9 Ways To Reduce Your Health Insurance Premium

Here's how to get the most out of your health insurance dollars.

1. Stop smoking
Health care improves changing the insurance landscape by not allowing insurance companies to use gender or health conditions for pricing. But they can still charge smokers more - up to 50 per cent more for the same plan. 

2. Increase your deductible
Whether you are registered in a group or individual package, the more you pay yourself, the less you have to pay a premium.

3. Change the insurance ratio with you
Your co-insurance range is how much you will pay after you meet your deductions. 

The general ratio is 80/20. This means that after you pay a reduction in health care costs, your insurance company pays 80 per cent of the bill and you pay 20 per cent. Changing this ratio so that you pay more means lower health insurance premiums. As with increasing your deductible, you must consider cost versus risk.   

4. Pair a high deductible health plan with HSA (Health Savings Account)
Often a high deduction plan is paired with a health savings account. Pre-tax contributions can be included in your plan every year. Employers and their employees can contribute to this account. Then you pay the health care costs from your Health Savings Account until they run out.   

Compare the health expenses you anticipate with the potential savings. The young and healthy can enjoy HDHP paired with HSA. HSA Tax Savings Calculator is to help you estimate your savings.       

5. Select a doctor in the network
Being happy with your doctor's choice starts when you research your plan choices. You will see the costs and benefits, but don't forget to look at the package provider network. If your favourite doctor doesn't participate in the plan, you can face the bill outside the network.   
6. Exchange group health insurance plans
If you and your partner have a group health insurance package available at work, calculate which will meet your needs at the lower cost. For some people, group rates may not offer the best value - individual family packages may offer cheaper options. 

7. Re-evaluate your health insurance needs regularly
You might lose savings just because you are stuck with the same plan year after year while your situation has changed.

You should periodically reassess your insurance needs. Things you should think about include: 
  • Do you have children who go to the doctor often?
  • Do you take any prescription drugs?
  • Is tax relief important to you?
Are you willing to cover routine health costs in return for a much lower premium?

8. Lobby health insurance savings at work
If you buy a group health package through work, you might think you are stuck with whatever is offered every year.

But employees, especially those in small companies, can support better coverage options. There may be many "optional" benefits attached to your group health plan that cause your group's level to skyrocket. If you and your coworkers agree that some insurance options are not needed (for example, infertility treatment), ask your supervisor to cancel it at the time of renewal. 

9. Don't miss subsidies
The Affordable Care Act determines the level of income at which you qualify for premium subsidies. You can only get subsidies by buying a plan through your country's health insurance market, and the changeable comes in the form of a tax credit. Here is a chart to determine whether you qualify.