How Can I Save Money on Health Insurance?

Did you know that simply changing a few things in the way you operate, you can significantly reduce the cost of your health insurance premiums? In a market where health insurance costs are constantly on the rise, it is important to know what you can do to stop the inflation. Let’s review five simple tips that can help you avoid high premiums.

Don’t Hide Your Information—If you have something to hide from your health insurance company, don’t. Chances are, they will find out about it, and if they believe it would have made a difference in your premiums, your policy could be cancelled or rated with a higher risk and premium. Do be careful how you state your conditions, though. If you have high cholesterol, you can say, “ I was diagnosed with high cholesterol four years ago and have taken the necessary steps to control and lower it.”

Shop Around But Shop Quietly—Although, it may seem like common advice, shopping around in health insurance is the most important way to save money. Every company reviews your family history and your current medical condition, but they probably won’t all come to the same conclusion. Even the same words could mean something different between two separate companies. Don’t forget to shop quietly. Every time your insurability is checked out, you get a rating, and a lot of inquiries could make it impossible for you to get the coverage you need.

Take Care of Yourself—In order to keep your premiums low, you should take care of your body. Eat right, exercise, don’t smoke and don’t do drugs. Smoking can increase your premiums by more than 30% and taking drugs is a quick way to blacklist yourself with any insurance company. If you’re in relatively good health, you should be able to keep your premiums low.

Choose a More Limited Policy—Having the ability to choose your doctors, hospitals and clinics may seem like a great idea, but it can raise your premiums by up to 20%. If you choose a more limited selection, you will have lower premiums and will still be able to find good care. If you have trouble, you can always expand your selections later.

Know What to Expect in an Exam—Your health insurance will have you examined for such things as high blood pressure and cholesterol and your regular vitals. In order to get the most accurate results, you shouldn’t eat or drink before you are tested and make sure you get a good night’s sleep. Not eating and drinking anything before your test will lower your cholesterol count and by getting a good night’s sleep you help to keep your blood pressure in check. You would be surprised at how these two small tips can provide you results that will lower your premiums.

Remember, while saving money on health insurance is increasingly important with the continuous rate increases, it is more important to make sure you have enough coverage to meet your needs.