Of course your health is not something we should cut corners on. However, value for money definitely counts when you’re looking for a new health insurance policy or reviewing an existing one.
Here are our top tips on how to get the most bang for your buck on your health insurance spend.
Research and value comparison
With a plethora of choice in the health insurance market, it can be difficult to compare apples-with-apples, and more importantly, how policies, benefits and pricing stack up against what you personally want your insurance to cover.
As your insurance adviser, Vaughan has access to a range of providers and products in the market and can help you shortlist a range of suitable products, based on your specific requirements and budget needs.
Get the excess right
Selecting the highest excess you can afford to pay can be a great way to reduce your premiums. If you choose this approach, it’s important to remember that having a large excess could mean that you miss out on being reimbursed for less expensive procedures. This is another area where Vaughan can help find the right balance for you and your family.
Focus on the extraordinary as opposed to general care
Another option is to select ‘hospital-only’ or ‘hospital and specialist’ cover rather than comprehensive coverage for general medical costs (like GP appointments). While it really depends on how you want your cover to work, this approach can mean that you can assign more budget to higher-cost risks (the often unforeseen medical events that can throw you for a loop), instead of spreading it across health services that the household budget can stretch to (again, for example, a visit to your GP).
Know your no-claims-bonus threshold
Many insurers reward their customers by offering a low-claim bonus. To be eligible, you need to remain below a specific threshold over a certain period of time. This does not mean that you should avoid filing a claim when you need to, but it’s good to know what your insurer’s no-claims bonus threshold is (if they offer it) so that you can weigh up the benefit of claiming against being eligible for a bonus.
Don’t forget direct debit
Setting up a direct debit is another easy way to save a few dollars. Don’t expect a huge sum (we’re talking about shaving 2.5 percent off your premiums) – even small amounts over time can amount to significant savings.
Check the extras
As optional extras usually increase the overall cost of health insurance premiums, it’s important to check that you don’t add unnecessary coverage to the mix. Again, Vaughan can work with you to help identify what you need and remove any unnecessary add-ons.
Get in touch if you want to find out more or review your policy; we’re here and happy to help.
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Published on Monday, June 5th, 2017, under insurance