How to save money when buying health care Insurance.

How to save money when buying health care Insurance.

With the surge in the medical costs in the US and the large number of people who are drowning under a crushing burden of medical bills, getting a health insurance policy has become a necessity, especially for the middle-class income families. As Obama passed the health care reform act, this requires everyone to carry minimum health insurance coverage so that they don’t fall in a financial stress if they fall ill. However, still there are many who waver from the thought of getting health insurance as they think that they won’t be able to bear the premiums. Are you aware there are ways in which you can save money on your health insurance policies?

  • Raise your credit score: Many insurers will check your credit score. A person who hasn’t been good at managing there personal finances and debt obligations is considered a higher risk. If you have a poor credit score, you can be subject to a higher rate on your health insurance policy. You could receive cheaper health insurance rates by first repairing your credit score if it is damaged.
  • Take care of your health: As you probably know rates on most insurance policy’s is determined according to the risk that the insuree poses to be. The more you’re likely to file a claim, the higher your insurance premiums will be. You should take good care of your health so that the insurer knows that you’re not much likely to fall seriously ill and file a claim. This will reduce your insurance premiums.
  • Quit smoking: Are you a smoker? If so chances are pretty high that you will be charged at higher rates on your health policy as smokers are susceptible to more diseases like lung infection, heart disease and even fatal diseases like cancer. Therefore, if you don’t want to burn a hole in your wallet, you have to make sure that you quit this useless habit of smoking so that you may save your hard-earned dollars.
  • Pay a higher deductible: A deductible is an out of pocket expense that you agree to pay before any benefits from you health insurance policy are used. This is usually set at a fixed rate for each calendar year. An insurance plan with a higher deductible amount usually requires lower premiums which can save you money if you have fewer doctor visits. Many higher deductible plans also offer a “wellness” program that can be used before the deductible is paid. These high deductible plans should generally be used for the relatively healthy individuals with fewer health needs and are to help only cover catastrophic illnesses.

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