Health Insurance: Money saving tips

There are several ways of lowering your health insurance rate when you purchase insurance from a health insurance company. To begin with, you should decide whether you want to use an Insurance Agent or purchase your insurance directly from the insurance company. A good insurance agent can decrease your health insurance rate significantly, while a bad and biased insurance agent can increase your health insurance rate and leave you with a policy that is not optimal for you and your needs.

In order to find the lowest health insurance rate from the best health insurance company, it is important that you research insurance coverage and options from different health insurance companies in order to determine what you really need and which features that are surplus. It is common for consumers to spend money on insurance coverage that they do not really need. You can also get your health insurance rate down by avoiding duplications. Some health insurance companies might offer you supplementary additions that will increase the health insurance rate, and people tend to buy these additions without realizing that they might already be covered. If you have purchased several types of insurance they might overlap, and it might, for instance, be possible for you to decrease your health insurance rate if you have a comprehensive auto insurance policy. If your offer to purchase all your insurances from the same health insurance company, you can often get a lower health insurance rate.

Buying insurance from a health insurance company that do not cover pre-existing condition is a common way of getting the health insurance rate down, but obtaining health insurance form such a health insurance company is a very dangerous path to choose. You might pay your health insurance rate for years only to find out that when you actually fall ill you have to pay for all expenses yourself since the health insurance company refuses to pay out any money for a pre-existing condition. Trying to get your health insurance rate down by providing the health insurance company with incorrect information is also a highly unadvisable thing to do, since this can make your health insurance policy worthless and the health insurance company can refuse to pay out any money when you need their assistance.

If you want to keep your health insurance rate down, you can contact the health insurance company and choose a higher deductible. If you know that you, for instance, can afford a $1,000 deductible instead of a $500, choosing the $1,000 deductible will lower your health insurance rate dramatically. Make sure that you choose a health insurance company that offers this type of changes. By paying your premiums to the insurance company annually instead of once a month, you can also lower your health insurance rate since you will avoid the service fee that the health insurance company will charge you for sending out bills. Sometimes you will even be offered a discount from the health insurance company when paying in advance.

A third money saving tip is to check all the clubs and groups that you are a member of. A group insurance will typically offer you a lower health insurance rate than an individual insurance since a group can negotiate a better coverage at a lower health insurance rate with the health insurance company. It might even be cheaper to pay the fee to join an organization and purchase insurance through them, then to pay the higher individual health insurance rate that you are offered when you purchase your policy directly from the health insurance company. If you are a member of any trade, labor union or professional association you should contact them and ask if they have negotiated an insurance policy with a health insurance company for their members. The local chamber of commerce or a nationwide business organization such as the National Federation of Independent Businesses can also be good alternatives if you are self-employed since they often negotiate with health insurance companies for the benefit of their members. College alumni association will also frequently negotiate low health insurance rates with health insurance companies for their members.

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