1. Purchase Term Insurance – Term insurance covers your life only during a predetermined period of time and after the policy expires you cannot collect anything.  It’s good for individuals with financial burdens that will go away over time like the mortgage on a house or raising children into adulthood.  BE CAREFUL: If you don’t die before the policy expires, you’ll be left with nothing.  There are other options which cost more but come with additional benefits.  Make sure to speak with a licensed life insurance salesperson in your state before deciding term insurance is the only option for you.

 

change jobs for cheap life insurance

27. Change your occupation

2. Lose Weight – Due to the increased liklihood of diseases like diabetes, overweight individuals pay significantly more for their life insurance.  Some scientific studies even link weight loss with increased energy and improved health so there may be more benefits than life insurance costs!  BE CAREFUL: Don’t let the fact that you’re trying to lose weight stop you from buying life insurance right now.  If you lose weight in the future your insurer may reconsider your premiums, or you can just write a new policy considering your new weight.

3. Shop Around – Despite what they want you to believe, no life insurance carrier will have the cheapest price for everyone.  Since they base their rates on different factors to varying degrees the only way to truly find the best is to speak with many providers.  The quickest, easiest, and safest way to speak with many carriers is to use Quote Assistant. BE CAREFUL: The internet is littered with websites claiming to offer multiple life insurance quotes by simply entering in your information once.  These website make money by selling your information to anyone willing to pay for it.  I’m not sure I’d want my personal information being bought and sold online, but it’s your call.

4. Buy Today, Not Tomorrow – One of the biggest reasons people pay too much for life insurance is because they failed to buy it before they needed it.  Young people in good health never think they need life insurance and unfortunately many wait until receiving bad news from the doctor to try to get it.  That’s too late.  If you don’t think you need life insurance today, that’s exactly why you should buy it.  Today you’re healthy, tomorrow is anyone’s guess.  Buy life insurance.

5. Stop smoking – Of course being a smoker will cause your life insurance premiums to skyrocket, but did you know an occasional cigar can also raise your rates?  Because insurance companies are accustomed to individuals underestimating tobacco usage, if you admit to even an occasional puff on a cigar, you’ll likely see a much larger premium.  Make sure if you tell them you never smoke that there isn’t a trace of evidence to the contrary when you submit a urine and blood sample!

 

life insurance medical exam

8. Prepare for your medical exam.

6. Stay Away From “Guaranteed Issue” – Guaranteed issue policies may sound appealing to anyone with medical conditions, but it generally means a very small amount of coverage relative to the cost and could also result in a denied claim after your death.  Since you won’t be around to fight, you might be better off with an insurer who gives a medical exam and knows about your conditions prior to accepting your premiums.

7. Don’t Get Quotes Online – There are many websites on the internet that claim to offer several competing insurance quotes simply by filling out one form.  Most of these work the same way: they take your information and sell it to as many people as are willing to pay for it.  This means a barrage of sales calls indefinitely and even worse, your information being resold to anyone willing to buy it.  Scared?  You should be.  Use Quote Assistant to get tons of insurance quotes safely.

8. Prepare For Your Medical Exam – Nearly every life insurer requires some form of medical check to underwrite life insurance policies.  Make sure you score well on yours by not smoking cigars or drinking alcohol beforehand, fasting for the required amount of time, and absolutely do not fail the drug test.  A failed drug test for life insurance could remain on your record even if you go to other companies.  BE CAREFUL: Some companies advertise life insurance without a medical checkup.  They generally afford to do this by assuming you have poor health and charging accordingly.  Unless you have very serious medical issues, submit to a medical exam for the best coverage and rates.

9. Buy Even Amounts of Coverage – While many life insurers will allow you to buy coverage in smaller increments, you can generally get the best prices by purchasing a round amount of coverage like $500,000 or $1,000,000.  For example, although you may be able to purchase $240,000 in coverage there will likely be a price break at $250,000. Make sure to ask your licensed sales agent about available discounts by purchasing larger coverage amounts.

10. Seek Specialized Insurance Companies – For individuals with certain medical conditions, finding a life insurer that specializes in coverage for individuals with your circumstances could be cheaper.  For example, if you have a very mild form of diabetes, you may fall into a general category of diabetic with a major insurance carrier.  A company specializing in diabetic clients may be better able to identify how non-life-threatening your condition is and give a cheaper rate accordingly.

