In this day and age, with the cost of medical care, health insurance is a must for anyone and especially for those with a family. The rising cost of health care most likely has you wondering how you can lower your health insurance premiums.Your health insurance premiums are based upon your perceived risk as determined by a health insurance company. Different companies weigh risk factors differently. Some of these risk factors are out of your control, such as your age or any hereditary linked illnesses. There are many other things that are under your control and can be used to lower your health insurance rates. The thing to remember is that you have the power to improve your health and thus reduce your health insurance premiums.
Instructions
Lower Health Insurance Premiums
1. Shop Around. can save quite a bit of money on your health insurance premiums just by taking the time to shop around. The easiest way to shop around is to browse the Internet and gather rate quotes from multiple health insurance providers. You can get these quotes without the hassle of having to deal with high pressure sales tactics of a salesperson over the phone or face-to-face.
2. Raise Your Deductible. This may or may not be in your best interest. Your deductible is how much you have to pay before your health insurance begins paying. If you have trouble meeting your monthly premiums, then raising your deductible will lower your health insurance premiums. However, if you are injured or ill, you will have more out-of- pocket expense.
3. Change Your Co-Insurance Ratio. Your co-insurance ratio is how much you will have to pay after your dedcutible has been met. A common ratio is 80/20 in which your health insurance company will pay 80 percent and you will pay 20 percent of all medical expenses that exceed your deductible. Changing this to a less favorable ratio will mean a lower health insurance premium, but just like raising your deductible, it is a risk as you will be paying more out-of-pocket if something happens.
4. Cut-out Dangerous Hobbies. Hobbies such as skydiving or anything that poses a significant risk of getting injured will factor into your health insurance premiums. If you are truly trying to lower your health insurance rates, then you need to reconsider these dangerous hobbies.
5. Stop Smoking. By now you know that smoking is a leading cause for many health problems. Health insurance companies do not like to insure smokers. If you decide to stop smoking, you still may be able to lower your health insurance premiums by not smoking again. The longer it is from the time you have stopped, the lower your health insurance rates may be.
6. Clean Up Your Driving Record. Many people do not realize this, but your driving record is taken into consideration when health insurance companies determine your health insurance rates. Those with bad driving records pose a higher risk of having to make claims against their health insurance.
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