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Reducing Health Insurance Policy Premiums

If you're self-employed and concerned about high health insurance bills, there are several things you can do to lower your insurance premiums once you settle on a health insurance plan. You may opt out of certain coverage, or you may increase your out-of-pocket expenses.

Consider eliminating coverage for routine office visits. If you're healthy and have few prescriptions and no children, a catastrophic health insurance policy might be all the coverage you need. The premiums to cover you just in the event of an accident or unexpected illness are lower in costs than more comprehensive coverage.

Increase your deductible. A deductible is the amount of money you'll pay out-of-pocket before your insurance company takes over payments on your bill. In general, the higher the deductible, the lower the monthly premium. In this case, you could see significant savings each month. The downside is that, if something does happen, you'll pay more out-of-pocket before the insurer picks up the costs.

Pay your premium annually for big discounts. Most health insurance companies will give you a sizeable discount on your health insurance premium if you pay it all at once. If overall savings is your goal, you could get the cheapest rate on your health insurance by paying for the full year at one time.


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