5 tips to reduce your health insurance premium
The premiums for health insurance when living abroad can weigh heavily on the annual costs of living alone or with family. Therefore, reducing your health insurance premium, by comparing the different offers on the market, can prove to be a winning operation in many cases.
Let’s take a look at five tips to reduce your health insurance premium as an expatriate:
- Add a deductible
A deductible is the amount that remains the responsibility of the insured. This is the part of the reimbursement of hospital costs that will not be paid by the insurer. The mention of a deductible in your insurance contract will therefore have an impact on the price: the lower the deductible the more the insurer will have to pay and therefore the higher the insurance premium will be. Conversely, the higher the deductible, the lower the premium. It is the responsibility of the insured to include a deductible or not.
You can choose a deductible level relative to your state of health as well as your budget. It is important to remember that this deductible is not considered in the event of hospitalization.
- Reduce your coverage
To reduce the cost of your annual premium, it is often advised to lower your levels of guarantee. The lower the levels, the lower the premium. For this, it is possible to add a limit of ambulatory cover or delete the guarantees which are not useful. For example, if you rarely wear glasses, it will be useful to compare the price of insurance without the optical reimbursement.
- Reduce the coverage area
Indeed, it is possible to reduce the insurance coverage area to reduce its prices. The lesser the geographic area, the lower the price of the premium. It is therefore possible to be covered only in your country of residence.
- Reduce the choice of hospitals
Most insurers consider the price difference between public and private hospitals. Indeed, in some countries, this difference can go from small to double. These hospitals are more commonly known as the “High-Cost Provider” or “expensive clinics”. All insurers, therefore, have a list of hospitals that they qualify as such. It is then possible to exclude these hospitals from your health coverage or to set up a deductible only for these hospitals. Doing this will help you reduce your health insurance premium. It should be noted that not all private hospitals qualify as a “High-Cost Provider”.
- Compare insurance
The best solution is to compare the different insurance players in the market. Indeed, there are a lot of insurers, and comparing them is always a good exercise to make sure you are well covered and at the best price. It is useful to have a broker help you with this as it will save you a lot of time.
At Expatmedicare, we do our best to explain to you how insurance works and help you obtain a suitable policy. If you want to learn more tips to reduce your health insurance premium, please contact us.
You can also visit our website to learn more about our services.