Increasing numbers of individuals throughout the U.S. who have healthcare insurance are nonetheless cutting back on visits to doctors and skipping dosages of prescribed medications due to financial concerns, according to a recent report by a group of state insurance regulators.
The vast majority of those same consumers are maintaining insurance plans for their healthcare, life, homes and cars without any adjustments that could cut the costs of the policies, according to the research by the Kansas City, Missouri-based National Association of Insurance Commissioners, which includes representatives of state governments nationwide.
The recent study indicated that 22% of consumers surveyed have reduced the numbers of times they see a doctor, reductions attributed to the sluggish economy. The report found that 11% have cut back on the number of prescription drugs they take, or have reduced dosages to make their supplies of medicines last longer.
The National Association of Insurance Commissioners surveyed a sample of 688 respondents for the study, with queries conducted during July.
Kansas Insurance Commissioner Sandy Praeger, who serves as president of the organization, cautioned consumers to beware of the risks that go with such cutbacks on medical care.
“Delaying medical treatment and regular physicals puts consumers at risk for potential health issues—and increases overall health insurance costs,” said Praeger. “That is why the National Association of Insurance Commissioners and state insurance regulators are committed to helping every American be a smarter insurance consumer.”
The National Association of Insurance Commissioners offers the following tips on cutting insurance costs:
Healthcare Insurance
• If you’re married and both spouses work at jobs that provide health insurance, compare these policies and their costs to see which one best fits your needs. Look beyond the monthly amount you must pay and closely evaluate covered services, co-pay requirements, deductibles, and reimbursement levels so that you make the best choice for your family and your pocketbook.
• Stay in-network when possible, making sure to get referrals and pre-certifications as required by the plan.
• Keep all receipts for medical services, whether in- or out-of-network. You might qualify for a tax deduction for out-of-pocket medical bills if you exceed your deductible.
• Consider opening a flexible spending account (FSA), if your employer offers one. These allow you to set aside pre-tax dollars for out-of-pocket medical expenses.
Homeowners Insurance
• Install protective devices—such as a burglar alarm system, smoke detectors, and deadbolt locks. Notify your insurance provider if you have these devices or have recently installed them.
• Consider consolidating your homeowners and auto insurance policies with the same insurer—you might be eligible for a multiple-policy discount.
• Maintain a good credit history. Many insurance companies consider credit history when determining how much to charge for insurance.
• Consider raising your deductible if you can afford to pay for minor repairs out of pocket.
Life Insurance Premiums
• Stay healthy or get healthy. Insurance companies might review your health habits, and will consider certain behaviors, such as smoking or excessive drinking, when determining your premiums.
• Avoid risky behaviors and dangerous hobbies such as skydiving, hang-gliding, or rock climbing. They will likely cause higher insurance premiums.
• Maintain a good driving record. The better your driving record, the better rates you’ll receive for life insurance.
The National Association of Insurance Commissioners offers other tips to lower insurance premiums through its public education program, which is available on the Internet in English at www.InsureUonline.org and in Spanish at www.insureuonline.org/espanol.