 

low blood pressure saves on life insurance

11. Lower your blood pressure.

11. Lower Your Blood Pressure – Most life insurance carriers will require a blood pressure test to accompany the insurance application.  So in addition to regular exercize, healthy eating, and moderate alcohol consumption, make sure you’re in a relaxed state of mind while the insurance company is conducting their physical.

12. Don’t Buy From Your Employer – Although not always the case, generally employer provided life insurance is not a great deal for individuals with average or better than average health.  Since employer provided coverage does not usually include a medical exam, it is underwritten based on poor health, which means high premiums for you.

13. Be Honest About Your Health – Although life insurance companies don’t usually need to know about the flu you had in 8th grade, if there is any medical information that could be even remotely relevant to your health you need to tell them about it.  If you die for a reason that is in any way related to something you fudged on your application, your claim could be denied.  The worst part: you won’t be around to do anything about it.  You’re not saving money by lying on an application if you’re buying insurance that won’t pay a claim!

14. Keep Good Medical Records – For lack of better information, a life insurance company will always assume the worst.  If you’ve had a major illness or disease in the past, make sure you have adequate records to prove you recovered fully and the chance of remission are low.

15. Buy Only What Your Family Needs – This is an article about saving on life insurance, so I have to mention that buying less coverage is cheaper even though I rarely ever recommend it. Take time with a licensed life insurance professional to conduct a need analysis.  You’ll probably find your previous need assumptions were on the low side. BE CAREFUL: Life insurance needs change over time so be sure to review your needs on an annual basis.

16. Consider a Rider Instead of a New Policy – Individual life insurance needs change over time, but that does not mean you always need to purchase a new policy.  Some carriers and policies allow riders that can add additional coverage to an in-force policy so you can expand your coverage without sacrificing any generated cash value. BE CAREFUL – Some unscrupulous life insurance salespeople may recommend a new policy instead of a rider for increased commissions.  Make sure to ask lots of questions about alternatives to a new policy.

 

high cholesterol raises insurance costs

18. Reduce your cholesterol.

17. Pay Annually – Each life insurance carrier has different pricing options based on your payment frequency, but there is generally a discount for paying up front.  Ask your life insurer which payment structure provides the cheapest annual premium and pay that way.

18. Reduce Your Cholesterol – Again, being in good health will substantially improve both your insurability for life insurance as well as the rates you pay for it.  If your cholesterol is on the high side, speak with your doctor to find out how you can improve your score.  If you do have a significant change, contact your agent to see if you’ll qualify for a new policy rating.

19. Ask For a Reevaluation – Has your risk of dying changed based on a health, occupation, or marital status change?  Reach out to your current life insurer to see if they can reevaluate your coverage premium.

20. Speak to Several Life Insurance Professionals – In addition to getting many quotes, there is an additional benefit to speaking with many licensed life insurance professionals: knowledge.  Life insurance can be very complicated and some professionals can be much more creative and knowledgeable than others.  If you’re using a service like Quote Assistant to get many competing quotes, make sure to pick the brain of each person to find out if there may be better options for your coverage than you had considered.

21. Don’t Let Your Policy Lapse – For some types of insurance policies, carriers determine rates based on the assumption that most customers will miss a payment and the policy will cancel before the policy even expires. If your policy lapses, you’ll need to submit to a new medical exam and based on the simple fact that you’re older, your premiums will likely be higher.  It’s another reason to set your policy up with automatic billing.

22. Convert Your Policy at the Right Time – Throughout the life of an insurance policy, there are many opportunities to convert the “type” of policy and other options with the policy.  The only way to know all your options is to openly discuss them with a licensed representative of the insurance carrier annually.

23. Pay by Direct Debit – Since taking money directly out of your checking account electronically is usually the cheapest option for the life insurance company, they’ll often provide a discount for doing so.  Ask your agent if direct debiting from your bank account will help save money.

 

lose weight and life insurance is less

2. Lose weight

24. Don’t Get a Half Year Older – Many insurance companies base premium rates on your half-year age, not your actual age.  This means while you may not have gotten another year older between 22 and 23, your insurance premiums could go up halfway between the two.  It’s another reason not to delay the insurance purchasing decision.

