5 ways to Minimize Your Health Insurance Premiums

healthy-8Health insurance costs are some of the most expensive items in any family’s monthly budget. These costs are on an increasing trend which exposes many families to dwindling savings and funds to spend on other items. It has also been observed that the situation is expected to get worse, a fact which has caused disquiet in many families. It is therefore important to seek ways to shield against paying huge sums in health insurance so that other expenses can adequately be met as well. The following are 5 ways you can lower your health insurance premiums.

Staying healthy is arguably the most important and effective way to ensure your insurance premiums are kept minimal. This is because it has a direct effect on health insurance rates. There are numerous medical conditions that are unavoidable, but you increase your risk of contracting cancer, cardiovascular and respiratory disease if you are overweight or are in the habit of smoking. Insurance companies view smokers and obese persons as high risk cases and will, therefore, charge them higher premiums as a shield against potential financial losses.

Useful tips to stay healthy include losing weight incase you are obese by exercising regularly. You also need to quit smoking if you desire to pay lower health insurance premiums. it is important to note that, many insurance companies incentives in the form of reduced premiums to individuals who are active in ensuring they are healthy. These are available if you are a member of a fitness club or where you partake in regular exercises at a gym. Health insurance for private hospitals like NWIH may be needed.

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The cost of branded drugs is one of the factors that cause health insurance premiums to escalate. It is for this reason that you should opt to use generic drugs for your treatment. Where a clinician has prescribed branded drugs, it is advisable to ask for their generic counterparts at the pharmacy because you could save considerably. It is worth noting that generic drugs are just as effective as branded drugs in the treatment of medical conditions.

You can lower your health insurance by increasing your deductibles. These are the out of pocket costs that you are required to pay before your insurance company takes over the responsibility for additional costs. This way, you can reserve the services of your insurance company for major health related incidents rather than all medical costs. It has been conclusively determined that by increasing your deductibles the more you are likely to make claims with your insurance provider.

There are numerous concerns that by increasing your deductibles, you will incur a huge medical bill before you use your health insurance. This is because there are few families who save for medical emergencies. The answer to this is to open a health savings account for your family where you can save for medical emergencies. By doing this, you can effectively manage your healthcare costs while paying reduced health insurance premiums. If you have a healthy family, this strategy is desirable because there are minimal chances that anybody will make frequent visits to a doctor.

There are numerous health insurance companies in the market. It is, therefore, to take some time to make a comparison of their charges and services offered. One of the most effective ways to do this is by shopping for insurance quotes online. This is because you can visit the websites of numerous insurance companies within a short time, view their terms and conditions, in addition to, evaluating their services. Remember that insurance companies are businesses that need to make money. This will work to your advantage because the fierce competition in the insurance sector could result in numerous attractive discounts especially where you opt to purchase your policy online.

Working with a broker is recommended especially where you have limited knowledge about insurance and the available providers in the market. These are professionals who underwrite policies on behalf of insurance companies. They are knowledgeable on the products being offered by various companies and where to get the lowest prices. One interesting fact about working with these experts is that they have information on new insurance companies in the market. These companies have a tendency to charge lower premiums when compared to existing players so that they can stimulate demand for their products.