Health Insurance Premiums - How to Reduce the Cost of Your Premiums
Health Insurance Premiums - How to Reduce the Cost of Your Premiums
It's a fact that health insurance companies raise their rates on a regular basis. On top of that, if you don't fit the profile of a healthy person you can expect your health insurance premiums to be even higher. However, medical insurance isn't something that you want to be without because the cost of medical care without coverage can potentially bankrupt you. Here are a few tips for reducing the cost of your premiums.
The ultimate cost of your health coverage is based on variety of factors, a few of which are under your direct control. One factor that directly impacts the cost of your health insurance premiums is whether or not you have a preexisting condition. Insurance companies are profit minded. People with a preexisting condition submit the majority of claims to the company. To ensure they make their money, they will charge you more for your insurance. Some conditions there is nothing you can do about such as asthma or heart failure. However, there are some you can.
If you are overweight or engage in bad habits like smoking, insurance companies will charge you more because of the high probability that you will be submitting a lot of medical claims. You can reduce your health insurance premiums by eliminating these factors (e.g. lose weight or quit smoking).
Another thing you can do to reduce the cost of your premiums is to opt for a high deductible health plan or increase the deductible on your current plan. This is the amount of money you have to pay out of pocket before the insurance company will start paying your claims. Just make sure that you put enough money in savings to cover the gap.
Lastly, to get the lowest health insurance premiums you will want to shop around at several different insurance companies. The rates vary from insurer to insurer so it is possible to get a diverse range of quotes. However, you want to compare the plans and the companies to make sure that both will be able to meet your needs. Several websites offer online quote engines that will show what each insurance company is likely to charge you for health coverage. You can also work with a qualified health insurance agent who can help you with your search as well.
Hass Mohammed is VP of Sales & Marketing at Insurance Medics. Insurance Medics is a national online insurance agency offering a vast array of insurance products from many different insurers.
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