25. Buy Term Coverage For the Right Time Period – When purchasing term insurance, the policy period chosen is often made based on how long the money will be needed for.  While someone in their 20’s or 30’s with young children may only need a 20 year policy, the same person with a 30 year mortgage may want to consider a longer length policy. BE CAREFUL: Just because your children may be in their 20’s and your spouse will be approaching retirement, doesn’t mean there won’t be a financial burden associated with your passing.  Remember that life insurance is a gift from you, not for you.

26. Choose a Company For Your Lifestyle – If you participate in hobbies life insurers might consider dangerous like sky diving, bungee jumping, mountain climbing, paragliding and such, choosing the right life insurance company is even more important.  Each company views potentially dangerous activities in a different way. Company A may charge more for paragliding scuba divers while Company B charges more for hang-gliding race car drivers. If you’re involved in any type of activity some may consider life-endangering, it’s even more important to speak with many insurers.

27. Change Your Occupation – Although a career change based on saving money on insurance might not be a possibility for you, switching to a non-risk occupation can reduce your premiums and may prevent you from being un-insurable.  If you have changed jobs since the time your insurance policy was issued and your current position is much safer, consider reaching out to your insurance carrier for a possible reevaluation.

28. Use Quote Assistant – There is no easier or more effective way to communicate with and get quotes from the most popular life insurance companies without sacrificing the security of your personal information than by using Quote Assistant.  Learn more here.

1. Raise Your Deductible – The coverage for the contents of your homeowner’s policy will have a deductible, which is an amount you will need to pay before the insurance company is on the hook.  Higher deductibles means less claims so insurers will charge you less.  Since homeowner claims are few and far between and you generally wouldn’t file a small claim, it’s best to keep this as high as you could reasonably afford. BE CAREFUL: A deductible is meant to be the highest amount out-of-pocket you could reasonably afford.  If you set it higher than you can pay, you’ll have much larger problems!

 

filing claims raises home insurance

24. Don't file small claims

2. Shop Around – Different homeowner’s insurance companies base their rates on very different factors.  Since no two risks are the same, if your friend or neighbor has the cheapest price with Company X, it doesn’t mean you will too.  The only way to find the carrier with the best rating and pricing specific to your situation is to reach out to as many as possible.  In an instant, Quote Assistant will tell you the most popular homeowner insurance carriers in your region and allow you to call for quotes with one click.

3. Multi-Policy Discount – Most home insurers that also sell auto insurance will give a discount on your policy dependent upon placing your auto insurance with them.  BE CAREFUL: Don’t assume the multi-policy discount offers you the best possible deal.  If you’re only interested in saving money, you may still pay less by insuring your home and auto with different companies.

4. Buy a Newer Home – Since newer homes tend to conform to the most updated building codes and are generally made with newer materials that have not had time to wear and weather, your insurance company should give you a discount.  If you’re the first owner in the home, make sure they know about it.

5. Don’t Get a State-Assigned Policy – Many states have special insurance programs for homeowners who cannot find an insurance company willing to insure them.  Some agents can only write insurance for the company they work for or the state assigned plan and may steer you into the state plan just because you do not qualify for their particular company’s guidelines.  Even if you get discouraged, don’t take the state-assigned insurance until you’ve been denied from all the major carriers.  (Use Quote Assistant to find all the major homeowner carriers near you, and to call them!)

6. Don’t Insure to the Mortgage – In most cases, you only need to purchase enough insurance to pay for the cost to rebuild your home from a worst-case scenario like a whole-house fire.  This dollar amount can be much lower than the amount you actually owe to the bank since property costs include the value of the land, not just the structure of the home you buy.  Although the bank may urge you to buy homeowner insurance for the value of your mortgage, in many cases they can’t require it.  Mortgage protection insurance, on the other hand, should be purchased in excess of the entire cost of your mortgage.

 

quit smoking to save on homeowner insurance

11. Quit Smoking

7. Get a Burglar Alarm – Sounds like a no-brainer, right?  Just check with your insurance company to find out what requirements they need to provide the discount.  You may also ask if there is a different discount depending on if the alarm is connected to any outside monitoring service like ADT, or the local police department.

