4 Key Tactics for Reducing your Health Insurance Premiums

No one wants to think about getting sick, but we are all aware of the unfortunate fact that unforeseeable accidents and diseases can creep up on even the most healthy individual. Healthcare costs continue to rise worldwide, and most people simply can’t afford paying such expensive out-of-pocket hospital fees, which is why they secure health insurance in order to offset these costs with their policy. 

With health insurance premiums increasing year-on-year, plans can be quite costly, but there are ways to reduce these costs. This article by insurance advisor Pacific Prime Global Health Insurance Brokers guides you through some of the key tactics for reducing your health insurance premiums. 

First, take a look at your existing plan

If your current plan is too expensive or has increased in price drastically over the years, you may want to get rid of coverage elements that you definitely won’t need. By removing some of these benefits, this will help lower your premiums.

You may also want to review any changing circumstances when looking at cutting down on coverage benefits. For example, say your spouse has found a new job with an excellent medical benefits package. If that’s the case, you may want to consider dropping your spouse as a dependant in your current policy, as this will likely see a significant decrease in the rate of your plan.

Looking at the types of health insurance coverage

Plans tend to differ in the elements of coverage they offer, and these are often divided into the following three types:

Inpatient: This covers care that requires hospital stays only, and won’t cover for outpatient care such as check-ups. As this comes with the least amount of coverage, inpatient-only plans tend to be the cheapest.

Inpatient and outpatient: This covers both inpatient care and outpatient care. If you rarely ever need to visit a doctor, you may want to strip out the outpatient benefit to save some money on your health insurance.

Full coverage: This includes inpatient and outpatient coverage, as well as extra add-on benefits such as maternity or vision insurance. For example, if you’re sure you won’t be having a baby anytime soon and are currently covered by maternity insurance, you may want to take out this benefit. However, please bear in mind that if you do need maternity insurance, this will need to be secured at least 10-12 months before the baby is conceived as these plans have waiting periods.

Adjusting your co-payment or deductible

Another viable option for reducing your premiums is to introduce or adjust a co-payment or deductible to your plan. The general rule is that the higher your co-payment or deductible is, the lower your premiums will be.

Co-payments are an agreed fixed amount that you will need to pay every time you submit a claim, for example agreeing to pay $50 towards every medical procedure. You can also consider paying a deductible, which is an amount you have to pay each year or for each claim before it can be submitted. 

Get your No Claims Discount

If you’re shopping around for a plan, have a look at whether they have what’s called a ‘No Claims Discount’ (NCD). Insurance plans with a NCD policy will apply a discount if you go a certain period of time, usually a year, without filing any claims. 

Many policies will increase the discount (up to a maximum amount) for every year that you don’t file a claim. However, if you do file a claim, you will see your NCD drop. Each policy will have different NCD rules, so it is important to know what exactly they entail. 

Consult an insurance broker

Some people still believe the myth that insurance intermediaries charge higher rates for plans, but this could not be further from the truth. Licensed insurance advisors like Pacific Prime Singapore leverage their close relationships with insurance companies to provide rates that are often more competitive than going to an insurance company directly.

By consulting a broker, not only will you enjoy competitive rates, but you will also benefit from:

A wealth of expertise: These people work with insurance daily, and are trained to provide you with unbiased advice based on their wealth of experience.

Time saved: Shopping for plans can be daunting, and doing research is simply time consuming. Insurance brokers do the work and research for you, so that you can just sit back, relax, and let them handle the rest.

Plans tailored to your needs: There’s no one-size-fits-all when it comes to insurance policies, so brokers are dedicated to finding the best plan for you based on your specific needs and budget requirements.

Additional services: For even more added-value, you can also enjoy the additional services (e.g. in-house renewals teams) typically provided by insurance brokers.

About Pacific Prime Singapore:
If you are looking for the best value health insurance plans on the market, why not visit Pacific Prime Singapore’s Insurance Plans page to purchase your plan today? Their team of experienced insurance advisors offer a wealth of experience that you can rely on.

Life Insurance for Seniors

A lot of people dread shopping for life insurance. After all, it can be confusing to choose between the various types of coverage that are out there, and most people don't really like the idea of thinking about their own death. 

