The cost of health insurance is a very real concern for many Americans. In fact, the cost of insurance is the most influential reason so many people don’t have the ability to obtain coverage. Lowering rates can sometimes mean the difference between adequate coverage and no protection at all, and the good news is that people can have an impact on their health insurance rates. That being said, consumers have a few options available to them that can lower their insurance premiums, they simply need to be made aware of their choices.
Private Insurance, Raise Deductible
One of the many ways to save on premiums and get cheaper health insurance is to raise the deductible. If the policy owner has an individual or private insurance policy, the deductible can be changed with most insurance companies. Some insurance companies will require the policyholder to reapply and qualify when making changes to the deductible. This is not always true, however; some insurance companies will not make the insured person apply again because a higher deductible means less risk for the insurance company.
Split the Family
When determining creative ways to obtain cheaper health insurance rates for the family, consider splitting the family between the different insurance policies that are available. In many cases, group insurance will pay the entire premium or a large percentage of the premium for the employee but just a small amount or none of the premium for a spouse and children. The spouse or children may be able to get cheaper health insurance by purchasing an individual health insurance policy that costs less per month.
Consider Employer Costs
Group insurance is a wonderful service that some businesses and companies provide to their employees. One of the benefits of group insurance is that employees cannot be denied coverage on a group plan, while another benefit of occurs because an employer pays for a large portion of the premium, allowing the employee to save money. Group insurance is not always a no brainer though; sometimes individual coverage will result in cheaper health insurance. If the employee qualifies for individual coverage, it may be advantageous for them to buy an individual policy instead of accepting their group plan.
Make Healthy Choices
One of the most significant ways that a policyholder can directly affect their own health insurance costs is by taking care of themselves. Making healthy choices is valuable for multiple reasons, not just in terms of insurance rates. In addition to cheaper health insurance, being healthy increases a person’s quality of life. Making the right choices for optimal health includes maintaining a healthy weight, eating the right foods, exercising regularly, avoiding tobacco use, and participating in regularly scheduled preventive care.
Consumers can directly affect their own health insurance rates by choosing to take care better care of themselves. Therefore, taking action to get better health insurance rates increases the overall health of the insured person which in turn becomes a win/win situation. There are many ways that consumers can lower their health insurance costs; probably the most effective way is to take responsibility for their health and lifestyle practices. They also need to be aware of all the options available to them, beginning with the choices presented here.