Many people think about health insurance premiums as a "necessary evil". In a best case scenario, health insurance isn't something that you use very often, yet you can’t avoid that monthly premium!
The good news is there may still be ways you can save money by lowering your health insurance premiums, sometimes significantly. Getting to that point requires you to be proactive about the medical coverage you have and what changes you may need to make moving forward.
Lowering Your Health Insurance Premiums, One Step at a Time
By far, one of the best ways to lower your health insurance premiums involves shopping around and comparing different policies in the first place. Note that this isn't something that you "do once and forget about it". As the open enrollment period approaches every year, you should always look to see what is currently available in your state, either through your state’s health Marketplace, or directly through various private carriers.
Truly, you never know what you might be able to find year-over-year. Sometimes, you may be able to include supplementary medical coverage like dental or vision for a similar price to what you're already paying. You won't know unless you investigate. Pay particular attention to the various plan types like HMO/PPO, EPO, POS, and more to see if a switch may be beneficial to you in some way.
Along those lines, be aware that many providers are also starting to offer discounts on monthly premiums for policyholders based on how fit they are. They do this by looking at fitness trackers and most providers offer a certain number of "points" for hitting milestones in terms of the amount you're walking, how many times you exercise per week, and more. The more points you earn, the more you're able to save on a monthly basis. You may have to invest in a fitness tracker like a Fitbit or the Apple Watch, but the cost may be worth it in the long run.
Finally, be sure to play around with certain terms of health plans based on what you can afford at the time. If you're a very healthy person, you might be able to save on your monthly premium by going with a higher deductible plan, or a higher percentage you’re willing to pay for coinsurance. If you’ve been on a PPO, moving to an HMO can be more affordable if you see that your main doctor is in their network and can be assigned as your primary care provider. You may even consider going to a catastrophic-only plan that helps cover worse case scenarios – this kind of plan is useful if you are already quite healthy. Looking at one, or all of these factors can help you save big on your monthly premium.
To find out more information about the various ways you can lower your healthcare premiums, contact us today! We can connect you with a licensed insurance agent in your area, who will help you find the best plan to suit your needs.