However, this can cause a lot of people to put off buying the coverage that they need, which leads to seniors getting older without life insurance. 

If you have found yourself in this situation, or if you are an adult child who is concerned about your senior parent's lack of coverage, you might be wondering what to do next. 

Luckily, though, there are plenty of options for life insurance for senior citizens.

It's Never Too Late to Buy Life Insurance

Since some insurance companies do not offer coverage for seniors over a certain age, some senior citizens fear that it's too late to buy life insurance. 

Even though there might be fewer options for seniors, especially older ones, it is definitely still possible to secure coverage. 

In fact, you might be surprised by how many options are out there for senior citizens.

Life Insurance Options for seniors

There are multiple types of life insurance to choose from, and each option has its benefits. Looking at your different options can help you choose the right coverage for yourself or your senior parent.

Term Life Insurance

Term life insurance is a very popular choice for younger adults, and it is an option for some seniors. 

However, it generally is not the most popular choice for older adults. This is because term life policies often come with higher levels of coverage, which means that insurance companies can be a whole lot stricter about approving applications.

For younger seniors who do not have any health issues, a term life policy might be a good option. 

However, it is important to remember that if you outlive your policy, it can be tough to secure another policy at a reasonable rate. For older seniors or those who have health issues, however, it can be tough to get accepted for one of these policies. 

Plus, many seniors do not need that much coverage anyway, so it might be a more expensive coverage option than what is required.

Whole Life Insurance

Just as for younger adults, whole life insurance can be a good option because the policy can build up a cash value over time. 

However, again, like for younger adults, whole life policies can be quite expensive. Seniors may also be required to undergo a health exam and may have to provide answers to health-related questions, and those who have health issues might not get accepted or might have to pay a higher premium. 

For seniors who are looking for more coverage, such as those who want to ensure that they leave behind a nice cash sum for their beneficiary, this can be a good option. 

However, it is important for seniors who are thinking about buying a whole life insurance policy to be prepared to pay higher premium amounts.

Burial Insurance

Many senior citizens find that burial insurance is the best option. This is true for a few reasons. First of all, there are various types of burial policies. 

Some will pay out the full coverage amount as soon as the insured passes away, without any waiting periods. These policies often require seniors to answer health-related questions. 

The insurance companies often aren't as strict on these policies and are not too concerned about minor health conditions.

For those with more serious health issues, there are guaranteed acceptance policies. This means that anyone can be approved. However, these policies often come with a waiting period. 

For example, if the insured passes away within the first year of the policy, only the amount that was paid in will be paid to the beneficiary. Then, the next year, a percentage of the coverage amount might be paid. 

After a certain time period, such as three years, the full coverage amount will be paid.

Burial policies generally only come with smaller coverage amounts, but they can be a more affordable option that is easier to qualify for than many other life insurance policies. 

Because of this, burial insurance -- which is also known as funeral insurance -- is a very popular choice for senior citizens.

To learn more, visit seniorlifeinsuranceplans.com.

The Hidden Negative Effects of Debt

Photo Credit: https://traineracademy.org/

Personal debt can be attributed to any number of causes, be it a medical emergency, divorce, addiction, or simply unwise spending habits.

Many people know that they should steer clear of debt in order to enjoy strong financial health, but did you know that avoiding debt can promote stronger physical and mental health as well?

Here is a look at some negative effects of debt you may not have known about.

Impaired relationships

Rarely is debt an individual matter, as debt has a tendency to encroach on relationships, marriages, and family relationships. A spouse or partner, for example, may begin to resent their significant other as a means of coping with debt.

They may blame their significant other for irresponsible spending habits, bringing more debt into the relationship, not making enough money, losing a job, etc.

Or, they may choose to hide their debt from their significant other completely, ultimately leading to impaired communication and trust.




One study conducted at Kansas State University found that arguments about money are a top predictor of divorce, while another survey by Consumer Credit Counselling Service (CCCS) reports that an estimated 37 percent of people with debt problems had those problems adversely affect their relationship with their partner.

Romantic relationships are not the only ones harmed, either. A person with debt might, for example, begin to resent their employer for not giving them enough money or for not giving them a raise.

Or, someone with debt might resent friends and family members who are financially dependent on them or who tempt them to spend money they really shouldn’t be spending.

