Health Insurance Policies
Health Insurance is very important protection for you and your family against expenses that arrive should you or one of your loved ones become ill. For that reason, it is extremely important to get health insurance right. You need to choose a policy with great coverage, that has all of the options you need and is affordable. Check out the below tips to help you obtain great value for money when choosing your health insurance.
Compare life insurance quotes
In order to get the best value for money, you need to consider as many providers as you can. There are many health insurance comparison web sites which have been setup for just this reason. They will allow you to enter a few details and obtain quotes from multiple health insurance providers. The comparison websites will list all of the details of the policy so you can make an informed decision about which one offers the best value for money.
Customize your health insurance
Nowadays you can actually formulate an insurance policy to suit you individual needs and save money. If you don’t want to have any more children you won’t need an insurance policy that covers pregnancy costs, for example. If you are in your 20s you won’t need a policy that provides insurance for hip replacements.
In this way you can remove the extras that a policy doesn’t need and really get down to the essentials and things you are worried about. It’s a fantastic way to save money on your health insurance.
Beware of costly and silly additions on a health insurance policy. If there are items associated with the insurance policy that you know you won’t need, speak to the provider and ask for a special deal.
Start health insurance early
Insurance companies like to reward customer loyalty and customers who join at a young age. Many companies will allow you to lock in a lower insurance premium if you join at a young age (below the age bracket of 30-40 in most cases). If you lock in that low lifetime insurance premium you will have a cheaper rate when you are 50, 60, 70 years of age. You can also be rewarded for staying with the same health insurance for a number of years with many companies offering a discount after 10 years of paying insurance premiums.
Choose an insurance plan with a higher excess
The excess is a payment you make to the insurance company when you decide to claim on your insurance policy. Usually the higher the excess, the lower the insurance premium, so you can save money in this way as well.
There are also co-payment options where you agree to pay a certain sum or percentage of medical costs when you claim on your insurance. That can also lower your insurance premiums, but you must be aware of precisely what co-payment obligations you have. Some plans will have a minimum fee attached to hospital stays on a per day basis, so a co-payment of $100 per day you spend in hospital.
Make sure there are limits on the co-payment amounts when signing onto an insurance policy because a per day hospital co-payment can quickly add up if you have a serious accident. Reading the policy in detail is the best way to make sure there are no hidden or substantial excess or co-payment fees in your policy. It is always a trade off between excess/co-payments and insurance premium savings, so find the right balance for you.
Pay in advance to lock in cheaper premiums
Most years there is an insurance premium rise, so avoid copping this rise, consider buying a years insurance in advance instead of doing monthly payments. Many insurance providers will pass on the rise in premiums immediately to customers who are paying every month, but customers who have paid for a year in advance won’t cop the premium rise until the expiry date on their policy.
If you look at the history of premium increases with your company, you may be able to determine what part of the year they raise premiums. If your insurance company usually increases premiums in March-April, then by buying your year long insurance policy in February, you will lock in a decent saving.
Consult your policy before having procedures done
You can save yourself some money by understanding exactly what your insurance policy covers and doesn’t cover. If you aren’t sure what costs you are up for, consult your general practitioner and contact your insurance company. There might be ways to save money by changing which facility you have the procedure done at or by changing some of the options associated with your hospital stay or procedure.
Make health insurance claims immediately
Make claims on your insurance policy immediately to get the ball rolling and prevent any personal costs to you. Most health insurance companies have a maximum claim period as well, so if you have a procedure and don’t claim it for 2 years, the insurance company will not pay you. You don’t want to be stuck with a large medical bill because you forgot to fill in the paperwork!