0 How to Save Money When Buying Your Own Health Insurance?

Health insurance is an important asset – and it’s one that you’ll soon be required to have. However, not everyone has the best health insurance benefits through their employer. The premiums may be too high, or the coverage may be insufficient. Therefore, they may look into buying their own health insurance. Others may be self-employed or unemployed and not have access to employer-sponsored health benefits.

While buying your own health insurance will give you the protection you need in case you become ill or injured, it can also be expensive. Premiums can easily top $1,000 a month, depending on where you live, the size of your family, and your personal health profile. Finding ways to cut back your premiums is important to helping you maintain your budget and your financial health. Here are a few ideas for how you can save money when buying your own health insurance:

Maintain Good Health

The best way to get the lowest health insurance premiums is to maintain good health. When you get a quote for insurance, you will be asked about your weight, your lifestyle habits (such as your exercise, whether you smoke and how much you drink), and any health issues you have experienced. The better your health, the better the rates you will be given. Of course, the better your health, the better your quality of life will be, as well.

Get a Lot of Quotes

There are many insurance providers for you to choose from, and it pays to get quotes from several of them to make sure that you are getting the best rates possible. It’s easy to get rate quotes online. You can fill out your personal details and get an estimated quote, which you can confirm when you follow up with an agent. The more companies you contact, the more competitive the quotes will be. 

It also doesn’t hurt to mention the rate you’ve been quoted from another company. Some companies may be inclined to find more discounts for you to compete.

Check into Discounts for Professional Affiliations

Even if you do not work full-time for a company, you may still be able to join a professional organization. For example, there are many professional groups for freelance writers. By joining these groups, you often get access to perks such as discounted health insurance. These organizations negotiate a group discount, which you can use to save on your quote. 

Choose Higher Deductibles

When you become ill or injured, you will often have to meet a deductible for your medical expenses before your insurance benefits become effective. By choosing a higher deductible, you can lower your premiums. Since routine well visits are automatically covered, you usually would only be paying towards this deductible if you became seriously ill or injured. In many cases, your medical bills will far outweigh the deductible, so you’ll still be saving money.

Of course, you’ll need to make sure you have the savings put aside to pay the deductible if the need arises. Choose an amount that you know you’ll be able to maintain in savings.

Open an HSA

A health-savings account allows you to make contributions tax-free that can be used for your medical expenses. This allows you to bring home more money in your paycheck, effectively creating a “discount” on your medical care. When you open an HSA, you also often qualify for discounts on your premiums. The HSA works a bit like a deductible, helping you to offset medical expenses that are not covered by your insurance.

Buying your own health insurance coverage can be expensive, but it doesn’t have to be. You can use these tips to help you get the coverage you need at a price that fits your budget.

About the Author:

Bridget Sandorford is a freelance food and culinary writer at www.culinaryschools.org. In her spare time, she enjoys biking, painting and working on her first cookbook.