Lowering The Health Insurance Premium Costs And Saving Your Dollars

Just as you can shop around for your car insurance quotes, you can also shop around for your health insurance quotes. In fact, insurance comparison is indeed a vital fact when it comes to borrowing an insurance policy to cover your health conditions. One of the main goals of the Affordable Care Act is to make comprehensive shopping simpler and easier. You can now simply compare insurance quotes through their official website.

Here are some ways in which you can lower the health insurance premiums

 

1. Stop smoking if you are an active smoker: The health care reform altered the entire landscape of the insurance industry as it prevented the insurers from using gender bias while deciding the price of the health insurance policies. However, they had the permission of charging more to the smokers, at least 50% more for the same plan as they stood the risk of heart and lung diseases.

 

2. Raise the deductible amount: Irrespective of whether you’re an individual or you’re enrolled in a group, remember that the more you pay as the deductible or the out-of-pocket expenses, the lesser will be the amount that you have to pay on premiums. Hence, raise the deductible as long as you can afford it.

 

3. Bring an alteration to the co insurance ratio: The co-insurance ratio is the amount that you will pay after you have paid off your deductible. A very common ratio prevalent among the borrowers is 80/20. This means that once you pay those out of pocket expenses, your insurer pays 80% of the bill and you pay the rest of the 20%. If you can change this ratio and pay more, this will definitely mean a lower premium.

 

4. Choose a doctor within the network: Whenever you start researching your plan options, you start being happy with the selection of doctors. You should definitely be looking at the benefits and costs of the doctor but don’t forget to choose a health care provider within the network. In case your favorite doctors are not participating in the plan, you might be subject to out-of-network charges.

 

So, you can well understand the importance of insurance comparison if you’re about to take out a health insurance policy. Follow the above mentioned tips to save your dollars on the policy and use it elsewhere. The lower is the risk of the borrower, the lower will be the premiums.