Any way that we can save money is good. It does not really matter how much money that you make in a year. We all like to save money. When it is saving on such an important topic it is even better.
Health insurance is something that we should all have. There are laws in place that require wage earners that are over the set limits to carry private health insurance. If they do not, they will have to pay up to 1.5% of their annual income as a levy to the government.
There are many ways that you can save money on your premiums. Before we begin going over those, though, make sure that you know what you need. What you need, exactly. That gives you the bottom line that you can go from when checking out policies.
- Correct type and coverage-As mentioned above you need to know exactly what you need. Check your policy every year or so to make sure that you have the coverage that you need, and that you have the correct type. Check to see if your policy has something that you will never use, or that you will not need at your current age and health.
- Health Insurance before 31-Take out health coverage before you turn 31. The government has set into motion a plan to ensure all citizens have private coverage. If you do not have a private policy by the age of 31 you will have to pay a loading fee, along with your premium. Lifetime Health Cover (LHC) allows the insurance carrier the right to charge you 2% every year on top of the premium.
- Pay the premiums-The best way to save money is to pay the entire years premium upfront. This will lock in your price, plus many companies will give you a discount for paying it all off. Some even give up to 4% off for one large payment from you. Compare private health insurance companies by going to an online comparison site to save you time.
- Combine policies-If you and your partner have separate accounts it may be time to combine them. A family policy can cost as much as two single accounts, even less sometimes. The main benefit is that no matter how many children you have, the additions on your policy will barely bump your premiums up, if it does at all.
- Pay a higher excess amount-This may seem obvious, but many people do not even think about this way to save money on your premiums. The downside to this option is that if something does happen and you need medical care, you will be required to pay more out of your pocket before the coverage kicks in.
- Out of pocket expense-The money that you must pay out of your own pocket can add up. Fast. There are ways to lower these costs, even down to the point of not having to pay anything at all. Ask your agent who they prefer to work with. Almost every carrier will have some type of deal with a local medical provider to develop a working relationship between the two. If you opt to go to the medical facility where your insurance carrier has agreements with you will only have to pay a small amount out of your pocket.
Those are the 6 best ways to save some money on your health insurance premiums. Obviously, you will want to check around with various companies as well. The one down the road may give you better deal than the one that you have used your entire life. Check around. Get prices and details. Go with the company that is the best fit for you.