Since the Obama health care reform in the US, everyone has to get minimum health insurance coverage as per the law. However, with the large number of debt obligations among the households, most of the Americans are avoiding the health insurance policies as they feel that they don’t have enough funds to make ends meet and pay the health insurance premiums on time. As the law demands the Americans to get minimum health insurance coverage, it is required that they should abide by the law. You need not fret as there are ways in which you can save your dollars on the health insurance policies. Here are some ways to consider.
Boost your credit score: Whether it’s the health insurance lenders or the auto insurance lenders, they will certainly check your credit score so as to categorize you as a borrower, whether a risky or a less-risky borrower. If you have a good credit score, you will be deemed to be a worthy borrower and in case your credit score isn’t good enough, you have to boost your score in order to be considered as a trustworthy borrower. Take credit repair steps in order to get a health insurance premium within your means.
Shop around among multiple lenders: There are multiple lenders in the market who are waiting to offer you their health insurance products but you shouldn’t make the mistake of choosing the first health insurance policy that comes across you. Compare the premium rates and the coverage options before choosing the policy and also check if the lender is offering you adequate insurance coverage.
Improve your health conditions: The health insurance lenders will decide the premiums of the health insurance policy depending on the risk factor of your health conditions. If you’re a chain smoker, you should try to stop smoking as smokers will be subject to high health insurance premiums. If you’re suffering from some chronic diseases, you should also try to cure them in order to get a health insurance policy within your means.
Agree to pay a high deductible: The deductible is the amount that you have to pay out of pocket when you file a claim. If you choose to pay a high deductible towards the health insurance policy, you may be allowed to pay low premium rates on the policy.
Therefore, when you’re wondering about the hefty health insurance premiums, you may follow the tips mentioned above.