how much you can afford to pay should the worst happen. The whole point of having a policy is to avoid being financially ruined by a medical emergency. If you’ve made yourself liable to pay a huge chunk of your available funds, you might as well have not bothered having a policy at all.
Become a Member of a Professional Association
Group plans can often make insurance more affordable, and if you’re lucky, you may be able to access one through your employer. However, if this is not the case, don’t despair. You may still be able to get onto a group plan by joining a professional association or other group. Indeed, some credit card companies even offer their customers access to group health insurance plans.
Consider Going Solo
Group insurance, by its very nature is a great deal for some, whilst being less good for others. By accepting all the members of the group plan, the insurer takes on a fairly high level of risk. If you’re young and healthy with no particular issues that might cause an insurer any worry, you could well be better off going solo than being added to any group plan you might have access to.
Brokers can use their clout to save you a great deal of money with cover with reputable companies. Remember though, that not at all insurers actually work with brokers, so it’s worth doing a bit of research to find out about such providers and getting a quote from them.
Improve Your Health
Of course, it’s obvious, but so many people still choose to live in a way that’s damaging to their health. There are a huge number of reasons to take steps to get into better shape, and access to lower health insurance premiums is just one of them. By simply ditching cigarettes, for example, you can slash the premiums most companies would expect to pay.
John Wilson writes on a wide range of insurance issues, form the point of view of both providers and customers, from how to get lower premiums, to pieces of software such as claim control, which are reducing risks within the industry.