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Saving Money on Family Life Insurance in the United States
The costs of health and life insurance have risen significantly over the past few years, with annual premiums for an average family reaching $18,764 in 2017—a full 3% more compared to annual premiums paid in 2015. This figure will likely increase even more, with healthcare consulting firm Avalere reporting that exchange premiums for the most widespread type of exchange plan (silver level) will, on average, be an astonishing 34% higher compared to last year’s 25% average increase.
Such is the sobering reality that families here in the US must grapple with. That being said, it has become imperative now for families to look for the best health insurance deals available so they can get the most value for their money. The following pointers will help:
Think of getting insurance as akin to finding a house—you look for the best one that is within your budget. This search will take some time and a lot of effort, but the dedication you will put in will be all worth it once you find the right policy for the right price.
Beware of Extras
Insurance providers are notorious for offering extras, which are often attractive at first glance but actually unnecessary upon further review. Prescription drug coverage, for instance, seems like something any family member would need, but do you really, absolutely need it? Unless you think you do, it might be prudent to skip such an extra so you can save some money. Remember, these extras might cost a few dollars only, but when they pile up, it equals a lot of money out of your pocket.
Consider Term Policies Only
It can sometimes be tempting to buy whole life insurance, but unless you do not plan to retire from work your entire life, term policies are perfectly fine, and much cheaper too. The key here then is finding the most affordable policy and setting the most sensible terms.
Insurance providers are starting to offer better coverage but lower premiums to people living a healthy lifestyle. Tech Crunch in a feature on InsureTech startup Health IQ states that venture capitalists are convinced that meritocracy in underwriting is the way to go in the insurance industry. Proof of this belief is the $34.6 million Andreessen Horowitz has raised for the aforementioned startup, which was founded by ex-Googler Munjal Shah.
The health site works through asking their clients to fill out a quiz that focuses on their lifestyle habits, rather than traditional insurance measures such as family history. Clients who will meet Health IQ standards can save as much as 33% on their life insurance. In today’s society where there has been a shift in promoting healthy lifestyles, active families can now save money through their insurance.
Indeed, spending money on health insurance should be one of your priorities, but you should also be always on the lookout for money-making opportunities to augment your income. To this end, you can try blogging and direct selling, which we suggested previously in 2 Ways to Make Money at Home. Good luck, and may you save as much as you can!
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