What are the ways to reduce the premiums of health insurance, you may be wondering. You may select particular benefits, so that your premium of particular insurance plan becomes as low as possible. There are many factors that affect a particular insurance premium. Following are some of the main factors that affect premium of insurance.
1. Deductibles: this is the amount that you are paying from your pocket before the insurance company reimbursed that amount to you. Deductibles are generally rounded off and flat dollar value like $ 5,000 or $ 10,000. The rule of thumb is higher the amount of deductibles lower is the premium.
2. Lifetime maximums: This is the maximum value of coverage that is paid on policy holder’s behalf during their life time .Here the rule of thumb is higher the amount of maximums more is the coverage.
3. Co-payments and co-insurance: These types of plan always reduce the premium. For example in 80:20 insurance plans, policy holder is paying 20 percentage of expenditure from their pocket and insurance company will pay 80 percentage of total expenditure. Here again the rule of thumb is more the percentage of out of pocket ratio less is the premium.
4. Benefit of coordination: This type of plan is in other word not the insurance, but coordinating with the different insurance that a person is holding and suggest only that insurance which was remains to be covered this way the premiums is greatly reduced. Person may own multiple insurance plans like State disability program, employees’ group insurance, automobile insurance etc.
5. Yearly out of pocket limits: This is the highest amount of co payments and deductibles a person is paying each year. Here the rule of thumb is higher the yearly limit lower the premium.
Apart from this there are many factors that affect the rate of premium. If you are opting for renew ability of your insurance policy which is also known as guaranteed renewal of your insurance than your premium may be slightly higher.
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Frequently Asked Questions
Any Info on how to get Health Ins. Pooling ??
By: neeter | 17-08-2008
Do you know who I can get in contact with ,to get Health Ins. pooling with other small business, self employed ? Husband can not afford his BCBS. This years renewal prem went up $ 260.00 per month more than last year. To $860.00, it's like rent or house payment! This is for 1 person age 52 . Economy is so bad, hardly get to work. Income has dropped to about 1/4 of what it has been a year and half ago. we are going to have to drop health ins. if we can't find a different solution. Any suggestions ?? Thanks Juanita
When i have my peroid why so i feel so horney
By: dancegurl1396 | 17-08-2008
when i have my peroid why so i feel so horney
Cici's Pizza Employee Question
By: MEP0126 | 17-08-2008
What company provides health insurance for Cici's Pizza employees?
How long with 81 mg aspirin stay in body
By: sistrmarya | 17-08-2008
How long with 81 mg aspirin stay in body
I had heart by pass surgery 10 yrs ago, need ...
By: Bob | 17-08-2008
I had heart by pass surgery 10 yrs ago, need health insurance.
Uninsurable due to medical conditions
By: chevyjack | 17-08-2008
Is there a Major Risk Health Insurance Program available in Nevada for the uninsurable. California has a program called "California Major Risk Health Insurance Program" and is funded by Sin Taxes (taxes from tobacco sales).
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