No matter what type of insurance you have, you are paying the premium out of your pocket. It is the money which could be saved for your retirement, spent on vacation or locked in an investment. A considerable reduction in the premium would help to save you a lot of money than you can imagine.
Instead of saving on the health insurance, you can save with the health insurance. Learn about the perks from the agent. Try negotiating your offer to know more about the perks. Some insurers give gym membership, discounts on lenses, immunization and other routine health checkups.
Make the agent explain each benefit so that you can know whether you are getting the negotiated rate. Check out the expenses which can be deducted in that plan. Try to max out the deductibles and perform the medical procedures at the end of the year rather than at the starting of the year. This would help you to avoid paying more.
There are a lot of options, when it comes to insurance. Shop around and get the best deal out of it. Based on whether you are an individual or a small organization, there are different providers who would offer a substantially lower premium. Many companies have come up with a new plan that would help small business entities with more number of older employees. The companies with a large number of senior or old employees would have a very high premium.
Do not smoke
The insurance company considers the smokers as a liability. The smokers would require a lot doctor visits and are vulnerable to many health problems. Thus, the smokers pay more premium than the others. It is also the only health condition which is taken into consideration, as of now.
These are the important and simple ways to decrease the premium. Decreasing the premium by a single digit might not look like a big difference, but, in the big picture, after 10-15 years, the amount saved will quite substantial. There are many reasons as to why the premium increases and a few of them are out of control of the individual, like the health care law. The premium does not increase by double digits as any increase in premium beyond 10% requires the approval of the government and thus, the increase would no be enormous, if the premium is capped by our actions.