More than one out of five consumers have reduced their trips to the doctor to save money.
About one out of 10 have either cut back on the number of prescription drugs they take or lowered their dosage to make the drugs last longer, according to a survey by the National Association of Insurance Commissioners.
These strategies are risky. You can end up making your health problems worse — and more costly.
The NAIC says consumers are taking all sorts of steps to save a buck these days, but they haven’t made changes to their insurance. You don’t want to get rid of insurance that you need or might be required by law. But you can make some adjustments to lower your premiums.
Here are some tips from the NAIC on how to do that:
Auto — Install anti-theft devises, such as an alarm or GPS system to locate your stolen car. Your insurance company will likely cut you a break on premiums for installing them. And while you have your insurer on the phone, check out other discounts it might offer, like multi-car discounts, good grade discounts for those under 25 and mature driver discounts for those 50 to 65.
Homeowner’s — Add alarm systems, smoke detectors and deadbolt locks and then tell your insurer. Pay minor repairs yourself instead of filing a claim Raise your deductible. Many insurers look at your credit history to determine how much to charge you, so maintain a good record.
Health — Open a flexible spending account at work if possible so you can set aside pre-tax dollars to pay for medical expenses.
Keep your medical receipts. If you exceed your deductible, you might qualify for a tax deduction for non-reimbursed medical bills.
Life — Maintain healthy habits because insurers might look at whether you smoke or drink too much when setting premiums. Also, be aware, you’re going to pay higher premiums if you have dangerous hobbies like sky diving or hang gliding.