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Health Insurance Premiums Gone Up? Talk to Your Insurer

November 21st, 2011 0 comments
Higher premiums

Has your health insurance company increased your premium? Perhaps some of the following tips can help you understand the changes.

Don’t Get Mad, Get Answers

You’re unlikely to be pleased when your insurance premiums increase. However, don’t angrily call your insurer just yet. If it’s time to renew your health insurance and the quoted premium is higher than you expected, it may simply be that your insurer is raising premiums for business reasons; it’s not unusual for premiums to increase year upon year.

Image by Dan Moyle

Do You Want to Stay With Your Current Insurer?

Ask yourself a few questions such as: Do you like your health insurance company?  Do you like the coverage your policy provides?  And are you happy with other things about your health insurer, from the speed of reimbursements to the attitude of their customer service staff? If so, you might want to stay with them rather than start over with an unfamiliar new insurer.

Take stock of any recent changes to your health insurance aside from the premium itself.  Have you added any extra cover to your policy? If you don’t know why your premium has increased, call your insurance company and ask them for more details.  You may find that the higher premium reflects extended coverage or a reported change in your circumstances.

Should You Switch?

Before you get disgruntled about the higher premium you’ve been quoted and start to compare health insurance policies from other providers, be certain that you’ve explored the issue with your current insurer so that you understand the reasons for the premiums increasing.  You may find that the health insurance premiums quoted by other insurers have increased too, for the same reasons.

Have some conversations with your insurance company or agent.  Perhaps you could also this as an opportunity to see whether you can make your policy work harder for you.  Could you benefit from increasing your excess to help reduce your health insurance premiums, or is this not an option you can take at the moment?  Ask them.

It may be that your current insurer is still the best option.  Whether or not you stay with your insurer is your decision; understand that changes do happen in the world of insurance, and that switching health insurance may bring its own issues to consider.

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