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How Do I Lower My Health Insurance Premium?

October 14, 2012  |   Posted by :   |   Child Rescue Network,Health Insurance,Pet Insurance,Real Estate   |   0 Comment»

by Michael Grace

When it comes to health insurance premiums, there are a number of factors that are out of your hands, like age and health history. The good news is that there are a number of factors that you do have considerable control over.

You must first understand what goes into the calculation for your individual health insurance rates.

Here are those that you most likely cannot control:

Your Zip Code: Location, location, location is true for insurers too. They look at the cost of medical services in your area to set base rates. Unless you are ready to pack it up, you can’t control this one.

Your Age: Many insurers will group people by age. Another luxury to aging is that your insurance premiums go up as well.

Health Conditions: Hereditary health problems, like high blood pressure, or other issues that may come with age, cause insurers to increase rates.

Here are a few factors that you are able to adjust:

Your Health Habits: Those with certain health risk factors, like smoking or being overweight, greatly increase the chance of having future health issues– which also means higher premiums.

Type of Plan: Your rates are different depending on your HMO or PPO options. Sometimes getting the highest coverage isn’t the right choice; Get the coverage that works best for your needs.
Deductible and Copays: Basically, the higher your deductible or copay is, the lower your premium will be.

Yearly Maximums: Be careful using this tactic to lower premiums. The reason for insurance is to cover high medical expenses, usually unforeseen. So if something happens that goes passed your allowed amount, you are stuck with the rest of the bill.

Speak with your insurance agent to see what options are available for your health needs and financial budget. It also wouldn’t hurt to live a healthy lifestyle!