Health Insurance Premiums are increasing year after year, birthday after birthday and renewal after renewal. So what is someone to do to reduce their Health Premiums?
Most insurance companies will increase their rates once you have been insured with that company for a year, although rate guarantees that once existed, are now gone because of health care reform. So, Medical Insurance companies can increase your health premiums at anytime. It can be on your birthday (because you are now one year older and considered a higher risk); it can be at a certain time of the year or at your policy’s anniversary date. Once you are notified that your health insurance premiums are being increased, shop for a new policy or find a broker who will do the shopping for you. It isn’t always wise to change plans but it is wise to make sure what you currently have is meeting your needs and budget but still competitive in the insurance marketplace. A great website to shop for health insurance or find a licensed broker is HealthInsuranceMedics.com
Firstly, consider a High Deductible Health Pan, higher deductibles means lower premiums. This is usually recommended for someone who is younger or in good health and doesn’t mind taking a little risk. Many high deductible health plans have doctor visits copayments, preventive care, prescription medication coverage that is not subject to the deductible. Leaving only hospitals, surgeries, and more costly outpatient procedures subject to the deductible and most people hardly, if ever, go to the hospital or need surgery.
Even Senior Health plans such as Medicare Supplemental Insurance or Medicare Advantage plans are on the rise and increasing year after year. Many folks with Medicare Supplemental Insurance and Medicare Part D prescription coverage are seeing continuous hikes as they age. A great recommendation is to wait for open enrollment (this year it starts in October) and sign up for a Medicare Advantage plan if it is available in your area. Sifting through the various plan and companies can be a daunting task, so it is recommended to work with an agent. Agents are usually compensated from the carriers and don’t cost the consumer anything.
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