In the wake of the global pandemic and rising unemployment, it's been a challenging year for Americans looking to keep their finances in check. But in the six months since October 2023, most health insurance companies have raised premiums twice, adding more strain to our bank accounts.

But this doesn’t mean you have to accept higher premiums. If staying loyal to your health plan in 2024 means facing price hikes, it might be time to take back control and see if you can get a better deal elsewhere.

Wait, my health insurance premiums are going up again? I thought those increases were paused.

Unfortunately, they weren’t. In 2023, due to the pandemic, most insurers delayed their annual health insurance premium increases from April to October. This gave Americans some relief, but the insurance industry still moved forward with the planned 2024 increases.

This means that by April 1, 2024, most families will see their health insurance premiums go up.

But can insurance companies really raise prices when so many Americans are struggling to make ends meet? Unfortunately, yes. 

The government didn’t stop the 2024 rate hikes, and despite press releases claiming it’s the lowest increase in 20 years, the reality is that health insurance premiums have risen by an average of 5.66% since October 2023.

That’s just an average. Many insurers have increased their premiums by even more.

If you’re starting to feel like your insurer is taking advantage of your loyalty, there’s a way to beat them at their own game by switching to a new plan.

Why reward your health insurance company with more of your hard-earned money if they’re not rewarding your loyalty?

Can I really save money by reviewing my insurance?

Absolutely, you can. Last year, the team at Health Insurance Comparison saved customers an average of $312* when they compared and switched their coverage with us.

Not only that, but our U.S.-based experts specialize in ensuring you save money and get the most bang for your buck: they’ll find plans that offer better benefits for the services you use and help you avoid paying for ones you don’t need.

Best of all, you don’t have to wait to file claims. If you switch to a more affordable equivalent plan, you won’t have to worry about being stuck with new waiting periods.

Isn’t it easier to just cancel my private health insurance?

You could, but canceling your insurance comes with significant risks that could leave you paying out of pocket. Not only would you have to re-serve waiting periods if you rejoin later, but you’d also be at the mercy of public waiting lists.

With the pandemic causing a growing backlog of elective surgeries, if you suddenly need an operation and you’ve canceled your policy, you could be facing long waits or massive bills.

So be smart, not loyal. Don’t pay more when there are better options available.

Just provide a few details to the Health Insurance Comparison team, and one of their experts can help you find a better plan—ensuring you’re not paying a penny more than you should.