With the recent fuss regarding the health care policy, there are many Americans who are already feeling the strain their healthcare premiums put on their wallets. Studies discovered that around 18% of Americans aged fewer than 65 have no coverage at all. Thus, if you are someone who doesn't have coverage and you'd like to find a cheaper health isurance premium for you, then below you'll find 3 ways to lower the amount of money you pay for your premium.
1. Raise Your Deductible
One of the simplest ways to lower your health insurance premium is to increase your deductible. Certain studies showed that if you will increase your deductible from 2500 dollars to 5000 dollars, you'll get a reduction in your premium of 25 percent, but it can go up to 35 or 40 percent, in some areas of the country. Don't worry though, as you don't actually need to double your deductible, as even lower increases will make a difference.
Just check the example of increasing your deducible below and you'll understand better what I mean. The example is given based on a family of three living in a large metropolitan area:
Deductible: From 500 dollars - 5000 dollars
Premium: From 484 dollars per month - 247 dollars.
Annual cost: From 5808 dollars - 2964 dollars
AS you can see, you get to save a lot of money, 2844 dollars a year to be more exact. Sometimes though you'll have to go to the hospital, so will the high deductible plans work then? Well, if you extrapolate, if you and your family are in good health, then you will do just fine with an HDHP plan. Remember, you will be able to have between one and two preventative visits a year with such plans.
2. Shop for health isurance coverage rates
If you want to get cheaper health insurance options, always check several providers before making a decision. You can check Ehealthinsurnace.com in this regard, as it's one of the top leaders of online health insurance issuers. They are partnered up with more than one hundred and eighty health insurance companies.
3. Have Separate Coverage For the Family
During open enrollment this autumn you will realize there are a few changes in your health care coverage, as it belongs to the rest of your family. Because there will be a sudden spike in cost, it would be better that you'd keep only yourself and the employer on the policy and make sure to put your kids and spouse on their own policy. Actually I have a lot of friends who are married and they have considered this strategy in order to cut down costs on their health isurance premium.
Remember, when your open enrollment period will come around, you should not take it for granted, as this is one of the best ways through which you will be able to save thousands of dollars in insurance premiums. Who wouldn't want that in such a bad economy?