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.