Whole vs Term

By and large, premiums are becoming more and more expensive. As a result, private companies are putting more of the expense onto their employees’ shoulders. Insurance rates are expected to increase 10% this year. According to the Kaiser Family Foundation, a health-care nonprofit organization, the average employee already pays $694 in annual premiums for individual coverage, and $3,281 for family coverage. Moreover, tack on co-pays, deductibles and prescription drugs and the bill gets even bigger.

The only option we can see here, is to try to lessen your expenses by finding a cheap health plan. However, you should know that there are factors in which insurance providers based the rates of these various policies. One great determinant is your health condition. If you have a good lifestyle, then you probably have a better chance of passing the medical exam required by the insurance company.

Here we’ll provide you the top ten tips on how you can lower your health insurance costs without lowering your standard of health care:

1) If you chew tobacco or smoke cigarettes, consider quitting. Not smoking usually results in lower premiums and fewer direct healthcare expenses.

2) Look into healthcare related federal income tax deductions you may be eligible for (unless you already have as many deductions as you can use).

3) Changing to a health plan with a higher deductible will lower monthly premiums. However, costs will be greater if you need treatment.

4) Safe regular exercise and healthy eating help to prevent various illnesses, which reduces insurance costs in the form of deductibles and co-pays.

5) Obtain quotes from other Colorado individual health care providers to see if a lower rate is available. Many insurers now supply free quotes online or by telephone.

6) Avoid unnecessary trips to the emergency room, especially by ambulance. Emergency room treatment costs are particularly high.

7) Consider having the health ins. premiums automatically withdrawn from your bank account. This will lower your monthly costs in postage stamps and checks.

If you receive Medicare coverage, consider purchasing supplemental Medicare insurance to cover costs that Medicare doesn’t pay for.

9) Avoid using your credit cards to pay for co-pay fees or monthly premiums. Otherwise, try to repay the full amount owed before any interest is incurred.

10) Look at the different costs in your dental insurance options; separate companies, your health insurer, or your employer may offer dental coverage at lower prices.