Saving as much money as possible is a goal that many people have. It’s a great way to keep enough funds for you to spend on other things that you might enjoy or need to spend money on. One of the many ways that you can do this is by keeping your health insurance premiums low.
You’ve already done the right thing by working with an insurance agency and protecting yourself and your family through health insurance. Now, you have to do right by your savings account and start saving your money by actively keeping your health insurance premiums low.
- Reassess your needs for health insurance
Reassessing your health insurance needs doesn’t necessarily have to happen every year, but it’s something that you should do whenever you make a drastic change in your lifestyle. A minimum of at least once every 2 to 3 years can help you reevaluate more clearly without stressing too much on what has changed.
- Stop smoking
For many, dropping the unhealthy habit of smoking was the first step of many that helped trim down their health insurance premiums. An insurance agency could charge you up to 50% more if you’re a smoker.
- Modify the terms of your co-insurance ratio
The amount that you pay after you’ve met your deductible is your coinsurance ratio. Usually, your insurer will pay 80% of the bill while you shoulder the 20%. By changing this ratio, you’ll be able to net a lower health insurance premium.
- Pay more for your deductible
While it is a big burden at first, increasing your deductible can lighten the load for you along the way. You’re going to pay less in premiums even if you are enrolled in an individual or group plan.
- Consider shopping around
Your current insurance agency might not be able to provide you with the ideal premiums or at least rates that you have in mind. By talking to other insurance providers and looking through their quotes, you’ll be able to get a realistic figure on how much you could potentially pay in premiums with another agency.
- Pair up or go solo
Say you have a health insurance plan that could potentially cover you and your spouse. Meanwhile, your spouse is covered solo by their health insurance. You might be paying more for something that won’t be of much difference in the future.
- Look at your lifestyle
Some life-changing events that will affect your health insurance needs include being prescribed new drugs, children that may have developed health conditions, and strong considerations for tax breaks.
- Modify your policy
Are you sure you still need the things that are stated in your health insurance? If it’s something that was drafted and agreed upon years or even decades ago, it’s worth considering that your situation and health needs have changed along the way.
- See if you’re eligible for subsidies
You might be eligible for a premium subsidy with the Affordable Care Act. This is determined by different income levels.
Miller Carlisle Insurance Services is an insurance agency trusted by individuals and business owners for their home, car, life, business, or health insurance. Contact us today for more info!