How to Lock In Low Cost Health Insurance Rates

Finding a low cost medical insurance rate is important, but what happens when the insurance provider increases your premium? Locking in an affordable rate for a specified period of time is often the only way to keep your medical costs to a minimum. Below, you’ll find four simple ways to get the best possible healthcare coverage without being subjected to the rate increases that could turn your plan from a good deal into an expensive nightmare. 

1. Compare low cost health insurance rates from several providers

Shopping around is the best way to find a deal in any situation, but it’s especially important when it comes to health insurance. Look at the rates from a number of providers, and weigh the quality of the coverage against its cost. Then, find out about the lock-in offers available to you. If you choose the right provider, you could receive up to three years of a locked-in rate. Some carriers offer even longer lock-ins for a small fee each month; talk to your insurance agent to understand all of the options. 

2. Ask about scheduled increases for low health insurance rates 

Most insurance providers increase their rates at regular intervals each year. In order to make sure you’re locking in the lowest price, ask about the next scheduled increase and whether your insurance plan will be subject to the price hike. Though many providers will exempt you from the first rate increase when you purchase individual health insurance or a family plan, others might require that you meet a set of requirements to be eligible for exemption. 

3. Time your purchase wisely 

Depending on your age, gender, state and medical history; you might be eligible for insurance savings if you purchase a plan within a specified period of time. What’s more, if you can’t manage to secure a locked-in rate, you’ll want to make sure you purchase your health insurance just after the most recent rate increase; it’s the best way to keep a lower premium for the longest period of time. 

4. Stay in the same location 

Because insurance laws vary from place to place, moving across state lines can sometimes increase your insurance premiums or change your eligibility for certain programs. If you have no choice but to move, make sure you understand the coverage requirements and restrictions of your new home.