8. Move Away From the Water – Residential properties near bodies of water are fantastic for activities and scenery, but can cause your homeowner and flood insurance prices to be higher.  With flood insurance especially, living in a flood plain will raise your premiums substantially.

9. Install Deadbolt Locks – Because of the obvious increased difficulty to break into a house equipped with deadbolt locks on all the entrances, your insurance company may offer a discount.  BE CAREFUL: Don’t tell your insurer you have deadbolt locks unless you really do, falsifying insurance rating information could result in a claim being denied.

10. Install a Central Smoke Detector System – You probably already have smoke detectors in your home (by the way, when did you last check them?), but some insurance companies will provide more discounts if you install a central smoke detector system which integrates with the wiring of the house and may notify the fire department in the event of an alarm.

11. Quit Smoking – I know a lot of smokers, and I’m pretty sure saving money on insurance isn’t going to convince them to quit, but it would be a great benefit to doing something that will add years to your life!  If you quit smoking since the time your insurance policy went into effect, you may want to notify your carrier and make sure they are aware of it.

12. Retire – Since retired individuals tend to spend more time around the house and would be quicker to notice the building on fire or deter a burglar, it will save you money.  The cost savings won’t justify an early retirement, but it’ll be nice when the income is less consistent.  If you retired since the inception of your policy, let your agent know about it, you’ve got the time!

 

gated communities have cheap insurance

22. Live in a gated community

13. Ask About Employee Discounts – Check with your co-workers or human resources departments to see if your company has any affiliations with any particular insurance carriers.  BE CAREFUL: Just because a company does offer employees of your company a discount, doesn’t mean it’s going to be the best deal.  Since you’re shopping around why not speak with a bunch of insurers and take the best overall deal.

14. Review Your Policy Annually – Many homeowner insurance policies automatically increase the amount of coverage each year to account for inflation and increases in rebuilding costs. Since many folks keep the same policy year after year without looking at it, it’s very possible things have changed since then and you may need more or less coverage.  Better yet, speak with your agent and request an entire policy review.  They might find discounts you didn’t even know you deserved!

15. Live in a Safer Neighborhood – Home insurance prices tend to be cheaper in neighborhoods with less crime for a variety of reasons.  This might be a double-edged sword since you’re likely to pay much more for the home.  If you have a family, it’ll certainly be worth it.

16. Pay on Time – Insurers don’t like to get paid late, do you?  Many will even tack on additional surcharges or take away discounts if you are late on a payment.  Make sure it gets paid on time, even if your mortgage company pays for it.

17. Improve Your Credit – Bad credit can make your premium increase and may even make you ineligible for certain companies.  Along with just about anything else in life, keeping a good credit history will save you money.  If your credit has improved since the time you originally wrote your homeowners insurance policy, why not reach out to your carrier and see if they can re-run it. BE CAREFUL: If you re-run credit and your score has gotten worse, you could wind up paying more money!

 

retire to save money on home insurance

12. Retire

18. Get Actual Cash Value Coverage – Although I wouldn’t recommend it, you can save money on insurance by getting Actual Cash Value for your lost or stolen property instead of Replacement Cost.  The difference is that ACV includes depreciation of your property while RC pays the cost to replace it.  BE CAREFUL: If your house burns down and you have ACV coverage, you’ll barely get enough to furnish your new home at the thrift store.

19. Add Storm Shutters – In wind and hurricane-prone areas, some insurance companies will give discounts for storm mitigating actions as simple as adding storm shutters.  It’s a good idea to check with your insurance company to be sure your policy will offer such a discount.

20. Renovate Plumbing, Electrical, or Heating Systems – Especially if you live in an old home, having a major renovation done to your property can reduce your insurance costs.  BE CAREFUL: If your renovation work is not done by a licensed contractor, you may have trouble with your insurance carrier and they may even drop you!  Check with your carrier beforehand.

21. Pay in Full – Insurance companies also like to get all their money up front, since much of their income comes from investments.  Because of this they usually charge more for paying month-to-month than for paying in full.  Even if the premium cost is the same, some carriers charge installment fees with each bill, which can raise your out of pocket in the end.

22. Live in a Gated Community – Because of their reduced crime and typical upkeep requirements, many insurers give discounted rates for homes in a gated community.  If the carrier doesn’t know your present home is in a gated community, now would be a good time to let them know.

