How to Get a Better Rate on Health Insurance
If you want to get a better rate on your health insurance, you will need to take some steps to convince an insurance company that you’re a good risk. Each insuranc e provider has a set of standards they hold to when determining what an individual’s rates are going to be. You will need to follow their guidelines in order to reduce your payments. Following are some tips on how to get a better rate on health insurance.
Check Your Records
When you apply for a health insurance policy, the company will probably want to know if you have a preexisting condition that may cause a future claim. You will probably have to pay for it, but it may be well worth the cost. Seek the help of a friend or family member that has a medical background to help you interpret the language. This will serve a dual purpose of making sure your records are accurate, and you will have them on hand when you fill out the application for health insurance. Make sure your records are up to date, and reflect your current medical condition. This will make the application process easier.
As you fill out the forms for a health insurance policy, you will be asked about preexisting conditions. If you find something that applies to you, you need to be honest and check the box. However, sometimes simply checking a box that states you have suffered in the past from a condition doesn’t necessarily mean you still do. Be informative when you fill out the forms. It could be to your advantage to let your potential insurance provider know that you are no longer plagued by a certain condition, or that you have taken steps to keep it under control. If you used to smoke, but no longer do, the insurer should know about that, because you will probably be eligible for lower rates. By taking care of yourself your overall health should improve. Letting your insurance provider know your blood pressure has dropped significantly, or your cholesterol level is nowhere near as high as it used to be could greatly affect the amount of money you would have to pay for health insurance premiums.
Consider a Higher Deductible
Because it is standard practice within the insurance industry, you should be able to drastically reduce your insurance payments by raising your deductibles. You can accomplish the same thing by agreeing to a higher co pay rate. Keep in mind that if you go this route you could end up with some costly out-of-pocket payments if you become seriously ill, or are injured and require an extended hospital stay. The cost can be alleviated by opening a savings account dedicated for emergency uses. By putting the equivalent amount of money that you save on insurance premiums into this account, and leaving it there until it’s actually needed, it will accrue interest and continue to build. If you remain healthy for a long time you will have saved twice; by paying lower insurance rates and by the accumulation of interest.
Most insurance companies will offer discounts for those who are eligible. Ask your agent about the possibility of discounts for group coverage. Find out which groups are eligible, and what it will take for you to qualify for the savings. You may even want to consider joining such a group in order to take advantage of their special rates. If you’ve been with the same company for a long period of time you may qualify for a discount for being a valued customer.
Shop for the Best Price
Even if you’ve been with a company for a long time, it may be in your best interest to shop around and see if you can find an insurance provider that will give you better rates. It would be a good idea to get some insurance quotes online and compare them with your present company’s payment rate. You may find that you will get some very good rate quotes from online sources. Take these rate quotes to your agent and see if they will be willing to meet or beat the online rate quotes.