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    Group Health Insurance Premiums

    Ways on How You Can Lower Group Health Insurance Premiums

    Posted on 10/18/2009 3:09:57 PM

    With the economic times, any money that you can save matters a lot. You can actually shop around for health insurance quotes. You must remember that lower premiums don’t mean the best insurance plan.

    If you are under group health insurance, there are ways that you can lower the premium rate.

    Stay healthy – Remember the being healthy goes a long way in health insurance cost. You will be charged based on your weight, blood pressure and other health conditions. If you are uninsured, you can get a good picture of what happens when medical care is overlooked. There are health insurances that can cover your check ups and diagnostic tests.

    Quit smoking – We all know the bad effects of smoking. It is also bad for health insurance premium. Quitting can give huge reduction to your health insurance premium so it is something that you should consider.

    Raising your deductible – When you are part of a group plan, you will pay lesser premiums. Think of your health insurance as a back up for major health catastrophe rather than something that is paying for routine check up.

    Changing the co-insurance ratio – This is the amount that you will pay after getting a deductible. The most common one is 80-20 meaning that insurance company will pay 80% of the bill and the 20 % is yours. Change the ratio to get lower premium.

    Combine health plan with health saving account – Often this is the situation for most people. Pre tax contribution is tax free that can have effect on your plan. It is advisable to health expenses with potential savings. If you are young and healthy, you can benefit from this.

    Opt for catastrophic health plan – This plan often includes limited insurance coverage with high deductible. Premiums are low because the main point of insurance is for medical emergencies. It doesn’t include paying for routine check ups and other medical expenses.

    Avoid extreme activities – It is best not to have dangerous and recreational activities like sky diving, speed racing or climbing the mountain. Actually any activity that may include a high risk of injury can make your premium higher.

    Search for a doctor that is already in hmo network. This means that he or she would offer lower premium. Do business with insurance company with large network. This can provide substantial savings on your part.

    Trading up group insurance plan – If you and your spouse both have insurance, then assess which coverage can provide all your needs at minimal cost. Remember that group rates may not offer the best value.

    Assess your insurance needs on a regular basis – There are times when you will be missing a lot because you are stuck with the same plan every year. Your situation may change. It is always best to reassess the insurance that you need.

     

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