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Saving on health insurance

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Health insurance premiums continue to rise, and many American families are not getting salary increases to make up the difference. While it appears that the increase will not be as steep as in previous years, a lot of people are looking for ways to save on their premium. If you’re one of them, try these tips:

 Sign up for a higher deductible.
Sign up for a higher deductible. Win McNamee/Getty Images

Sign up for a higher deductible.

 Like any kind of insurance, the higher your deductible, the lower your premium.  If you’re in generally good health and rarely see a doctor, a high deductible policy could save you hundreds of dollars a year.  Just make sure that you have enough cash on hand to cover your deductible if an emergency comes up.

 Join a wellness program.
Join a wellness program. Christian Petersen/Getty Images

Join a wellness program.

Many companies are instituting these programs to keep their employees’ insurance costs down.  Going to the gym, quitting smoking, losing weight, and even participating in stress reduction classes can all lower your premiums.  An added benefit is that these activities will improve your health, keeping your overall health care costs down.

 Look into supplemental policies.
Look into supplemental policies. Justin Sullivan/Getty Images

Look into supplemental policies.

It may seem counterintuitive, but a lot of people save money by buying more insurance.  People who are paying a lot for health insurance typically have a pre-existing condition or other issue that is driving up the cost.  The new health care exchanges in many states, however, have a lot of options for people who only want some conditions covered.  Save a lot of money by going down to the bare minimum coverage on your first policy, then take out a second policy to cover the expenses you think you’ll have this year.

Update your medical records.
Update your medical records. Chris Hondros/Getty Images

Update your medical records.

 After a certain amount of time spent not smoking, cancer-free, or within a healthy weight, your risk of a high-cost health problem decreases.  This can decrease your health care insurance premium.  Make sure that your insurance company is seeing the most up to date information about you.

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