 

newer homes are cheaper to insure

4. Buy a newer home.

23. Buy a Condo Policy – Only if you own a condo of course. Many condo owners pay way too much insurance because they buy the wrong policy.  Sadly, on some occasions their insurance agent messed up.  If you own a condo, you can purchase a special kind of insurance specifically for condos that removes most of the coverage for the structure.  Condo insurance typically costs a fraction of Homeowner’s insurance.

24. Don’t File Small Claims – Homeowner’s insurance exists to save you from being wiped out entirely, not from getting a large bill.  The decision to file a claim depends on repair costs, how quickly the damage needs to be fixed, and how much you can afford to pay out of pocket.  It should NOT depend on your belief that “since I’ve been paying all these years, I may as well submit a claim”.  Filing a homeowner’s claim is a discussion worth having with your agent prior to doing so.  BE CAREFUL: If you don’t file a claim and don’t repair damage that results in more damage, you may face a much larger claim that your insurance company could deny and getting your insurance cancelled.(Example: Failing to fix a hole in your roof allows water to leak in for weeks rotting the walls or weakening the foundation.  The result is a huge bill that your insurance carrier denies entirely based on your failure to mitigate the damages.)

25. Ask About Occupational Discounts – Based on what you do for a living, some insurance companies may be willing to offer you a discount.  If you changed jobs since the policy was written, you might be surprised to find out.  Give them a call and ask.

26. Purchase a Fire Extinguisher – Some insurance companies will give you a discount just for keeping an extinguisher on the premises. Call to find out before you go out to get one, but even if there isn’t a discount, it’s probably a good idea to have one!

27. Pay Automatically – Check with your insurance carrier to find out if the policy will be cheaper by setting it up on automatic payments.  Quite often the cheapest option is to have the money drawn directly from a bank account, but each carrier is different so ask your agent.

 

licensed contractors for renovations

20. Hire a licensed contractor

28. Buy an Umbrella Policy – An umbrella insurance policy provides liability coverage in excess of the limits provided on each of the other policies you own.  If you have home, auto, motorcycle and boat insurance, all with a million dollars of liability coverage, you could purchase one umbrella and reduce the liability coverage on each individual policy.  BE CAREFUL: Most umbrella policies have required underlying limits for each individual policy and failure to fulfill those limits can result in no umbrella coverage.

29. Move Close to Fire Hydrants and Fire Stations – You’ll pay more for insurance if you’re very far from a hydrant and/or very far from the fire station.  Make sure your insurer has the correct information about how close the nearest hydrant is, and who the responding fire department is.  You could live next to the fire station but if your insurer incorrectly thinks the next town over would respond to your home, you’ll overpay for insurance.

30. Buy a Home Made of Fire-Resistive Materials – Fire resistive materials like brick and cement tend to yield cheaper prices for insurance.  Less fires = less claims = cheaper insurance.

31. Install a Sprinkler System – Although it would probably be a bit abnormal in most homes, you could install a sprinkler system and would probably get some type of discount for doing so.  For your insurance carrier and your own sake, make sure it’s done by a licensed contractor.

32. Raise Your Hurricane Deductible – In Hurricane prone areas, many insurance companies have a special deductible in the event of damage caused by a hurricane.  These deductibles are often a percent of the overall coverage amount.  If you live in an area unlikely to be hit by a hurricane, raising the deductible by a percentage point or two could save some money.  BE CAREFUL: Raising your hurricane deductible can result in a huge difference in your out-of-pocket expenses.  On a $300,000 home, going from 3% to 5% hurricane deductible could cost you an extra $6,000 out of pocket!

33. Use Quote Assistant - There is no easier, more efficient, safer, and more informative way to get several competing insurance quotes than by using Quote Assistant.  Learn more at: http://www.QuoteAssistant.com or use your iPhone or Android browser and go directly to: http://www.QuoteAss.com.  BE CAREFUL: After saving a boatload of money on your insurance with Quote Assistant, you might annoy your friends, family, and co-workers by bragging about how smart you are.

