Wednesday, March 7, 2012

Saving On Your Health Insurance

The current economy is causing many people to drastically cut back on their outgoings, with the majority of industries starting to struggle as people become more selective with their spending. Naturally the first thing most people do without are ‘luxury’ items and services, and some people put health insurance in this category.

While many people are supplied with policies through a group health insurance scheme funded by their employer many pay for it themselves and rather than simply cancel their policy they should look at various ways to cut costs.

Firstly they should understand the types of cover available and try to match it up with their circumstances. Younger people are far less likely to claim on their policy, so they may be able to save by downgrading to a plan which is less comprehensive.  Many insurers offer highly flexible cover which you can match to your needs, so excluding treatments you feel you are unlikely to need can bring down the cost significantly.

Many companies now offer policies known as Cash Plans, which basically allow you to claim back a predetermined amount of the cost of your treatment. This can cover a range of treatments, with everything from dental work to chiropractic treatments available. There’s typically an annual limit on how much you can claim back, and obviously the higher you want the limit to be the more expensive your policy will be, but it can be a very cost effective way to save on essential healthcare treatments.

Lastly, it helps to shop around. Compare health insuranceplans from a range of companies and see who offers you the best deal. Many businesses and websites will do most of the hard work on your behalf, so it is often worthwhile contacting several places to get a wider range of quotes. It’s a competitive marketplace so companies will generally do all they can to win your business so don’t be rushed in to a decision and make sure you get the right level of cover at the right price. 

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