Trouble at work 

Because personal debt is so strongly correlated with increased levels of stress, debt can be a major hindrance in your life at work.

When you are constantly preoccupied with how you are going to pay your bills, your ability to focus on your work is likely going to suffer. If things get serious enough, your career may even be in jeopardy.

And even if you are able to keep your stresses about money from affecting you at work, financial trouble could potentially put you in trouble as you navigate the market.

Some companies actually require their job candidates to undergo a background check for employment, which may include a look into your credit history and other financial information.

If you have personal debt clouding your finances, it could tell an employer that you are not organized enough to complete work on time—or not responsible enough to make decisions that will affect the company’s finances.

Increased risk of mental health problems 

It really should come as no surprise that debt is so strongly correlated with mental health issues, as debt is one of the leading causes of stress today.

According to one study conducted at the University of Nottingham, people who struggle to pay off their debts and loans are more than twice as likely to experience mental health problems such as depression and severe anxiety. 

Moreover, 29 percent of people with high debt stress report having severe anxiety. Another study published in Social Science & Medicine had similar findings, reporting that high amounts of debt are associated with higher rates of stress and depression.

The Royal College of Psychologists even reports that one in two adults with debts has a mental health problem. In short, high levels of debt can contribute to the development of depression, suicidal tendencies, anxiety, addiction, and more.

And as this article points out, mental health problems such as addiction can lead to even more financial stress.

Impaired physical health 

The effects that debt can have on your physical health are surprising. First, of course, there are the health conditions that are commonly associated with stress.

Stress may cause you to eat unhealthy foods or overeat, for example, ultimately resulting in weight gain. Alternatively, it might contribute to insomnia or restlessness, or over time, weaken your immune system.

Chronic stress can also increase your blood pressure, which in turn puts you at higher risk of hypertension, heart disease, and stroke.

And finally, many people who are battling debt choose to forego the healthcare they need in order to save money. Ultimately, this decision can be highly detrimental to your physical health.

5 Ways to Prepare Financially for Retirement

Everyone dreams of the day they’ll get retired, but romantic projection we have of retirement is often completely different from the harsh reality that often involves financial difficulties, loneliness and decrease in overall health.

The pension is usually much lower than our pay, which often makes new pensioners rethink about their spending habits and lifestyle. 

Still, retirement doesn’t have to be burdened by financial difficulties if the right financial strategy is applied even before the golden age takes place.

1. Don’t Rely Only on Savings

The fact is that nowadays people live longer than they did 50 years ago and often savings aren’t enough to live the lifestyle we are used to. 

So, before retiring make a financial plan that will make you money, even when the paycheck is gone. It can be investing in binary options, stocks, forex markets, or unsheltered savings.

It is always good to ask your accountant what are the possibilities or rely on a financial advisor who will make you a proper investing plan for the retirement.

2. Know Your Expenses

It is important to understand where all that money you make is going and to adjust your expenses to your possibilities while taking your future into consideration. 

Some researchers say that most people need 70-90% of their previous income to keep up with the lifestyle they had before the retirement, so it is important to rethink your priorities and needs before the first pension comes. 

Always have a real picture of your cost/income ratio.

3. Think Smaller

In our 30’s and 40’s we like to dream big, and we need big things, but once the children are on their own, all big things become a burden as they cost a significant amount of money. 

Try to cut costs before retirement by downsizing your home and getting rid of all unnecessary services. 

Find a cheaper mobile plan, get rid of expensive TV programs or TV on demand, and don’t be afraid to ask for a better deal or take your business elsewhere.

4. Reduce Your Debt

It is much easier to reduce your debt while still working than in retirement. People who efficiently handle their debts can enjoy their retirement care free. 

Besides getting rid of a credit card, student loans, and other types of debt, it is always good to check interest rates and fees charged by your bank. 

They may seem small, but they accumulate over time and can truly make a difference.

5. Review Your Will

Many things change over time and having an updated will gives you insurance that your estate will be distributed as you intended it. 

Periodical reviews of your will, will provide you the much more peaceful state of mind and will help your family in case of emergency. 

Also, sometimes thinking about future in that specific way, puts all things, including finances in a whole new way.