1. Raise Your Annual Deductible – Most health insurance companies today offer plans which include an annual deductible.  This is an amount you need to pay prior to the insurance company paying for medical treatment.  So as to not discourage unwise medical behavior, many annual deductibles do not include preventative medical treatment like an annual physical.  BE CAREFUL: Annual deductibles can apply to your entire family or each individual on the plan.  Large annual deductibles for each member of your household can add up very fast.

 

annual physicals save on health insurance

5. Get an annual physical

2. Shop Around – Every health insurance company bases their rates with different emphasis on varying factors.  For this reason, one insurance company is not likely to have the cheapest price for everyone.  The only way to find the most appropriate company for yourself is to speak with as many insurers as possible.  Try Quote Assistant to identify the most popular health insurance companies in your region and give them a call directly through the website.  BE CAREFUL: Quote Assistant makes getting in contact with insurers so easy, you might wind up with many options to choose from. The thousands of dollars you can save will make it worthwhile.

3. Compare Your Spouse’s Options Annually – If your family is in the fortunate circumstance of being able to choose from two employer provided health insurance plans, make sure to take time annually to decide which offers the most coverage.  Don’t assume one insurance plan provides more comprehensive coverage this year because they have in the past.  To save on expenses, many employers are scaling back on the coverage they provide to employees.  You might even consider purchasing coverage from both options.

4. Quit Smoking – Easier said than done right?  If you’re considering quitting, consider reaching out to your health insurance company first.  In addition to finding out how much money you’ll save, many health insurance companies offer support or plans to help you quit smoking.  It’s not easy, but more and more Americans are successfully quitting every day!

5. Get an Annual Physical – Since early detection is often the best prevention with any disease, many insurance companies offer incentives for getting an annual physical.  Many others cover preventative healthcare like an annual physical at 100%.  Even if you’re in perfect health, getting an annual physical will only reinforce your healthy lifestyle and decisions.

 

losing weight reduces medical expenses

10. Lose Weight

6. Join Health Programs Offered Through Your Carrier – Over the years, health insurers have found the best way to save money is to keep their customers healthy.  For this reason many are embracing the prevention mindset by offering clients various programs toward healthier lifestyles.  Pay close attention to the details of your annual health insurance plan and you might find certain financial incentives for joining a weight loss, healthy eating, or exercise plan.

7. Use Higher Deductibles With a Health Savings Account (HSA) – A health savings account is a special feature available with most employer provided health insurance plans.  It allows you to set aside a certain amount of money for the year to be spent only on health related expenses.  The advantage is that this money is not taxed by the government.  Many people are coupling a high annual deductible with the same amount of money set aside in a HSA. BE CAREFUL: In most cases, money set aside for a HSA needs to be used within the year so if it does not get spent on medical expenses, it is lost forever.

8. Separate or Join Policies in Your Home – Many people assume having the entire family under one plan is the cheapest option and this is not always the case.  In certain situations, for example one high-risk individual with many low-risk individuals, it may make sense to purchase more than one plan for the entire family.  The converse may also be true; combining currently separate health insurance plans may also yield the highest savings.  It’s best to speak with a licensed professional in your state when making decisions like this.

 

cobra insurance alternatives

11. Consider COBRA alternatives.

9. Look Into State-Sponsored Options – Depending on your situation, there may be many different options available to you.  In almost every situation where there is no private healthcare available, children under the age of 18 can be covered under a special type of government sponsored healthcare.

10. Lose Weight – It’s true, many health insurance plans charge more premium for clients who are over their preferred weight class.  Weight can even be a reason to be denied health insurance from certain carriers.  In addition to saving money, maintaining an ideal weight will keep you away from the doctor more often and save time, money, aggravation, and frustrations in that facet.

11. Consider COBRA Alternatives – While COBRA is often a good deal for individuals who recently left their job and lost their health insurance, it’s not always the best option.  There may be government options available for you, Google your state department of insurance to do more research. You may consider going to the private market, the easiest way to get in contact with the most popular health insurers near you is through Quote Assistant, if you have an iPhone or Android device.

12. Raise Your Co-pay Amounts – Co-pays are different than deductibles.  While a deductible is a set amount you must pay before the insurance company steps in to pay, a co-pay is a percentage of treatment cost you are responsible for with each treatment.  Obviously accepting more responsibility for the costs incurred with each medical appointment will lower your insurance costs.  BE CAREFUL: While high co-pay amounts may seem like a wise choice to reduce insurance costs, make sure your plan has some limit to out-of-pocket expenses you can afford.

