Save on Health Insurance Costs
- In order to save on health insurance costs every 2-3 years it is a good idea to reassess your family's ever changing medical requirements. So shop around to try and find the most appropriate health insurance policy that not only meets your needs but also has the cheapest health insurance rates.
- There are now some websites where you can compare online health insurance costs from lots of different insurers in one go. This can be very useful as a research tool but do be aware that not all of the health insurance companies are a included in their comparisons.
- When comparing health insurance costs take a good look at what extras, if any, are included in the price. It is important for getting the most health insurance benefits that you only have extras cover for things that you need like optical and dental, and not for extras that you are never likely to need like hearing aids, hip replacement, renal dialysis and plastic surgery.
- You can choose to pay an excess every time that you or one of your family is admitted to hospital in order to reduce your health insurance premium. This can be a useful way to save on health insurance, but be aware that unless you put aside some of the monthly savings to ensure that you have this excess amount on hand if required you could be in for a large bill when you least expect it.
- Always be aware when comparing health insurance policies that some extras and medical covers have limits that restrict the amount that you can claim each year. Also check how these limits are applied because some limits are per person on the policy, whilst other limits are applied per family.
- Be aware before you join a health fund or take out a new insurance policy that there may be waiting periods that apply for particular services, during which time you cannot make any claims. Also note that certain levels of health cover will have restrictions on pre-existing conditions limiting when and how much benefits you can claim.
- Most insurance companies nowadays offer you discounted health insurance premiums if you join via their online website. This is because it saves them money on call centre staff so they pass this savings discount on to you in the form of reduced insurance costs.
- Always call the health insurance company equipped with the cheapeast quote that you could find online and negotiate with them over the phone. Often health insurance providers can match the price of quotes or even better them if they feel like they can close the deal then and there.
- Once you have chosen a health insurance policy that suits your needs be aware that only certain medical practitioners and health providers are approved by that particular insurer. Also some of these health providers will charge above the schedule fees covered by the insurer so you will be required to pay these out of pocket expense or 'gap'. For example if the insurance company covers $50 for a particular service and they guarantee that you will be covered for a minimum of 60% of the costs for this service then the health provider can charge anywhere up to $83 and you will have to pay the 40% or $33 difference. Some health providers, however will charge less than the $83 in the above example so do shop around and ask questions about how much they charge and how much the gap will be before you go and see them.
- For a cost effective and frugal way of obtaining life insurance for you or your partner check to see if you can get it through your superannuation, pension or retirement fund. This way your family is covered even if something unfortunate happens to you, but you don't have to fork out money from your pocket because the life insurance premiums are paid for out of the funds in your retirement account.
We hope that you appreciate and are able to use some of the Free ideas to Save Money on Health Insurance Costs that are provided on this site. If you would like to share your own suggestions or tips about finding the right health insurance company then you can do so by clicking here.