Here are 7 things that can lower your health insurance rates...
1. Change to a job that is not hazardous. People whose occupation expose to hazards attract higher health insurance rates. Choosing a safe occupation will lower your health insurance rate by a good margin. Since a clerk in a grocery shop is not exposed any health hazards like a nuclear plant worker, he or she would get much lower health insurance rates.
2. For those who are self employed, your health insurance premiums may be tax-deductible. And you can also enjoy a tax break if you have a flexible spending account. Consult your tax professional. This will help you know for sure what will give you a tax break and what won't.
3. A group plan is more affordable than an individual health insurance plan. Therefore take advantage of it if you are in a position to use one. This should be of particular interest to older persons, smoker or overweight people who generally have to pay high rates.
You can also get some respite in a group plan if you have to pay very high health insurance rates due to a pre-existing medical condition. A group is a good way of lowering your health insurance premium without compromising the quality of coverage you get.
4. Married people can save by using one health insurance policy. But before you do this make sure you check first to see whether this will attract more savings. This is because depending on your profiles and health needs, you may be better off buying two separate health insurance plans.
5. A Flexible Spending Account will help you in your quest to save. You can put away tax-free dollars to take care of your health needs. You can also roll over any amount you did not use in one year to the next tax-free. You can build a large reserve of funds for your health need tax-free if you have a Flexible Spending Account.
6. The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) insurance is a good option for affordable health insurance coverage if you have a pre-existing condition that makes traditional individual health insurance difficult or too expensive.
7. Get and compare health insurance quotes from up to five or more insurance quotes sites. This alone can save you hundreds of dollars if you do this well.
By Chimezirim Chinecherem Odimba