17% of the American population does not have any type of health insurance. This is culled from a report by the U.S Census Bureau. Furthermore, a many of people who have any kind of coverage do pay for it only because of group health plans.
This, however, may soon change as many employers might soon exclude group health insurance from their employment packages since they are becoming quite tasking on their businesses. This development is due to the rising cost of health care.
This suggests that for most people to have any type of health insurance, they would have to provide for themselves. And, it will be a welcome development for such people if they can discover ways of lowering such health insurance cost by a huge margin.. let us see time-tested ways you can lower your individual health insurance premium.
1. Smokers have rates that are twice or more that of persons who don’t smoke. Smokers are more likely to die at a tender age and are also more likely to have many harmful diseases.
It costs insurance carriers a lot more to give health insurance to smokers due to the bad risk they are to them. Once you quit smoking for about twelve months inform your current insurer or reapply to another insurer and you will see a considerable slash in your premium.
2. That excess weight is costing you a lot in health insurance. An insured’s Body Mass Index (BMI) is a serious factor that determines what a person pays as rate.
The higher an individual’s Body Mass Index rating, the higher their premium will be. The more extra weight you have for your height and sex the higher your Body Mass Index rating will be. And do not think that you will get savings only when you lose fifty pounds, just losing a few pounds will lower your rates provided it reduces your BMI rating.
3. The use of tobacco in any form will add to your rates. Individuals who snuff or chew tobacco will also pay higher rates than those who don’t
So for your wellbeing and cheaper rates, stop using any tobacco product.
4. You will pay cheaper rates if you choose to pay your premiums yearly and not monthly. Even though this alternative is always less stressful, it costs more for some reasons.
Each check that is processed attracts a fee. While a yearly payment attracts just one check and therefore a transaction for a year, monthly payments attract twelve. This implies that you will pay transaction fees twelve times.
Apart from this, there are also administrative costs that come with the monthly payment option. A good example of such is the cost associated with mailing payment notices.
All such cost to your insurance provider is ultimately paid by you (that’s in addition to their own profit margin for providing such a “stressless” alternative).
5. If you participate in high risk or extreme sports you will attract expensive rates. Therefore stop any sport or leisure activity that’s either life-threatening or dangerous and you’ll enjoy lower rates.
6. A bad driving record can make you pay expensive health insurance rates. If you have many speeding tickets or a record of street racing you’ll pay much more. The simple reason is that if you are such a driver, you’ll most likely need medical attention for injuries than a very cautious driver.
You’ll reduce your rates if you cultivate a good habit behind wheels. If you use a sports car or super bike, you will likely pay a huge sum in health insurance. This is because they will more easily cause you injuries due to their higher risk of accidents.
7. You can attract less affordable rates just because your vocation exposes you to much hazards. You can lower your premium if you change to another occupation that does not expose you to hazards. A person who works in a nuclear plant can’t attract similar rates with a clerk in the local supermarket.
8. How much do you want to contribute to payments for seeing a doctor? This is your co-pay. The higher the amount you choose as your co-pay, the cheaper your premium will be. You’re particularly encouraged to opt for a high co-pay if you see your doctor just once in a very long while.
9. You’ll pay less for a group plan than otherwise. Therefore take advantage of it if you have access to it.. This should be of particular interest to elderly individuals, smokers or obese people who typically get expensive rates.
A group plan will help you make considerable savings if you have a medical condition that makes individual health insurance either too costly or difficult to get. Give a group plan serious consideration if you are after lower premium.