Most people complain that it is a frustrating process of finding the right health insurance policy for them and their family. Though it is difficult to get a health insurance policy that will help you save money, it is not impossible. With the surge in commodity prices, everyone is looking for ways to save money in every way possible. There are various ways of getting a cheap insurance policy with the required amount of coverage. If youâ€™re not aware of the points, the concerns of this article will surely help you out. Get to know the ways in which you can lower the premium rates on your health insurance policy.
6 Tips to Get an Affordable Health Insurance Policy:
1.Try to remain healthy: Since a health insurance policy is taken to cover your health from any undue circumstances, you need to maintain a healthy life in order to secure an affordable insurance policy. Staying healthy can go a long way towards lowering the premium costs on your health insurance policy. The insurance lender will initially check your weight, cholesterol level, blood pressure and other pre-existing health conditions. The healthier you are the lower will be your health insurance costs.
2.Shop around: The second most important point to be followed is to shop around before settling on a particular health insurance policy. As there are hundred health insurance companies that are waiting to sell their products and services to you, you must be extra watchful while choosing a company. You must compare at least 4-5 health insurance companies and select the one that offers you low premium rates with the required coverage.
3.Raise your deductible: The amount of money that you require paying after filing a claim is known as the deductible. If you raise the deductible, your lender will most likely lower the premium rates as heâ€™ll deem you t be creditworthy. But make sure that you choose a deductible that you can pay in accordance with your financial affordability.
4.Stop smoking: Smoking leads to a number of diseases like lung cancer, heart attacks and therefore, if youâ€™re a chain smoker, youâ€™ll be considered as a high risk borrower. Whether or not youâ€™re a smoker will always be considered by your health insurance lender. Thus, you must have more than one reason to quit consuming tobacco. To save your dollars on your health insurance policy, you must stop smoking and improve your health conditions.
5.Combine your policy with your familyâ€™s health plan: Getting dual coverage can often cost you dearly in the long run. Make sure that you do not pay more than what youâ€™ll get back in the form of premiums. If you and your spouse maintain group health coverage, make sure that paying premiums for both is beneficial for you. Combine your policy with your familyâ€™s health insurance policy to save money.
6.Change your co-insurance ratio: Your co-insurance ratio is the amount that youâ€™ll pay after youâ€™ve met your deductible. Usually, the co-insurance ratio is 80/20. This means that after you finish paying off your deductible, the insurance company will pay 80% of the costs incurred and youâ€™ll pay 20%. But changing this ratio and agreeing to pay more will lower the health insurance premium rates.
[box type=”note”]You might get tempted to settle on a policy with better coverage and comparatively high premium costs, but think before take the final decision. Getting the right health insurance policy is very important for you and your beneficiary. Make the right choice so that you may stay covered and also save money on a cheap insurance policy.[/box]