Factors that Affect your Health Insurance Costs in Brandon
If you’re researching health insurance in Brandon online, you’re likely to get a wide range of prices from a number of different insurance companies – all advertising very similar policies.
The truth is: different insurance companies assign different values to the risks associated with your health coverage or the health coverage you offer your employees. Those values are determined by the insurance company’s historic data as well as typically extensive research that compiles the various factors and creates benchmarks for risk profiles. If you, or any of your employees, fit into particular risk profiles, your premium prices go up.
Some of the factors that affect health insurance costs include:
- Tobacco smoking – insurance companies tend to penalize those who use tobacco due to the costs associated with maintaining their health. Even someone who has quit smoking will have higher medical costs because it takes a long time for their body to recover from the tobacco usage.
- Overall weight and body mass index – insurance companies are not very favorable towards individuals with a weight problem and higher body mass index, or BMI. The reason is that those with extra weight or a high BMI often suffer from or develop conditions that require expensive medical care.
- Work hazards – some people work in job positions that expose them to hazardous chemicals, radiation, or greater on-the-job risks; for example, construction jobs. Even international business travel may impact the cost of your insurance premiums.
Where there’s a higher risk of injury or illness, there’s a higher cost of insurance.
Call 601.992.4444 or request information online about reducing the cost of your insurance in Brandon.
Preventing the Continued Rise of Insurance Costs in Brandon
Given the fact that many of the factors influencing an insurance policy to cost more are controllable, many individuals and business owners work toward reducing those risk factors for themselves and/or their employees.
Some ways to do this:
- Incentivizing weight loss – offering your employees a share in the insurance cost reduction as a result of lower premiums is an effective way to reduce your premiums quickly. No matter how you feel about paying people to lose weight, the truth is that it just costs less.
- Hosting stop smoking programs – one of the biggest things you can do for your own health or the health of your employees is to stop smoking, and many business owners have found that the cost of hosting a stop-smoking campaign is far less than the insurance premiums they would have paid without it.
- Ensuring proper employee training – employee safety is key to avoiding workers’ compensation claims and ensuring proper employee training is a great way to keep your employees safe while also likely reducing your insurance premiums.
Work with an experienced insurance agency to find the right insurance policies. Inquire about your overall premium costs and ask how best to implement programs to push those costs even lower.
Call our team of insurance experts in Brandon at 601.992.4444 to discuss your needs and the options available to you.