How To Combat Rising Health Insurance Costs
Consumers take out private health insurance for various reasons — the fear of queuing for hours to get treatment in the public system, the perks of having a private room, or subsidised dental treatment. Whatever the reason is, it’s a price they’re willing to pay. However, it’s also a price that continues to rise.
Why pay more when you can outsmart your health insurance and find a few ways to save. Here’s how you can buck the ever-climbing price of health insurance.
1. Opt For Two Single Policies Instead Of One Couples Policy
If you’re in a relationship and your health needs differ, taking out two single policies tailored to your needs can be cost effective. Let’s say, your partner has a knee injury that needs physiotherapy, you can take out two singles policies to save money and your partner can include cover for physiotherapy while you can have a cheaper policy without said benefit.
2. Scrutinise Extras Cover
The amount you can claim back from your extras cover differs from fund to fund. Instead of a fixed amount, it can be better value to select a health fund that pays out a percentage of your bill for every treatment. Keep an eye out for “claimable returns” when reviewing insurance cover.
3. Consider What Stage Of Life You’re In
Choose a health fund that suites your life stage. If you have kids, it may make more sense to go with an insurer who’ll throw in some helpful freebies such as “scale and cleans” for kids, gifts on signup or waive excess for children.
4. Don’t Forget To Claim
The value of your private health insurance depends on how much you can claim throughout the year versus the premiums you pay. Whenever you schedule a treatment, find out if they offer HICAPS, which lets you claim back on treatment costs immediately. The risk of claiming later on is that you might forget to do it altogether!
5. Tailor Your Policy To Your Health Needs
Find out what you claimed for within the year by requesting your annual claims statement from your current health insurance provider. Check if you claimed less than what you’ve paid in premiums. By doing so, you’ll see whether it’s time to switch policies to better suite your needs.
6. Take Advantage Of Direct Debit Payments
Keep a look out for funds that offer a discount if you choose to pay by direct debit. Some funds offer discount up to 4% off your annual premiums if you set up an automatic direct debit from your financial institution.
7. Know Your Maximum Out-Of-Pocket Costs And Risks
Figure out the most you can afford to spend out of pocket on health cover and select a lower-value plan and supplement it with the right comprehensive voluntary offerings.
8. Look To Employer Coverage
Consider your employer-provided health insurance as costs will likely be more controlled. These health insurance also have more options and more places to go to access cover.