How to Lower Health Insurance Quotes

While everyone needs health insurance, no one needs the high premiums that come along with it. It, therefore, pays to become a knowledgeable consumer when purchasing health insurance. While some things, such as pre-existing medical conditions are not within your control, there are a number of things you can do to help reduce your health insurance premiums.

When a health insurance company is deciding whether or not to cover you and what premium to charge, it makes its determination based on what it perceives to be the “risk” of insuring you.  If you want to lower your premiums, you need to lower your risk, which is what the insurance company sees as its future financial obligations if it insures you.

1. If you smoke or use tobacco, quit. Smokers have a higher risk of lung cancer and heart attacks. Quitting reduces those risks. Some health insurers will pay for smoking cessation programs. At renewal time, you can list yourself as a “non-smoker” and this can amount to substantial savings.

2. Lose weight. You will feel better and your health insurance premiums will be reduced, due to the lower health risks.

3. Shop around and compare policies and rates. You can shop around for health insurance just as you would for any other insurance. Make sure you understand all of your options. Today there are a variety of affordable health insurance options that also offer quality coverage.

4. Increase your deductible. It will reduce your upfront premiums. This presumes that you are relatively healthy.  You will have to pay more out of pocket before your insurance kicks in. The way and insurance company sees it, the lower your deductible, the more likely you will make a claim with the health insurance company.

5. Change your co-insurance ratio. This is the percentage of the bill that you will pay after you have met your deductible. A common ratio is 80/20. Changing this ratio so that you pay more will mean a lower health insurance premium.  

6. If you are healthy and can afford to pay for regular check ups, consider a catastrophic coverage plan. Catastrophic health insurance offers limited coverage with a high deductible. Premiums are low because the insurance is intended for medical emergencies.

7. It also pays to regularly reassess your health insurance needs. As your health and family situation changes, so do your health insurance needs.