Top 5 Tips for Saving Money on insurance

The cost of insurance has skyrocketed in recent years, leaving many consumers wanting to cut costs wherever they will , without losing their coverage. Fortunately, consumers do have options and there are a spread of the way to realize significant savings on their insurance. Here are five tips for cutting costs:

1) Increase out-of-pocket expenses. Consumers are able to do significant savings by simply choosing a policy that permits them to pay more out-of-pocket expenses This generally means paying a yearly deductible also as co-payments for services and prescription medications. Some consumers could also be wary of this feature , but if they're in healthiness then it makes financial sense to travel this route because the savings are going to be substantial.

2) go searching for personal insurance. thanks to the rising costs of healthcare, many employers are now shifting more and more of the burden to their employees. this suggests that albeit an employer offers insurance , it's going to be possible to seek out a far better deal by shopping around for personal insurance .

3) Review employer insurance options a minimum of once a year. Many households now have two incomes, which means two employers. Always make certain to review each employer's insurance options a minimum of once a year because employer contributions can vary dramatically, which suggests significant savings are often found just by switching to the opposite spouse's family coverage.

4) be careful for COBRA. because of a federal law passed in 1986 referred to as COBRA, laid off workers can receive an extension of their insurance coverage for a minimum of 18 months after they need been abandoning , but this might not be the simplest option for everybody . confine mind that this law only applies to companies with 20 or more employees and therefore the laid off worker must pay the premium that the employer was paying plus a 2% administrative fee. this suggests that COBRA can get really expensive, really quick. In fact, individual coverage could easily be $400 or more a month, and family plans may exceed $1000. Fortunately, workers who are laid off have 60 days to form a choice , which is many time to buy around and determine what their best choice is.

5) Get healthy and stay that way. insurance costs are often lowered dramatically by simply living a healthy lifestyle. For smokers, meaning kicking their habit because people who don't can pay much higher premiums thanks to all of the intense , even life threatening consequences of smoking. an equivalent goes for consumers who are only moderately overweight or obese. In fact, as if saving money on insurance wasn't enough of an incentive, confine mind that obesity is one among the leading causes of death. that's why it's so important to exercise regularly and maintain a healthy weight, because doing so will eliminate many of the obesity related health problems which will cause insurance premiums to skyrocket.