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Health insurance premiums have been rising steadily over the years. The cost of medical procedures, medicines and medical equipment have risen and continue to rise.  These rising costs have forced increases in medical insurance premiums.

There are ways that you may be able to keep your costs down even as insurance rates go up for others.

Shop around for Health Insurance on a Regular Basis

Comparing health insurance benefits and health insurance premiums on a regular basis can help to keep your costs as low as they can be. Health insurance companies adjust their premiums about once a year. Perhaps the company that was the best deal for you last year is no longer the best.

Request health insurance quotes from us and we will email you the rates for the major companies whenever they change.

Consider Higher Deductible Plans

Many high deductible plans are a lot less expensive than similar low deductible policies. You can expect that both the benefits and the monthly premiums to be less with a high deductible policy. However, you may find that you can pay a lot less in premium, and get only a little less in benefits. You may be surprised at how cost-effective some higher deductible policies are if you are willing to do the math.

Make Sure You Have a Newer Policy

While all health insurance policies will have increases in premiums over the years, the policies that are no longer being sold to new policyholders will have greater increases. Be sure that your policy is still taking on new members.

People who have just been approved for their policies are, on average, healthier than people who were underwritten years ago. These new policyholders bring down the average costs of claims associated with the policy. The average amount of claims a company expects to be associated with your policy series is the biggest influence on premiums. When a policy is closed to new clients, the rates go up much faster than they do for open policies.

Your medical insurance premiums don’t have to rise as fast as everyone else’s if you shop around, choose your deductible well and make sure that your policy is still open to new policyholders.

About Post Author

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Alston

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3 Comments Recent Comments

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commenter
Regina V. KarmuzaSeptember 29, 2009

Hello again Alston. I am seriously considering dropping my Aetna PPO NAP
plan. I’d end up giving myself a $400.00 raise per month! My current
premium is $396.00. All I’ve used Aetna for is for a few doctor visits,
and had to pay co-pays anyway. I could just as easily put my money in a
savings account and pay the physician directly for each office visit.

A $10,000 deductible is out of the question – again, because of the high premiums I pay monthly, I am unable to set the funds aside in a savings account. And who is to say that if I needed catastrophic health insurance the insurance company would pay – especially since I am a single payor and not affiliated with any group insurance plan which holds more weight with the insuror?

Your thoughts?

Best regards,
Regina V. Karmuza

commenter
AlstonOctober 8, 2009

Regina,

I hear you loud and clear. Health insurance premiums have gotten out of hand lately. The main problem is the cost of health care. 80 to 90 percent of the money a company like Aetna takes in as health insurance premiums goes out to pay for hospital visits, doctors, prescriptions, etc.

Unfortunately the choices are few. You can go with a higher deductible policy and save some money each month. It doesn’t sound like you like that option very much.

You may want to try one of the other companies, like United Health Care, CIGNA, Celtic or Fortis.

I’ll review those rates for you and get back to you privately.

commenter
Regina V. KarmuzaOctober 28, 2009

Alston – sorry it took me so long to get back to you with a response.
Work has been very busy this past month.
I’m looking at Blue Cross Century Preferred Direct (PPO)and United Health One Plan 100. The monthly premiums are not significantly lower than what
I had been paying to Aetna. I need some time to look at all options,
including HSA plans.

I’ll get back to you soon.
Regina

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