For most people, health insurance premiums are putting a lot of stress on their personal finances. The fact that health insurance premiums for individuals and families are going to rise again later this year only makes it worse.
Worry not, however, because there is still time to take active steps towards reducing your insurance premiums and preparing for the rise. To help you get started, here are the simplest ways to reduce your health insurance premiums.
Alter Your Lifestyle
Before the next renewal or before applying for a new health insurance plan, consider making some changes to your lifestyle. Think of ways to lower your risk factor and give them a try. Quitting smoking, for instance, is one of the best ways to instantly reduce your health insurance premium by a substantial margin.
You can also do things like exercise more, assume a healthier diet, and prepare your body for the thorough checkup required by all health insurance plans. Remember that the goal is to lower your risk factor, not cheat on a medical checkup; you have to stick to the changes you make.
Start a Health Savings Account
A Health Savings Account or HSA is a good thing to have, no matter how small the amount you can allocate to the account. Employers can also contribute to their employee’s HSAs; you may even have an HSA in place already.
With a well-funded Health Savings Account, you can opt for insurance plans with higher deductibles. The HSA can then cover the difference, allowing you to enjoy the same level of coverage without the extra costs.
Even better, planning your own Health Savings Account is easier than ever. Find an online HSA calculator and try simulating a few scenarios to see if this is a change you can make.
It is surprising how many households and insurance users go for the first insurance offer they received last year. In most of these cases, they end up paying more than they should for the coverage they get.
Comparing insurance plans is a must, even when you are renewing an existing insurance plan. With the insurance market being as competitive as it is today, many insurance companies are starting to take your existing policy into considerations.
Comparing insurance plans is easy to do. On top of that, you have resource centers like Medical Health Insurance Today offering a ton of resources that let you find the best insurance plan based on your specific needs and requirements.
Reconsider Your Insurance Needs
Speaking of specific needs and requirements, it is also a good idea to reassess your insurance needs periodically. Changes in your health, the number of family members you need to cover, and details such as the routine health treatments you need can greatly alter your insurance needs.
Once you have your insurance needs figured out, you have the option to negotiate a better deal with the insurance company. Ask for a custom insurance plan or fine-tune your existing insurance policy. There is a lot of money to be saved on unnecessary coverage.