How to save money on health insurance premiums
Each year it can seem like there is a rise in costs of medical treatment and hence an increase in medical insurance premiums. So what can be done to make sure that you can continue to save money and pay the best price for your plan?
Here we have listed out 5 great ways to keep your health insurance costs down.
1. Do a Full Market Review
As a golden rule, always complete a full market review before setting up your individual health insurance cover or renewing each year.
Over the past 12 months, there have been many new health insurance companies and plans that are now available. It is always prudent to get quotes from a wide range of providers to ensure that you really are getting the best one.
2. Opt for annual payments with discounts
Always be mindful that making a single payment up front for your insurance premium can save you a decent amount of money. As a matter of fact, the sum of paying monthly installments over the duration of 12 months can be up to 12% higher than the figure of making an upfront single payment. Understanding what the actual costs are behind the monthly payment option, you will be better at deciding whether choosing this option is really worth it to you or not.
3. Take into account different coverage options for your family members
This means never purchase a one-size-fits-all family insurance policy because you will encounter an unnecessary surcharge. For example, a family health insurance policy might include maternity coverage which is irrelevant to the male members of the family, meaning you have the unnecessary item on your policy, which you can remove to save money on your health insurance.
4. Ensure your insurance policy matches the country’s healthcare system you live in
It is crucial that you are mindful of the benefits that you have on your insurance policy correspond to the type of medical amenity that you are getting treated and that you don’t find yourself paying out of pocket for treatment that your insurance policy doesn’t have the benefits to cover! With the right healthcare facility (private facilities best fit in with expats) and the right type of insurance coverage come larger savings in your wallet.
5. Increase Your Deductible
Adding or increasing a deductible to your health plan will help you save money in the long run due to its lower premiums.
Our Advice
Ensure you examine financial and medical conditions whether they match the level of coverage on your current insurance policy, otherwise switch it to the one that perfectly matches your specific medical requirements and those of your loved ones. After all, it is never too late to plan for saving on your medical insurance you deserve.