You and Your Health Insurance Author:    Posted under: Health InsuranceHealth Insurance questions answeredHealth Insurance Rates

It’s natural for us to look after our future and put our money where we can grasp security by its handles.  Among the list for these assurances is Health Insurance.  Like any other payable on the list, the recent economic crunch has brought consumers to the point of having to explore options on how to provide security for their families, with the quality of medical care still in place.

People often mistake that low cost health care would mean poor service for their health insurance plans.  The good thing about it is that nowadays, insurance companies come up with competitive quotations that make you get the bang for your buck.

The cost of your health insurance is determined by the following factors:

  1. Location. Yes, where you live determines the cost of your premium. The company determines the medical rates based on the city or town where you reside.
  2. Age. It is most likely that younger people will have lower costs for health premiums, while those at the ages of 50-64 will require a higher cost.
  3. Your health. Insurance companies see smokers and overweight people with higher risks when they are insured.  This is because the likelihood that they may have health complications down the road is more likely than those who are healthy.  Doctor’s fees are likely to increase as well for the medication of these conditions.  Even those pre-existing conditions such as hypertension and high cholesterol rates may also affect the cost of your premium.
  4. Extreme Hobbies. For those daredevils such as skydivers, mountain climbers, and those who love extreme sports, these also pose significant risk for injuries.  Hence, it will cause for your premium to skyrocket too.
  5. Deductibles. Like any other insurance, the more you pay out of your pocket, the less it will cost you in premium payments.

Now that you have the basics, here are some helpful tips on how to lower the cost of your insurance plan.

  1. Stay healthy! It doesn’t matter what age bracket you are in, you just need to remember that insurance mainly answers to any health risks you may have.  If you don’t take care of your own health, that would surely mean that you would need to pay a higher amount to take care of possible expenses you may encounter.  Quit that stick, and lose that weight!
  2. Higher Deductibles. Make sure that your deductibles reach approximately $1,000 or higher, each year.  Look at it this way, you’d rather have your insurance pay for emergency, high-cost medical expenses rather than just the routine check-ups and immunizations.
  3. Pair it up with a Health Savings Account Plan (HSA). High-deductible plans are normally paired up with a health savings account plan.  This works with tax contributions that can be used to pay for the cheaper medical needs that are not covered by your policy, such as drug treatment, vision and dental needs.
  4. Consider a major health plan. There is coverage for emergency health needs such as hospitalization only.  It also has a high deductible for individual or family needs, and does not pay for regular doctor’s visits.
  5. Assess your health risks vs. needs on a yearly basis. Do you need this much coverage?  If you have a family, are your kids sickly and would they need regular check-ups, are they subject to medication?  These can be the determinants of what kind of policy will be best suited for you as an individual or your family.
  6. As always, shop around. There is no harm in assessing the field before you finally make a decision.  Never go without medical insurance.  In this time of economic crisis, this could be a very tempting thing to let go of, but remember that your own future, and your family’s too, depends on this assurance of needs that could go beyond what your pockets can finance.



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