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If you’re a business owner, you won’t have enough time to look after your health. It is quite important for you to purchase a medical insurance policy so that, your medical costs are taken care of by the medical insurance company. Since few years it has been found that medical insurance premiums are rising up much faster than the household incomes. According to the reports of the Common Wealth Fund, the total coverage for the family premiums have raised up to 50% from 2003 to 2010 and the annual share of the premiums of the employee have risen up to 63%. In such a situation, if you follow certain tips, then you’re medical insurance premium costs will stay within your means.
3 Tips to make your medical insurance premiums affordable
Read on to know how you’ll be able to reduce the cost of your premiums.
1. Stay healthy:
Before you buy a medical insurance policy, you must take care of your health. Since health is wealth, you must keep it fit. Quit your smoking and drinking habits, follow a healthy diet and do your exercise regularly. This will help you keep yourself fit. try to purchase a medical insurance policy at the time when you’re fit and don’t require much medical attention or hospitalization. At this point of time you’ll not be regarded as a risk to your insurance company. Thus, you’ll be able purchase a medical insurance policy at an affordable rate.
2. Increase your deductible:
When you’ll purchase a medical insurance policy, try to increase your deductible amount. If you’re healthy and fit, then it will be beneficial for you as it will help you lower your monthly premiums. But if you’re condition is such that you have to visit frequently to the hospital, then you this strategy won’t work for you.
3. Formulate your medical insurance policy:
You must check your medical insurance policy in order to know whether or not, your policy includes any unnecessary extras. If you find any, then you must ask the insurance company to remove it. Ask them to remove the vision, dental or mental coverage from your policy. This will help you reduce your premium costs.
Lastly, try to purchase other insurance from the same company so that, you’re able to get the discounts. Ask your insurance company whether or not, you’ll be able to bundle you medical insurance policy with any other policy. If it is possible, then you’ll be able to avail certain discounts which will help you lower your premium costs.