Like the cost of pretty much everything else these days, insurance premiums are set to rise this year. A proposed ruling from the Obama administration will give state Medicaid officials the power to increase premiums for prescription drugs, doctor’s services and hospital visits. The New York Times is reporting that if the ruling is passed, a family of three earning $30,000 a year will have to pay $1,500 in premiums and co-payments. But never fear; YIQ is here to give you some helpful tips to keep that health insurance premium down.

Stay Healthy

It may seem like an obvious solution, but a little bit can go a long way. If you’re a smoker there’s no time to quit like right now. Health insurance premiums for smokers are higher because they are more likely to suffer from serious illnesses. Quitting can bring your premium down and you’ll save money that would have been spent on cigarettes. The benefits of eating healthy foods and staying fit cannot be underestimated. If you run a business it is also in your best interests to keep your employees healthy. Creating a culture of healthy eating and healthy living amongst your staff you can lower your insurance costs.

Higher Deductible

The higher the deductible then the lower your health insurance premium will be. If you follow the advice above and are a healthy person who is rarely ill, this could be a potential route to take. Keep in mind the risk involved in having a high deductible on your health insurance plan; if you are seriously sick or injured you will end up covering the cost of the deductible.

Switch Insurance Providers

If your health insurance premium appears like it may rise to an unacceptable level, consider making a change. One question that we get asked a lot here at YIQ is: what makes a good insurance agent? A good insurance agent will be able to look at your entire insurance and risk management programme to ensure that you are at the lowest end of the insurance pricing band.

Talk To Your Insurance Agent

Of course, before you go looking for a better price, talk to your current insurance agent to see if you can keep the cost of your health insurance premium down. They have the knowledge of the industry and the expertise to point you in the right direction. If you don’t trust them to do that, it might be time to change your provider.

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