Monthly Health Insurance
As everyone knows: The cost of health care is rising, and it doesn't appear it's going to decrease any time soon. When the cost of health care increases, so do your health insurance premiums.
In 2008, the average yearly cost of insurance for an individual purchasing health insurance through his or her employer's group plan, was $4,700. For a family of four, it was $17,700. And for those purchasing health insurance outside of a group plan, the cost was even more. The fact is, some insurance companies are raising rates for private insurance by as much as 56%!
Saving money on monthly health insurance
There are three main factors that will increase the cost of your monthly health insurance premium:
- Your Health: This is the most important factor that insurance companies consider. They look at your age, your family history, and your current health. If there are pre-existing conditions, then your rates will be higher – or you may even be denied coverage altogether.
- Your Lifestyle: Insurance companies are interested in knowing whether you drink, smoke, and/or use recreational drugs. They look at what type of work you do – if you have a high-risk job where you encounter dangerous situations on a regular basis, your premiums will increase. Another lifestyle factor is your hobbies. Those who enjoy a nice novel are more likely to have lower premiums than someone who races motorcycles or goes paragliding.
- Your Credit Score: Insurance companies are looking at credit scores because a low credit score generally translates into higher claims being made. The reasoning is that if you can't manage your money, then you probably don't manage your health either. Insurance companies also look at your credit score so they know whether or not they can rely on your payments being made monthly.
Is there another way to save on your monthly health insurance premium? Of course there is, and it's the easiest one to complete: You can fill out our form and ask us for a free quote! We can give you professional advice and help you find the right policy at an affordable price.