How to Reduce Your Health Insurance Payments

Health Insurance

Reduce Your Health Insurance Payments

Here are some measures you can take to reduce your health insurance payments whilst maintaining a satisfactory level of cover:

  • Try to keep your insurance claims to a minimum. Health insurers who with lower claims will pay lower premiums.
  • Think about whether or not you should claim. If your health insurance claim is small you may be paying for it in the long term with a premium increase.
  • Find out if your employer provides medical cover. Check with your manager or personnel representative and, if it doesn’t, then you might be entitled to discounts that have been negotiated with health insurance providers.
  • Find out if your partner has health insurance. If they do then it’s possible that you might be able to be added to the cover for a charge – which is likely to be cheaper than if you paid the premiums individually.
  • Check whether or not you need the level of cover that you’re paying. If you got rid of some aspects of the policy, how would that reduce the premium?
  • Make sure you are taking advantage of any discounts you are entitled to. Health insurers reward lower claimants and new customers with discounts.
  • Find out whether you’re entitled to discounts from companies that provide other insurance to you (eg, car insurance). If they don’t sell health insurance, they may have relationships with other companies which can provide you with savings on different types of health insurances.
  • Maintain a good credit rating because financial information is shared between companies and your credit score could be factored into your premium.
  • Don’t be afraid to shop around for the best deal. Health insurance is a competitive market and the best premiums are often awarded to new customers rather than loyal ones.