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5 Simple Ways to Save Money on Health Insurance

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Insurance policies are a boon for business owners that are going to be protected from the risk of loss or any type of damages. Today, availing the treatment at a hospital is not affordable for a considerable share of nation's population. Insurance, especially Health Insurance can be a major benefit to any business owner from the marketer to the freelancer.

Insurance companies, for a seemingly low annual payment, issue a policy that assures protection of almost every asset in your possession, thereby offering you health insurance. Thus, it is highly recommended to buy insurance for assured protection of your every crucial asset of your in exchange for the premium. However, things are not going to be that simple when taking an insurance policy, including the cost that is not the same for policies issued by different insurers.

Here are 5 ways to save money on insurance:

1. Explore and Buy

Just like you do some homework and later go to a shopping mall to purchase apparels, electronics etc, you should explore multiple insurance policies instead of buying one directly at ease. There are several insurance agencies offering health insurance like Allstate, Allied insurance and many more. You could also compare quotes from major insurers on a single platform in different countries, from the likes of eHealth, Policybazaar and others.

You should invite health insurance quotes from multiple insurers and compare them all based on multiple aspects. The coverage offered and the premium price can be the comparison criteria too. Take help of the Internet and explore the bids offered for your business by various insurers. For a thorough comparison, if possible, personally meet one or more insurance agents who get the commission for each health insurance policy they sell.

2. Meet the Insurer

Needless to say, agents know a lot more about insurance policies, their benefits, and various discounts that can be availed at times as compared to you and me. This means that it can extremely helpful to go directly and meet an insurance agent to find the most affordable and beneficial plan for your business or any other asset. Agents get the commission on policies you purchase from them, which is included in the policy price you pay. However, there are companies that directly approach customers, thereby eliminating the agent work and the corresponding commissions. You may not find every policy cheap, but you can surely get one with a higher degree of affordability.

3. Raising the Deductibles

Insurance companies provide you with the option to raise your deductibles to lower down their liabilities, which also results in a lower premium price. You can easily avail an amount of $250 as deductible, which you can increase up to $1000 in terms of insurance of any type. Based on your affordability and requirement, you can get the policy cost reduced to have substantial annual savings. The same also results in your savings increased by up to 15 to 20 percent.

4. Switch to One Insurer

Insurance companies offer additional discounts to their customers if they take multiple policies from them. This means that if you get multiple policies for your car, home, including health insurance or even an umbrella policy, then you can avail special discounts on the premium payments.Usually, insurers offer multiple insurance lines to make their policies the best bet for you and other customers. The primary reason for offering special discounts to you could be that they have to bear no extra cost for maintaining all your data, which also results in high customer loyalty over the years.

5. Try not to Make Claims

Just because you have insurance doesn't mean you keep making claims for everything insured. You probably don't know that making a claim increases your premium rates. It is recommended not to make every claim you need to. Instead, pay for small claims out of your own pocket to ensure that the premium price doesn't rise. As mentioned earlier, if you raise your deductibles, then you technically mean that you are going to make only large claims with your insurer.

Conclusion

The aforementioned 5 ways to save money on insurance might be different from the ones that apply to specific insurance policies. Besides, there might be many more ways in which one can save their hard-earned money.One can get the insurance premium lowered by keeping his or her car in good condition, fire extinguisher and security alarm system at home, including being healthy to avoid the chances of claims.Since a healthy person is less prone to diseases or any illness, he or she is less likely to make a claim with the insurer.