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How to Save Money on Health Insurance Premiums?

Here is an answer to all that you need to know to save money on health insurance premiums and be money wise!

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Taking a health insurance cover is non-negotiable. More and more numbers of people are signing up for health care plans and private health insurance, making the healthcare industry flourish. And why not! Insurance plans and medical insurance take care of your future expenses and keep you insured all the time. But is paying high amounts of premium a solution?

There is an estimated rise of 4% in the insurance premiums plans in 2020. While this may account for the lowest number since the last decade, it is also fairly a high rise for people who pay premiums regularly. Choosing a health insurance premium is really difficult today. And when you consider a variety of companies with their health insurance policies and differential rate of premiums – mathematics becomes all the way more difficult. So the real question is how to cut down health insurance premiums and get insured at cheaper rates?

Here is an answer to all that you need to know to cut down on health insurance premiums and be money wise!

Start off early

This is a basic move that anyone opting for a health insurance plan makes. Start investing for a health cover early in life. As there are medical tests and documents to be made the younger you are the easier it gets for you to choose the best plan with coverage on all aspects of health. Insurers look for people who are free from any disease and are ready to provide for the best of plans to them. When you start off early, you get all-around coverage with best rates of insurance premiums. Moreover, insurers charge a lower rate of insurance premium during the early years because as per their calculation the probability of insurance claim being made during the early years is less.

Therefore the early you take up the insurance plans in life the lesser premiums you pay!

Research well

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There is the whole market of healthcare policies and policymakers today. Instead of jumping into the first offer made consider doing your own research. Look out for the companies which provide for the health insurance plans. Know their history, claim rates, health insurance plans, percentage covered, premium costs, etc. The one with the lowest premium might not be the best policy to enroll for.

Filter down the bests after having a thorough insight of each insurance provider. Consider comparing the policies and making a smart decision as far as the plan is considered. Compare the insurance premium, coverage and reliability too. Make a choice that best suits your health and pocket.

It is also advisable to consult a healthcare consultant to find the best healthcare policies for you. Here you can state your budget, a number of years and a list of factors to be considered and the expert shall carry out the research for you.

Look for floater policies

Floater policies are policies for the families to be taken together. Instead of getting each member of the family insured individually it is better to take a joint plan, i.e. floater policy and sign up for protection with minimum costs.

Here the cost of the insurance premium is decreased while the benefit of insurance extends to each member of the family. However, if two members of the family fall sick together in a year, then the policy amount may not suffice the treatment of both together. So if a member is prone to falling sick often, then it is wise to get a separate individual policy for them.

Floater policies are mostly taken by couples and small families to get joint insurance. For healthy families, a floater policy is an economical choice.

Co-payment policies

Co-payment policies are the ones where the insured person bears a percentage of the claim of the health insurance policy by themselves. This ranges from almost 5% to 15%. Copayment policies have a low premium rate as a part of the policy is borne by the insured themselves. Therefore one can expect about a 10 to 15% decrease in the insurance premium rates as well.

Today most of the insurance companies do not cover a healthcare claim in its entirety. But if there is a reduction in the rate of claim coverage as compared to the average, the insured person can ask for a reduction in the insurance premium rate as well.

However, for individuals who are suffering from a health concern or fall sick too fast, the insurance companies do not provide for a full claim coverage, and there is an only average reduction in the cost of the insurance premium.

Opt for long-term policies

Healthcare policies are taken for a short-term cost more. Therefore when signing up for health insurance plans, it is wise to at least go for a minimum term of 3 years. This is the right number of years to get an economical advantage in the cost of premiums and cover your health with a suitable plan. As the number of years increases, the insurance premium costs keep on decreasing.

As the renewal of policies and re-planning the polices does consume a lot of time, energy and money, it is better to choose for a long-term plan and stay free from the documentation part for a number of years.

Keep your plans distinguished

There are multiple insurance plans available in the market today. From medical insurance, health insurance to life insurance there are ample choices to be as far as one’s future safety is concerned. Instead of considering just one policy to cover it all opt for two or three policies that cover different aspects of your life. Be it general policy or health policy choose the one you want to focus on more and select the plans accordingly.

For people having health issues of having some of the other health concerns running in the family, they should get insured for the relevant plans which provide coverage on the relevant diseases. Here the person can benefit from the treatment if in the future they are affected by the disease of any kind.

Get a health insurance subsidy

Many organizations today provide for health subsidies, and coverage of the general bill amounts as part of health care plans. Here the importance is laid on the fact that it is not only the one-time hospital bills but also the regular doctor visits, health checkups and medical bills that need coverage. As a result, there are a lot of health insurance plans which cover the regular medical expenses – they are called insurance subsidies.

You do not need to sign up with new healthcare plans for general coverage – the costs of the yearly bills of health checkups and medicines are settled off yearly on the insurance amounts. These also bring down the costs of the insurance premiums as there is more surety on the health of the person insured.

Compare the plans

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Comparing different healthcare plans is important to choose the best one for you. Most of the times we end up with three to four significant factors of choice which are not available in one insurance plan! A result selection between them becomes a lot difficult. In times like these, it is important to compare the benefits and costs of the insurance involved with each plan. The plan that seems the most reliable and least costly should be selected.

There are a lot of websites allowing the comparison of health insurance plans to assist the customers with an understanding of how the insurance plans work. They help you with the calculation of the insurance premiums during the year of the healthcare plan to best estimate the future projections. Take help from these websites if comparison gets tougher.

Reliable companies

Some insurance companies are better than others. While some people go for the government health insurance companies, others choose to take up private companies policies. When selecting a health insurance plan, it is also important to take one with a reliable company. To be sure of the company one can go through their background, history and the present day market position before taking up their insurance plans. Today most of the private companies do provide for credible insurance plans with good coverage on health claims. Look out for the reliability of these companies and select the one which suits you the most.

One should not go for only the cheap policies and try to save on the insurance premiums. It is smarter to invest in a good plan with just the right cost of premiums to suit your budget.

While taking effective steps to ensure your family’s health is smart, it is more important to take care of the health and take up regular checkups and medical help to ensure that the health of the family is always monitored. It is when you make room for better health that the insurance charges and chances of claim cases shall fall drastically. And that is good for your emotional, mental and financial health!

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Brian Meiggs
Brian Meiggs
Brian is the founder of My Millennial Guide and is an entrepreneur who has spent the last few years creating websites and building brands. He has been quoted in several online publications, including Yahoo! Finance, NASDAQ, MSN Money, AOL, Discover Bank, GOBankingRates, Student Loan Hero, Fit Small Business, Cheapism, SmartAsset, Bankrate, RISE Credit, AllBusiness, Cheddar, Commonbond, Niche, Rewire, Credit Donkey,, and more. He believes that the true path towards financial independence is through increasing your earning potential (even if you have a 9-5 job).

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