The Supreme Court recently ruled the Patient Protection and Affordable Care Act was constitutional. This decisions is being applauded by a number of industry groups, as millions of Americans are expected to now qualify for cheaper health insurance. Because of this, many may no longer need a cash loan to cover an unexpected medical bill. One of the first groups to voice its support for the decision was America’s Health Insurance Plans (AHIP). The goal of providing affordable universal healthcare to millions of Americans is an initiative AHIP has long supported, Ignagni added. However, the added tax premium for coverage could inevitably be a burden to many households in the future.
But not every group supported the decision. Specifically, the National Federation of Independent Business (NFIB) expressed its disapproval.
However, whether you need to save on health, auto or home insurance, according to Kiplinger, there are a number of costly missteps you can make even with the recent regulatory changes.
Setting Low Deductibles May Be Be Costly
If you have low deductibles on your health, auto and home insurance, you may up spending more on premiums than you can ever claim over a long period of time, says the website. In addition, having a low deductible may cause you to make small claims fairly often.
This could disqualify you from certain discounts. If done too often, though, an insurer could drop you altogether.
Inquire About Discounts
There are a number of discounts provided by insurance companies that you may qualify for. A simple failure to ask can be a costly mistake. While specific savings vary from company to company even with bad credit history, some are more common than others. For example, Kiplinger says you may be able to save on your home insurance if you install an alarm system. In addition, if you get a new job that has a shorter commute, this may cause your car insurance rates to drop.