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Home Lifestyle Health Care

Top 5 Ways to Reduce Health Insurance Costs

by The Daily Buzz Team
in Health Care
4 min read
Top 5 Ways to Reduce Health Insurance Costs

Many consumers try to find ways to pay less for their health insurance premiums when everything seems to be getting more expensive.

A few things to consider may allow you to reduce the amount of money you pay for health insurance coverage.

You can browse the best policies for you at Healthplan, but you will need to use your head to reduce costs. Luckily, we’re here to show you how!

Contents

1. Raise Your Excess Levels

When you file a claim for health insurance, you may be given the option of paying an excess, similar to how vehicle insurance works. Increasing your excess may result in a reduction in your insurance prices.

Although no one can forecast the onset of a catastrophic disease or injury, it is still worthwhile to consider whether or not this is a cost-effective strategy.

However, it is the choice to file a claim that may provide you with the most overall peace of mind. It’s all about striking a balance. Our team of qualified Healthcare Consultants can assist you in working through this situation.

2. Reduce Outpatient Cover

There is a high likelihood that the great majority of Private Medical Insurance (PMI) packages will cover inpatient treatment in full (i.e. where a stay in hospital is required).

Because claims are more frequent in outpatient treatment, premiums might range dramatically depending on the amount of care received.

An outpatient procedure is any scans, tests, or specialist consultations performed outside of a hospital setting and do not require a hospital stay.

The three options are often as follows: no outpatient therapy, a degree of outpatient treatment that is limited to a monetary limit, such as £1,000 per insurance year, or coverage for all outpatient treatment.

Your monthly premiums will naturally increase in direct proportion to the amount of outpatient coverage you receive.

3. Say Goodbye to Optional Benefits

To determine if there are any optional benefits on your policy that you would be willing to forego, we can go over them with you — additional treatments coverage, psychiatric coverage, vacation coverage, and dental coverage, among other things.  

The majority of insurers will not remove these benefits over the course of a policy’s term, but you can normally do it at the time of policy renewal.

It may not seem like much, but, as the saying goes, every little bit helps when it comes to saving money.

4. The Six Week Wait

It was decided to bring the 6-week wait option into the PMI market in order to provide a more inexpensive choice to individuals who were previously priced out of the market.

When choosing the 6-week wait option, the policyholder agrees to obtain treatment through the NHS if the waiting list for treatment of their ailment is less than 6 weeks at the time of purchase.

If the policyholder’s name is on the NHS waiting list for more than six weeks, the policyholder is allowed to receive treatment privately immediately.

Premiums might be reduced by as much as a third if you choose the 6-week waiting period option.

The NHS wait time of six weeks applies exclusively to inpatient care (i.e., all care that necessitates the use of a hospital bed) and not to outpatient care.

Suppose you have selected outpatient treatment as an option on your insurance policy. In that case, you will be able to be seen privately as soon as possible for all outpatient diagnostic tests and scans that are performed.

The NHS wait time of six weeks begins only if it becomes clear that you require inpatient care.

5. Don’t Claim It for Every Little Thing

If you ever need to file a claim, having comprehensive insurance coverage in place will provide the greatest amount of comfort. But do you have to make a claim?

Claims will almost certainly result in an increase in your premiums at renewal, and you may be content to use the NHS or pay for a modest portion of your own treatment instead.

The magnitude of the claim is not taken into consideration by most insurers. Because of this, small-value claims may end up costing significantly more in the long term if the insurer does not make a significant contribution to costs.

Conclusion

Health insurance is now a basic necessity for survival, given our times. With the state the world is in now, you will not get many chances to lower your cost of living, but by being smart, getting a good policy, and using it wisely, you will be able to make healthcare affordable for you, at least.

The Daily Buzz Team

The Daily Buzz combines the pursuit of interesting and intriguing facts with the innate human desire to rank and list things. From stereotypical cat pictures to crazy facts about the universe, every thing is designed to help you kill time in the most efficient manner, all while giving you something to either laugh at or think about!

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