Rising insurance premiums: how to cope

With recent predictions about a higher insurance rates projected in 2017, many consumers are looking for coverage that will still provide a level of protection with affordable premiums.

If you’re among those consumers, should you consider short-term health insurance plans.
These plans cover:
  •     Ambulatory patient services
  •     Emergency services
  •     Hospitalization
  •     Maternity and newborn care
  •     Mental health disorder services
  •     Substance use disorder services
  •     Prescription drugs
  •     Rehabilitative services and devices
  •     Laboratory services
  •     Preventive and wellness services
  •     Chronic disease management
  •     Pediatric services
If you are among those worrird about high insurance tarrifs, the following tips will help you cope:

1. Consider short term insurance
here are currently about 3 million Americans who are caught in the coverage gap in 18 states that have refused to accept federal funding to expand Medicaid. Those consumers’ incomes are under the federal poverty level, so paying full-price for health insurance is probably a non-starter.

2. Location matters: Avoid New York, New Jersey, Massachusetts 
Short-term plans are available in most states, but the type of temporary plan can vary considerably. And, in fact, there are five states you should avoid totally. New York, New Jersey, Massachusetts as short-term plans aren’t available in these places and the cost of living over there is high.

3) Look for Multiple Policy Discounts: 
 Many insurance companies give a 10% discount or even more to their customers that maintain other insurance contracts under the same roof (such as auto or health insurance). Consider obtaining a quote for other types of insurance from the same company that provides your homeowners' insurance. You may end up saving on two annual policy premiums. This will increase your overall savings.

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