13. Reassess Options Annually – Even if you are staying with the same insurance company your employer has provided year after year, many options available to you can change year after year.  It is a very wise investment of time to carefully understand your insurance each year to ensure it’s proper utilization throughout the coming year.

 

medical insurance paperwork

14. Keep accurate medical records

14. Keep Accurate Medical Records – In certain cases, failure to provide accurate medical records for yourself may result in your health insurance company being unaware how insignificant your prior treatment may have been.  Because of this they may raise your premiums or even fail to write your policy.  Especially if you have successfully treated and overcome any type of illness, it’s important to keep records indicating such.

15. Consider Enrolling in the Medicare D Prescription Plan – Even with Medicare provided by the government, the costs of prescriptions can be excessive.  For more information in your state check out this link.

16. Change Your Lifestyle – Of course losing weight and quitting smoking will make you healthier and can save on health insurance, but so can many other elements of your lifestyle like alcohol consumption, risky sports like skydiving and hang gliding, and even your eating habits.

17. Maintain Constant Coverage – Gaps in insurance coverage make insurance companies very hesitant because they don’t know if you may have incurred any illnesses or injuries during the period of no insurance.  If you lose your coverage, seek out other options like COBRA or private health insurance and prevent yourself from losing coverage for even one day.

18. Join a Chamber of Commerce – If you’re without a job and looking for insurance from an independent health insurer, you may be better able to find a group plan option by joining a chamber of commerce.  Of course, you’ll have to start your own business, but there are a number of different side-businesses you can start with little or no capital investment.

 

medical insurance flexibility with options

19. Be Less Flexible

19. Be Less Flexible – Your current health insurance plan may be charging your extra based on the flexibility of your provider options.  Generally, the more specific a health insurance company’s treatment provider options, the easier it is for them to manage expenses and that savings can be passed on to the consumer.  BE CAREFUL: Before switching to an insurance plan that limits your provider options, make sure you would be satisfied with the options available.

20. Consider the Big Picture – Any time you’re shopping for insurance it can be tempting to look for the cheapest possible premium and buy it.  Insurance is like many things in life, the less you pay, the less you get.  Always take the time to make sure anything you’re passing up to save on health insurance costs will not turn around to bite you throughout the year with expenses.

21. Join The Farm Bureau – It might be a stretch, but if you may be able to find insurance coverage by becoming a member of your state’s farm bureau.  You don’t need to be a farmer, and can often join by paying an annual membership of under $100.  Being a member of your regional farm bureau can provide discounted group health insurance depending on your location.  Click here to learn more.

22. Look Into Private Insurance – Just because your employer provides health insurance benefits, doesn’t mean it’s the best option 100% of the time.  In general, group plans provided by an employer will offer the best benefits and prices, but that doesn’t mean it’s not worth researching.  If you can find a better option through the private health insurance market, see if your employer will give you directly some of the money they would have paid into your health insurance.

 

insurance costs by state

25. Relocate

23. Get Student Health Insurance – Being a student at a university can often open up options for health insurance that would be unavailable to you as an individual.  The number of credits required may differ depending on your location and university, but if you currently don’t have insurance it may be worth reaching out to your student services department.

24. Adjust Your Prescription Coverage – There are often options available with how your prescriptions are covered that will allow you to save money.  Some plans offer discounts for ordering your prescriptions in bulk online.  This also saves you the hassle of going to the pharmacy.  You may also consider purchasing a separate prescription plan to supplement your current insurance if you have very high prescription costs.

25. Relocate – Perhaps impractical for most, but moving to regions of the country with less expensive medical costs can certainly reduce your costs for coverage.  Compare medical costs of two different cities here.

26. Use Quote Assistant – Quote Assistant makes it so easy to get in contact with the top health insurance companies near you.  With your iPhone or Android device, just go to http://www.QuoteAss.com or learn more about how it works at http://www.QuoteAssistant.comBE CAREFUL: Quote Assistant makes health insurance shopping so easy, you’ll need to find another way to spend your entire weekend besides shopping health insurance companies.

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