Quitting smoking
can help you lower your health insurance costs.
The average cost of an individual health insurance plan was $183 a month in 2011, according to a study by eHealth. That's a fairly sizable chunk to have taken out of your budget every month, especially if you're watching your pennies. Next time your medical coverage is up for renewal think smart about ways you can cut your premium.
Get In Shape
You'll typically pay more for your health coverage if you're in bad shape or live an unhealthy lifestyle. Insurers figure you'll be more likely to need care if you're overweight or indulge in unhealthy habits, so will charge you more for your insurance if you don't look after yourself. Quitting smoking, cutting down on the amount of alcohol you drink and losing weight can help you get your insurance premiums down. Insurance companies will usually only consider you to be a non-smoker if you've been off tobacco for 12 months.
Comparison Sites
Use price comparison sites to find the most competitive coverage on the market. Most comparison services allow you to specify the type and amount of health insurance you want and then show you a list of different products. If you're going to use a broker to help you compare the market, use one that deals with multiple providers. Be wary of choosing the cheapest policy without thoroughly reviewing its benefits and exclusions. Some plans are cheap simply because they offer very little protection. Low-premium policies often offer no prescription drug benefits and would require you to pay a high deductible if you had to make a claim, according to Forbes.com.
Basic Coverage
Take out a basic policy that only provides the protection you really need. Do away with expensive riders that offer additional coverage for benefits such as counseling or eye care if it's unlikely you're going to need them. As a rule of thumb, the more benefits the policy you take out offers, the more you'll wind up paying.
Work Coverage
If your employer offers group health insurance, take it. CNN Money advises that employer-subsidized health coverage programs will almost always be better value than any policy you could buy as an individual. This will be especially true if you're getting on a bit or are not in good health. Although you'll still have to pay for your coverage through your wages, you'll benefit from the discount your employer gets for buying insurance in bulk.
Tags: health insurance, health coverage, Health Insurance, more your, Quitting smoking
