Quit Smoking to Reduce Health Insurance Costs
National No Smoking Day occurs on March 14. If you still struggle with the habit, now's a good time to kick it. Your health and bank account will thank you.
How Much Does Smoking Really Cost?
The average pack of cigarettes costs $6.36. Smoke a pack a day, and you spend $2321.40 a year on your habit.
Each pack of cigarettes also costs you $35 in health-related expenses. That cost includes treatment for the negative medical health effects of smoking and higher health insurance rates.
What Health Issues are Caused by Smoking?
Numerous illnesses and diseases are linked to smoking. They include:
*Cancer
*Heart disease
*Stroke
*Hypertension
*Emphysema
*COPD
*Osteoporosis
*Impotence
*Pregnancy complications
How Does Smoking Affect Health Insurance Premiums?
Treating the illnesses and diseases associated with smoking is expensive to health insurance companies. Because they are for-profit businesses, they pass those extra costs onto consumers, which means you pay more for your insurance.
On average, smokers pay up to 50 percent more than non-smokers for health insurance. As an example, if a non-smoker in your same demographic and health condition pays $500 for health insurance per month, you as a smoker could pay $750.
This is only an example since premium increases aren't the same for every smoker. The length of time you've smoked, how much you smoke and even previous smoking habits can affect the rate increase you'll see.
How can a Smoker Reduce Health Insurance Premiums?
Until you kick your smoking habit, check into several ways to reduce your premiums by even a few dollars a month.
- Choose a smoker-friendly insurance company. More than 20 percent of the adult population smokes, and some companies will reduce premiums in order to attract those customers. Research several companies to find one that offers lower rates for smokers.
- Bundle health and other insurance policies. When you buy multiple insurance policies from the same company, you could get a break on your premiums. Talk to your health, auto, home or life insurance agent for details on how bundling can save you money.
- Enroll in a supervised smoking cessation program. This step shows that you're serious about breaking the habit. Many health insurance companies will pay for the program, and your employer might offer financial assistance, too. While your premiums may not decrease until you've been smoke-free for two years, now's a great time to get started.
Smoking is costly both in dollars and in your quality of life. Commit to quitting on March 14. For more tips, talk to your doctor and insurance agent. And mark March 14 on your calendar as the day you quit smoking for good.