If you are looking for health insurance, there are a lot of options available, but not all of them may be affordable. Health insurance is one of the most important types of insurance that you can buy for yourself and you should never be stingy on it. However, there are still some ways to lower your insurance costs while still keeping you covered. These include increasing your out-of-pocket costs, choosing private insurance over job-based insurance and staying fit and healthy.
Increase out-of-pocket costs.
This is one way to avail of lower premiums. If you are paying for more out-of-pocket expenses, you are more likely to pay lower premiums. These include paying for yearly deductibles, co-payments, and prescription medications by yourself. This usually makes a lot of sense if you are healthy and do not anticipate a large amount of medical spending in the near future.
Go for private health insurance.
For some consumers, the insurance they pay at work may be more than what they would pay for private insurance but offers basically the same coverage. If you can find a cheaper private insurance that offers the same coverage as your employment insurance, you can make arrangements to go with the cheaper one instead. The actual processing for private insurance is similar to employment insurance, with the only difference that you will be processing on your own. It also pays to think long and hard before you drop your job-based coverage since this comes with some protection that may not be available in private insurance such as guaranteed protection, renewability, and portability.
Be healthy and stay healthy.
Being healthy is one factor that most companies consider when calculating your premiums. Being healthy means that you are less likely to get sick and providers are therefore more confident to give you lower premiums.