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Saving Money on Health Insurance - The Dos and Don’ts

Medical health insurance is a necessity and not just an option in today’s world. This is essential because of the rising costs for healthcare globally. A decent healthcare plan really helps in cutting down on these costs. Yet, there are multiple people who are unsure about availing medical insurance. They may mistakenly think that it is better to stay without medical coverage and just pay the medical bills instead. This might not be a cost-effective method as there are many ways to save money on health insurance. Instead of choosing not to be covered, choose the right way to be covered in order to make the maximum savings on your plan. 

Do use employer’s insurance

One of the easiest ways to save money on your health insurance is making the right use of your employer’s insurance cover. Most companies are known to provide this without a few but some may ask for a nominal amount. Ensure you have enrolled in the same as you will get much more affordable rates than you would on a privately availed healthcare plan. 

Do start early 

Nothing works better than getting insured in your youth. Lower premium costs along with a maximum cover, starting early with health insurance really does pay off. Young people are known to be healthier and at a lower risk of catching diseases, hence they make for good patrons for medical insurance companies – hence the benefits. The same cannot be said for buying medical insurance at old age as you are at a higher risk of getting ill and subsequently claiming an expense on your medical aid. Insurance companies prefer people in their 30’s much more than those in their 50’s. Issues such as thinner skin, a degrading immune system and shrinkage in appetite affect older people adversely and lead to diseases. 

Do compare policies and select one with low premium 

Research well while looking for various health insurance plans. Look out for policies based on your exact income as well as health needs. Insurance companies defer greatly with the kind of plans they offer. They might have similar products but some give higher life coverage, some give a longer term, while some give you free medical check-ups. The internet has made it much easier to choose, so research well. Once you have a list of probable choices, select the one that has a lower premium amount. A smaller premium goes a long way, but only if it matches your basic needs. 

Do not buy one policy on top of another 

If you have been wise enough to take-up your employer’s health coverage there may be a requirement for a higher coverage, on top of what you are covered. In such a case instead of spending on an additional policy choose a top-up cover. This way you get your extra coverage without spending a great amount on a premium for an additional policy. Do not get a separate cover for each family member As important as it is for everyone in your family to be covered by adequate health insurance, it is not required for all of them to hold a distinct policy. Instead, choose a family floater policy. It will cover a family of four people, including yourself, your spouse, dependent parents, and children. The best part of this is that the premiums are lower in such a policy hence you save on your medical aid policy. Even the sum that is insured will be open to all family members who are part of the policy. Over time you will make huge premium savings. 

The number one thing to change would be to shift to a healthier lifestyle over time. A huge portion of your healthcare expenses will come down by simply becoming a healthier person. Lose those extra kilos and go to the gym. Moderate your diet and watch what you eat. Stop smoking those cigarettes and drink as little alcohol as possible. The healthier you are, the lesser you will visit the doctor. Do not just stop here, but read more online and listen to trusted resources. Careful planning and getting your medical coverage at the right time can help keep prices low.

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