How To Save On Health Insurance

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 Health Insurance 

Health insurance and health plan rates are based on a number of factors, including the type of coverage purchased (group, individual, Medicare supplement, etc.); benefit plan selected; age of the person(s) insured; and health of the person(s) insured. Still, there are some things you can do to reduce the cost of your health coverage:

  • Take advantage of Group Health plans at work. Many employers offer Group Health coverage as an optional employee benefit.
    Group insurance plans generally provide health coverage at reasonable rates.
    Employees and their family members are often eligible for group health insurance coverage regardless of health conditions.
    In many cases, employers subsidize part of the premium, making group health insurance more affordable. Family coverage for your spouse and children can often be added to a Group Health plan for an additional monthly fee.

  • Don't use tobacco. If you are a smoker, you should consider quitting. Most insurance companies may have several tiers of rates for individual policies, including a lower tier for nonsmokers and a higher tier for smokers. Some companies may offer a lower tier rate to former smokers who are tobacco free for 12, 24, 36 months or more.
    If you purchased individual health insurance while you were a smoker and are now smoke-free, contact your insurance company or shop around to see if you might be eligible for lower rates.

  • Take care of yourself. Eat healthy foods, limit alcohol consumption, exercise, and watch your weight. All of these behaviors impact your life profile and may directly affect individual health insurance rates.

  • Comparison shop. Prices for the same coverage can vary greatly. If you have a choice of plans from your employer, study each plan's benefits and features.
    If you are purchasing an individual plan, compare several insurance plans from different insurance companies and agents before making a selection.
    You can do this - and - at the Wells Fargo online health insurance shopping service.

  • Consider deductibles. If you are purchasing an individual plan (and are not eligible for a group plan where you work) consider higher deductibles ($1,000, $2,000 or even $5,000 per year) and compare the premiums for those plans to more traditional plans.
    Most of the higher deductible plans have individual and family maximums for "out-of-pocket" expenses in any one calendar year, which make them attractive to some families.

  • Update your coverage for life changes. Adjust your health coverage as necessary immediately after marriage, the birth of a child, or when an adult child stops being a full-time student.
    Most group plans have an enrollment period that will allow you to add or delete family members after a "life change" regardless of health conditions. Some individual plans require immediate notification and if you do not comply you may not be able to add a new family member to your policy.
    Don't delay - contact your health benefit provider whenever a life change occurs.

Insurance products are available through Wells Fargo Insurance, Inc. (Minneapolis, Minnesota). Wells Fargo Insurance, Inc. is a licensed agency representing and compensated by the insurer based on the amount of insurance sold. Wells Fargo Insurance, Inc. is an affiliate of Wells Fargo Financial.

  • Insurance is:
  • Not a deposit of or guaranteed by the bank
  • Not insured by the FDIC or any federal government agency