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How To Decrease Your Health Insurance Premiums?

Health Insurance Premiums

If you are an insurance policy holder then you are familiar with the term health insurance premiums, but not everyone knows how much can be spent on health insurance. The amount spent on health insurance premiums varies according to the plan and its features. The premium is basically based on the coverage given and the premium amount is also determined by your age and other factors.

Health insurance is a form of protection offered by an insurer to a person in case of certain health problems. Some people are unable to get health insurance due to the high price and other people don’t want to get health insurance because they don’t need it.

Some insurance companies provide health insurance to those who are unable to afford it. Most people don’t get health insurance because they are afraid of paying high premiums or getting into medical debt.

Some people don’t pay the premiums regularly, while others are paying a huge amount of money on the monthly premiums and still don’t have any health coverage.

The health insurance policies usually cover the following:

  • Hospitalization
  • Emergency treatment
  • Treatment of chronic diseases
  • Preventive care
  • Surgery
  • Dental care
  • Vision care
  • Prescription drugs
  • OTC drugs
  • Home health care
  • Long-term care

You can purchase health insurance coverage from the health insurance company that is offering a policy to you. You can also compare different health insurance policies available. You can also compare the prices of various plans available.

You should consider the following things when buying health insurance:

  1. Plan Features

  • Do you require emergency services?
  • How much are the premiums?
  • How many years have you been insured?
  • Are you covered by other insurances?
  • What is the benefit package?
  1. Your Health

  • Do you suffer from a chronic disease?
  • Does your health condition limit your work capacity?
  • Is your health situation worsening?
  • Have you received treatment in the past?
  • Is your health improving or deteriorating?
  1. Your Budget

  • Can you afford the premiums?
  • How much will it cost to maintain your current health coverage?
  • Will you be able to save enough money to pay for the premiums?
  1. Your Age

  • How old are you?
  • How many children do you have?
  • Will you be able to continue working if you are sick?
  • What is your financial position?
  1. Your Life

  • Is your spouse or partner dependent on you?
  • Do you have dependents?
  • Will you be traveling?
  1. Other

  • What are your health concerns?
  • Will you get health coverage under your employer?
  • Have you considered the effect of the Affordable Care Act on your coverage?
  • Is your current plan sufficient?
  • Will you be able to find a new job if you lose your health insurance?
You can buy health insurance in different ways:
  • You can buy it directly from agent who is certified to do this perfectly.

Why Is Health Insurance So Expensive?

It is a known fact that health insurance is not only affordable but it is also a good investment for your future. But why is it so expensive and how to buy a cheap health insurance?

Health insurance is a must for everyone, but what makes it expensive is that it is not covered under any government program. So, we need to pay for it ourselves.

The basic reason behind its high cost is that it covers the expenses related to illness and treatment of the disease. Some of the common reasons that increase the price of health insurance are:

  • A medical check up
  • Treatment of chronic diseases
  • Treatment of mental disorders
  • Medication
  • Medical aids and equipment
  • Hospitalization
  • Routine checkups

Tips for Saving Money on Health Insurance

Deductibles play an important role in lowering the HEALTH INSURANCE premium and make it easier on our pocket to ensure higher SUM INSURED for our family. Deductible is the fixed amount you have to pay at the time of first claim in a year. DEDUCTIBLE cannot be considered as co-payment. Co-payment is the fixed percentage/ amount that you have to pay in each and every claim when you get hospitalized. Higher the DEDUCTIBLE amount chosen lesser the premium amount you pay.

If the chances of hospitalization for family members are higher due to age then DEDUCTIBLE plans should be avoided, the policy should be of zero deductible. But, for young people, where there is less chance of hospitalization, then higher DEDUCTIBLE amount policy is recommended with high SUM INSURED and LESSER PREMIUM.

Tips to get the best health insurance coverage

There are a lot of health insurance plans available in the market which are providing health insurance coverage to their customers. But we cannot say that all of them are effective and reliable. So, if you are looking for an effective health insurance plan then you need to take a step further and read the below-mentioned article.

You need to choose a health insurance plan based on the following factors:

  • Type of health insurance plan
  • Cost of insurance coverage
  • Benefits of insurance coverage

It is very important to select the right health insurance plan. If you are selecting an insurance plan for yourself then it is better to ask your doctor and ask him/her for some recommendations. You can also use the internet and research about various types of insurance plans.

If you are selecting a health insurance plan for your family then you need to discuss with your doctor or you can get the recommendation from your parents, friends and relatives.

How to find the best health insurance plan

You need to choose a health insurance plan which provides you the best benefits, if you don’t have any idea about it then you can ask your doctor. There are two types of health insurance plans which are:

  • Health insurance plan for self
  • Health insurance plan for family

What to do When You Need Health Insurance

There are a lot of people who don’t know much about the health insurance plans and the cost that is associated with them. They believe that health insurance is the most important thing to cover for any emergency. It is very important to know the best way to get the best health insurance plan at the best price.

 

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