5 ways to save money on your health insurance
With the cost of living for the average Kiwi household increasing by 8.2%, it makes sense that we would be thinking of ways to lower our everyday expenses. During times like these, many people decide to forgo getting their health insurance sorted, or they cancel their cover entirely to have money for other things.
This is understandable, but having the right health insurance in place is especially important during tough economic times - if something goes wrong, you want to know that you’ll be able to afford the treatment you need.
To help you save on your health insurance so you can keep costs down whilst also keeping yourself protected, we’ve put together some tips for you to consider.
1. Increase your excess
Increasing the amount of excess you’ll need to pay can help to lower your premium payments overall, leaving you with more money to pay for things like groceries. Just remember that if you choose to increase your excess, you will end up paying more if you need to make a claim.
2. Look for special offers and discounts
There are usually a few special offers out there amongst the different insurance providers. Promotions like 2 months of free premiums, or discounts for multiple policies are common. Take a look at what each of the providers are offering, and then chat to your financial adviser for more information and to talk through your options.
3. Get it sorted early
If you’re still fairly young and haven’t got health insurance, now’s the best time to get it sorted. That’s because the earlier you take out cover, the cheaper it can be in the long run. When you’re younger, you’re less likely to have existing health conditions that can lead to higher premiums.
4. Stay as healthy as possible
Maintaining healthy habits is not only beneficial for your quality of life, but it can also help you save on your health insurance premiums. For example, smokers usually pay higher insurance premiums than those who don’t smoke. Some providers even have healthy lifestyle benefits like discounts or other perks.
5. Talk to your employer
Some workplaces and unions offer group insurance schemes that can help subsidise the cost of getting cover. Ask your employer if the company has any such benefit, and if not, encourage them to consider looking into it.
If you’d like to know more about how you can save on your health insurance, get in touch with us today.
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