What can you do if your health insurance rate is busting your budget? What if you're paying a lot for insurance coverage even though you are healthy? While there is no quick fix, there are a few things you can do to lower your insurance rates.
The first option to reduce your insurance rate is to get reassessed by a different insurance company. Shop around, and find out how they decide what factors would affect your insurance rates with them. Different companies have different health risk variables. And different companies consider the same risks equally. You may even get a reduction in your rate quote for healthy behavior, like a commitment to exercise or quitting smoking. Before you get reassessed, attempt to lower your risk and improve those areas that can get you healthy behavior bonuses. Not only is this good for your health, it can be great for your insurance premium.
The second option to reduce your health premiums is to change jobs. Health insurance is often tied to where you work. If you move to a larger employer, they may have a better negotiated rate on your insurance coverage. This is the result of the company having more employees, and thus more bargaining power when negotiating a health plan. You may also find a new employer with a more streamlined and thus more affordable health insurance plan.
The last choice to reduce your insurance rate burden is to actually reduce your coverage. If you purchased insurance with coverage you do not need, you may be paying for options you will never use. This is similar to having an old clunker car with complete car coverage; you can end up paying more in insurance than will ever be used. Examples include single men paying for maternity coverage, very young people paying for disability insurance, and high end dental coverage when you only get your teeth cleaned. You may want to assess your health plan and find areas you can drop from your coverage. That will drop your medical premium, too.
Regardless of how much you are currently paying for your insurance, you can lower it. This can be done by finding a job with an employer with cheaper or better coverage, finding a new insurer, or simply lowering your coverage to the basics you actually need.
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