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How to Cut Health Insurance Premiums

You have a health insurance policy but you are looking for ways to reduce those premium costs. People are surprised to learn that they have a great deal of control over how much their medical coverage costs. At QuoteJuice we pride ourselves on having educated Georgia medical insurance consumers. The better you understand how insurance works the easier it will be for you to obtain affordable individual health insurance coverage.

5 Tips to Cut Health Insurance Premiums

Here are five tips to reduce your health insurance premiums:

  1. Lead a healthier lifestyle!
    • Stop using tobacco products. Many insurance companies charge a higher premium for people who use tobacco products. The sooner you quit, the earlier you may realize premium savings.
    • Improve your body mass index (BMI). People with a high BMI may be charged more in insurance premiums – or may be declined all together. Regular exercise and proper nutrition can go a long way in improving a person’s BMI. What’s your BMI?
    • Get regular check-ups. Your doctor is an excellent resource for information about ways to improve your health. The early detection of a medical condition may make it less expensive to treat. Less claims made against your policy may translate to lower premiums over the long term.
  2. Compare health insurance plans! QuoteJuice makes it easy to comparison shop for individual health insurance coverage. We give you the tools to quickly compare the key features of medical insurance plans from quality insurance companies like Aetna, Blue Cross and Blue Shield, CIGNA, CoventryOne, HumanaOne, Kaiser Permanente and United Healthcare. You can even apply for coverage online! Click here for a quote.
  3. Increase your “out-of-pocket” costs! You can generally lower your premiums if you increase your out-of-pocket costs – select a higher deductible, higher copayments for doctor visits, prescription drugs and hospital stays. The trick is to wisely balance the additional liability when compared to the premium savings such an action produces.
  4. Switch to an HSA plan! There are two components to a HSA plan: (i) a High Deductible Health Plan (HDHP) and (ii) a Health Savings Account (HSA). The HDHP is the insurance policy that covers eligible claims above a certain deductible. The HSA is typically a custodial IRA in the name of the insured. The idea behind an HSA plan is to take the premium savings that typically comes along with a higher deductible and put them into a savings account (the HSA). There are several tax advantages to an HSA plan: (i) put money into an HSA tax-free, (ii) income earned in the HSA account is not subject to taxes, and (iii) spending money from the HSA on qualified health expenses is not a taxable event.
  5. Consolidate or split your family’s health plans! If you are covering your family under one policy consider splitting coverage into multiple policies. Sometimes it may be less expensive. By the same token, if you are covering multiple family members under a single policy it may be less expensive to put them under one policy. There are a number of factors that go into determining whether either strategy will make sense to you. These include the size of your family, the health of each family member, and your willingness to take on various out-of-pocket costs. Talk to a friendly QuoteJuice representative today to discuss your options.

Get Affordable Georgia Health Insurance Advice, Quotes

Thanks for reviewing these five tips to reduce your health insurance premiums. Remember that QuoteJuice is standing by to help with your individual health insurance needs. Start saving today!