21 Secrets To Discovering Affordable Health Insurance, Part 4

No doubt about it, finding health insurance has become much more difficult in the last ten years than ever before. That said, if you follow the advice in this multiple part series, you will discover many low cost health insurance options. This is part 4 of 4.

Use Uncle Sam

Each year the government invests a lot to research and publish materials on health care and more. You'll understand more about what affects your health and health insurance policy if you read these publications. These publications will make you better equipped to make more informed choices as far as obtaining affordable health insurance. Once this is the case, you will attract much more affordable health insurance rates. You can get these government publications here: http://www.pueblo.gsa.gov

Set Up Automatic Payment And Receive More Affordable Health Insurance Rates

A straightforward but effective way of reducing your premium is by authorizing an EFT (Electronic Funds Transfer). This just means your insurer withdraws your premiums automatically from your bank account at specified periods without sending you payment notices. This reduces administrative overheads like those involved in mailing payment notices. This is why this gets you more affordable health insurance.

However, make sure that there is always enough money in your bank account. If you do not, a payment may be missed creating a lapse in your coverage, hitting you with late fees or, worst of all, leading to higher insurance rates. After all, the company is giving you more affordable health insurance because you are agreeing to set up a function that will assure that they receive prompt payment. If you don't life up to your end of the bargain, why should they?

In addition, most health insurance companies accept credit cards. This can be beneficial in many ways.

• First, it could give you an extra 30 days to pay.
• Second, you can receive air miles or something just for using your credit card to pay for something you got to pay anyway. Just be sure to pay off the entire amount on your credit card each month or the money you are saving with your affordable health insurance might be simply going to your credit card company in the form of interest.
• Third, you only have to remember to pay one bill instead of two.

Just Because The Man Attends Church Doesn't Mean He Believes

I have a Jewish friend that attends church every Sunday with his family. Why? Because he simply wants to be with his family. So, if you were to walk in and start asking him about Christianity, you'd be addressing the wrong person. Well, there is a similar situation with doctors so assume nothing.

All of the doctors at a so-called "plan hospital" are not necessarily plan providers. Be aware that the same goes for doctors within large group practices also. Train yourself to request, at least in non-emergency situations, that providers participating in your care be part of your network. Before and during any exam or appointment say, "I have XYZ insurance and I request that anyone treating me and billing me separately, or any lab where blood is sent, be in my plan." Many people figure that if a hospital is in their approved network, all of the doctors there, including specialists, are too. Unfortunately that's not always the case.

So don't assume and "Make an ass out of you and me." If you do not make this basic request, it could end up costing you hundreds, even thousands, of dollars.

How Risky Are You Credit-wise And Otherwise?

An outstanding credit rating will show in your favor and you will receive an affordable insurance rate. Conversely, a poor credit rating will cost you with higher health insurance rates. It's very common for insurance providers to predict that a person who fails in credit card payments will likely default in premiums. This perception of increased risk makes such individuals pay higher rates in health insurance and other insurance policies.

A lot of financial advisors will tell you that you should have large lines of credit available to you (and not use them) just in case you get laid off or something. Why? Because if you are out of work, you wouldn't be able to get a loan if you needed it. Well, insurance companies are similar.

Banks and insurance companies will give you a huge discount if you buy an umbrella on a sunny day but if you get caught in the rain they'll charge you more for the same umbrella. So, what does this mean? It means that you should always make sure that you have affordable health insurance even if you don't think you will need it. Because if it rains and you don't have an umbrella... you're screwed.

In addition, the longer you are out of work, the worse your credit rating gets so the more you have to pay for health insurance so you have less money to pay your other bills and your debt grows out of control. Around and around it goes. Trust me. I've been through this vicious circle and it sucks. You never want to be in that situation.

And there is another form of risk that will dictate if you receive affordable health insurance or not... whether you participate in high risk or extreme sports. If you do, you'll attract expensive rates. Therefore stop any sport or leisure activity that is either life-threatening or risky and you'll benefit by receiving more affordable health insurance.

Also, don't even think about lying. If you get injured because of the activity, you could face cancellation of your insurance policy and have the company refuse to pay any of your bills. Even worse... you could also get charged for fraud.

Quit The Wacky Tabacky And The Nose Candy

This won't be an issue for most individuals but we will still have to talk about it...

This might be shocking but simply using illegal drugs will raise your insurance rate. Go figure! And, flat out drug abuse will send your insurance rates into the stratosphere. That is, if it doesn't make you completely uninsurable. Steer clear of self-medication as well and you will certainly get more affordable health insurance rates than those who do not.

Drive A Hard Bargain

There are a lot of great affordable health insurance options out there so one way to save money is to shop around.

However, there are other ways to save money as well even if you already have health insurance. For instance, if your health plan only partially covers an expense, talk to the billing manager at your doctor's office or treatment facility and ask for a discount on your portion of the fee. You can usually get a lower price. Remember... be nice = lower price.

Shop Around For The Most Affordable Health Insurance Rates

As you do everything make sure you get and compare quotes from five or more websites. Insurance quotes websites offer a great opportunity to help you save a lot in spite of your profile. This is because offers not represented by one site would be covered by another. This gives you a broader basis for doing more thorough comparisons thus increasing your chances of greater savings.

One last word of warning though. Do not just sign up with a insurance company because some website had them rated the highest. There are many websites that simply give the best rating to the company that pays them the most for referrals. In fact, there are really only two rating companies that I absolutely trust. AM Best and Standard & Poors.

Both of these companies have been around a long time and have solid reputations. The only other sites that I use to evaluate insurance companies are those that are run by reputable advisors such as Suze Orman at MSN and Jim Cramer at The Wall Street Journal. These, along with others like Yahoo! Finance, USA Today, Money or the reputable newspapers can be good sources.

Use the quote websites to only get quotes because they are probably not giving the most honest ratings.