Reduce Your Health Insurance Bill

It’s a fact, people will happily pay less for the same amount of insurance coverage they have now or better. Here are some tips, which can help reduce your health insurance bill...

A large part of your insurance rate is based your risk level. (The higher the odds that you’ll file a claim, the higher the health insurance rates you will pay.) Insurers calculate your risk level using many factors. Many of these factors are outside of your control, however, there are a few factors you control.

Smoking

If you or your significant other smokes, you are seen as high health insurance risks. In addition, if you are a direct smoker and a parent, there are even more unknown costs that may occur from exposing your kids to second-hand smoke. Second-hand smoke can be quite harmful to your kids or others in the house. They may develop certain health conditions simply because of such exposure. This will in turn make them higher risks consumers now or in the future.

This may seem like an impossible mission. However, the tangible benefit of lower health insurance premiums and savings from your smoking budget make it worthwhile. After 13 smoke-free months you’ll be considered for a discount.

Additionally, many employers have started handing out rebates on health insurance premiums if employees promise to stay away from smoke for the calendar year.

Stay Healthy

Stay healthy and observe basic hygiene. One factor that affects your insurance premium is your general health and the number of times you or your children visit the doctor because of illness. Exercising, eating healthy food, maintain a healthy weight, avoiding addictive substances (like excessive alcohol) and using a first aid kit at home helps prevent frequent visits. A healthier lifestyle protects the body from some, although not all, diseases and costs you very little. This will ultimately reduce your spending and lower your health insurance in the long run.

College Programs

If you have college kids, save yourself a bundle by excluding them from your family insurance plan. There are health insurance programs that are specifically designed for them. With the exception of pregnancy, these programs cover all major areas needed, review them carefully, talk to your insurance professional and select one.

Comparison Shop

Use the services provided by the site or other comparison sites to obtain a few objective quotes, and educate yourself on basic insurance term. Using an independent insurance broker will allow you to compare offers from leading insurance companies. Additionally, you should get at least 3 additional quotes from direct providers to be complete. Then simply read through policy terms, ask questions and picking the one you think is best for you.

Contribute to a Flexible Spending Account

Many employers offer a flexible spending plan. This kind of plan allows you to put pre-tax dollars into an account to later reimburse your out-of-pocket medical expenses. These expenses can include prescription drugs, co-payments, dental and vision care. Because flexible spending contributions are taken out of your pay before federal and state taxes are calculated, you get to use pretax dollars to pay your medical bills.