Nearly 17% of all New Jerseyans do not have health insurance coverage and of those that do, 50% admit that paying their monthly premium is a severe financial burden. As more and more companies drop their group health plans, the situation can only get worse.
Fortunately, there are things you can do right now to help lower your monthly health insurance cost.
First, if you have children under the age of 18 who can’t get health coverage, you may be eligible for the state-sponsored, low-cost New Jersey Family Care program. In addition to minor children, some adults may also qualify for this health care coverage.
Next, if you smoke, you should quit. Now. Today. Smokers (and people who use chewing tobacco) pay significantly more for health insurance than non-tobacco users. That is simply a fact of life. You cannot get the best health insurance rates in New Jersey or anywhere else if you use tobacco products.
If you’re overweight, who isn’t? – You need to lose a few pounds. Health insurance premiums are based, in part, on your body mass index, or BMI. If you can lose even a few pounds, you could move down a rung on the BMI scale, and that could save you hundreds or even thousands of dollars in premium payments for years to come.
If you already have other insurance policies, bundling them from one insurance company can save you money through a multi-policy discount. Also, if you have a health insurance policy with the same insurance company for at least 5 years, ask about a long-term discount.
If you regularly participate in extreme sports or have a dangerous hobby, it’s time to call it quits, at least if you want the best rates on health insurance. Regular participation in dangerous activities will ensure that you do not get the best health insurance rates available.
What is the percentage you pay on your copay when you visit your doctor’s office? If you currently pay less than 50% copay, consider increasing your copay. It means you’ll have to come up with more cash each time you visit your doctor’s office, but paying a 50% copay also means you’ll pay less for your insurance each month. If you only see your doctor a few times a year, this can be a real money saver for you.
Along the same lines would be your annual deductible. Again, you need to think carefully about your deductible because it’s about cash you have to spend out-of-pocket for your health care each year before your insurance even thinks of paying anything, but the fact is, the higher it is your deductible, the lower your monthly premium payment will be.
In fact, some people are now buying super high deductible low cost health insurance policies. These are policies with a deductible of $2,000 or even more. These policies are not designed to help you pay your normal medical bills; They are designed to protect your home and other important assets if you have a catastrophic accident or illness that unexpectedly leaves you with medical bills in the tens or even hundreds of thousands of dollars. .
That’s all. Now is the time for you to take the suggestions in this article and create a low-cost health insurance plan that’s right for you. Once you’ve done that, you need to go online and find a minimum of 3 websites that specialize in comparing health insurance plan prices between different insurance companies.
Compare the plan you’ve created on at least 3 different websites to make sure you’re seeing prices from as many different insurance companies as possible. Once you’ve done that, you just have to get the lowest price you can find and you’re good to go. Now you have done everything you can to get the best rates for health insurance in New Jersey.