In a time when health care costs are skyrocketing, finding affordable long term health insurance is a must. There are plenty of things that you can do to find the best long term health insurance at the right price. Though health insurance is no place to skimp, you should weigh the coverage you need with the cost of the premiums.
There are some things that affect your health insurance rates, such as age, heredity, medical history and where you live that you have very little control over. However, there are some issues that you do control and they can help to reduce your health insurance cost.
Instructions
1. Stop smoking. There may be no other single thing you can do to improve your chances of getting affordable long term health insurance than to stop smoking. Smoking leads to a whole host of health problems, and health insurance companies will charge smokers much higher rates on their health insurance than nonsmokers.
2. Shop around for the most affordable long term health insurance. With so many differences between health insurance companies and health insurance policies, shopping around can save you a bundle of cash. You can be a smart shopper by comparing the coverage you are offered with the cost of the health insurance.
3. Consider the deductibles you can afford. The deductible on your long term health care policy will make a difference in your premiums. The larger the deductible, the more you will have to pay out-of-pocket. Decide how much you can afford to pay if something happens; most deductibles are in the range of $100 to $2,000. A deductible of $500 is normally the most cost effective while giving you adequate protection.
4. Balance the daily limits with the cost of your health insurance. The daily limit on your long term health insurance plan will be the amount that the insurance company will pay out in one day. If you exceed your daily limit for a given day, you will have to pay the rest of the day's expenses. Don't go too low on your daily limit as this can cost you in the future, but if you really need to lower your premiums a lower daily limit will reduce your health insurance premiums.
5. Raise your co-insurance ratio to lower your health insurance premiums. This will mean more of an out-of-pocket expense, but it may be necessary in order to get your premiums in the range that you can afford. Your co-insurance ratio is the percentage you will have to pay of your medical bills once the deductible has been met. For example, an 80/20 co-insurance ratio means you will pay 20 percent of the medical bills once the deductible has been met and the health insurance company will pay the remaining 80 percent.
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