Even when you’re young and fit there are plenty of reasons why it’s a good idea to have health insurance. In fact, hospitals today have many patients who thought they were healthy just a few days ago.
Luckily there are a few things you can do to get more value from your health insurance and keep costs down. Because if there’s one thing we can all agree on, it’s that money is nice.
1. Know what you need (and what you don’t)
Being young and healthy reduces your risk of needing expensive healthcare… but it doesn’t make you bullet-proof! There’s a range of essential services you ought to be covered for, but you can probably go without cover for hip replacement, cataract surgery and a bunch of other services – and maybe pregnancy.
The idea is you don’t pay for anything you’re unlikely to use – this will keep your premiums low.
2. Increase your excess or co-payments
If you’re unlikely to go to hospital, taking out cover with an excess is a great way to reduce your premiums. A $500 excess (that’s the amount you pay the hospital when you’re admitted) will cut your premiums.
And because you’re unlikely to go to hospital, you’ll only have to pay it if the worst happens.
3. Find out if you’re still covered by your parents’ policy
If you’re under 25, living at home and studying full time, you may be able to get health insurance cover under your parents’ policy, so get mooching will the goings still good.
4. Find an insurer with agreements with hospitals or health providers
Some health funds have special arrangements with health providers to give extra discounts to members who use them. This is a great way to save money on services like optical and dental, and get better value from your health cover.
5. Shop around
Don’t just take the first policy you find, or the cheapest. Low cost health cover may not give you enough protection and could leave you out-of-pocket should you need to make a claim.
Shopping around and taking time to compare different health funds is a good way to make sure you’re getting the best value.
There are ways to save money on your health insurance without having to drop essential cover. By working out what you actually need, shopping around, cutting back on services you don’t use and increasing your excess, you can get the health cover you need at a price that suits your budget.