By Charles Crawley
If you are among the 47 million Americans without health insurance,
you are probably searching for options to help lower premiums
so that they fit within your personal household budget. With
so many options, it can be challenging to determine which policies
and which features are the best for you and your family's needs.
Follow the 10 tips outlined below to lower your health insurance
premiums.
1. High Deductibles- Choose the highest annual deductible that
you can afford. The deductible is the amount that you will need
to pay out of pocket on an annual basis before your major medical
insurance begins to cover or co-cover your costs. By choosing
a higher deductible, your annual premium will reduce.
2. Coinsurance- Coinsurance refers to the percentages that you
and your insurance company will pay for major medical expenses.
While you may be initially attracted to 100% coinsurance, meaning
that you would not be required to copay for medical procedures,
choosing a ratio such as 80/20 will substantially lower your
premiums.
3. Health Savings Account- This type of account allows you to
save pre-tax dollars into a special account designed for medical
expenses and is often offered with a higher deductible health
insurance plan. The funds used to pay your annual deductible
will come from this account, allowing you to lower your annual
tax bill.
4. Major Medical- If you are primarily concerned with major
medical expenses such as surgeries or procedures due to an accident,
you may consider applying for major medical insurance rather
than standard coverage. While this type will not cover routine
visits and typically not prescriptions, it will provide you
with the financial coverage you need in the event of a major
medical expense.
5. Stop Smoking- One of the most expensive habits to have when
it comes to purchasing health insurance is smoking.
6. Manage your Health- The level of your personal health will
also affect your health insurance premiums. Work to ensure that
your health remains positive over the long term by engaging
in regular exercise and managing a healthy diet.
7. HMO- If you have a physician who is already in the network
of an HMO, this option will typically be less expensive than
choosing a PPO health insurance plan. In fact, the annual deductible
discount can typically be between 25-40%.
8. Ongoing Comparison- Be sure to compare the rates of several
different health insurance companies before making your ultimate
decision. Then, on an ongoing basis, be sure to re-evaluate
yours and your family's needs as it relates to medical coverage,
and then make necessary adjustments to your policy. By ensuring
that you are only paying for the level of coverage that you
need, you will be actively managing your health insurance premiums.
9. Good Credit- Your personal credit score may be negatively
affecting your premiums. Make sure to properly manage your personal
credit score on an ongoing basis.
10. Premiums- Most health insurance companies will offer a discount
if you pay your premium annually instead of monthly.
Using these 10 tips, you can manage your health insurance premiums,
making it affordable for you and your family to obtain coverage.
Charles Crawley writes articles for many websites covering several
subject areas including health insurance quotes and individual
health insurance.
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