Affordable and Individual Medical Insurance

With health care costs rising at nearly twice the rate of inflation, affordable health insurance may seem like an impossibility. Absent a major overhaul of the health care system, it's unlikely that the cost of health care coverage will be reduced anytime soon. Despite the ever-growing expense of health care, there are numerous ways that you can save money on your health insurance.

If your state does not have a program like this, or you cannot afford the program, then guaranteed issue health insurance is the only option left to you. Most of these plans work the same as state pools. If you had coverage within 63 days previous to signing up for insurance, your pre-existing conditions will be covered. If you have not had insurance for over 63 days, you will have to wait as long as a year before your pre-existing conditions are covered.

Below, we specifically address how you can lower the cost of your health insurance premium (i.e. the monthly payment) without changing your type of health insurance (e.g. HMO or PPO) or level of coverage. Here are three specific actions you take to lower the cost of your health insurance premium:

1. Increase your deductible: A deductible represents the annual cost that you will incur before your insurance company begins paying for coverage. All else equal, accepting a higher deductible will result in a lower premium. For example, increasing your annual deductible from $1,000 to $3,000 could have the effect of lowering your monthly premium from $175 per month to $125 per month, cutting the cost of your premium by $50 per month (or $600 per year).