Due to rapidly increasing cost of health care, it has become vital to purchase private health insurance. In Canada, there are a large number of people who do not buy health insurance since they cannot afford it. It might be true in a few cases, but not for all. There are some ways to reduce your health insurance cost. I have gathered a few ways just for you, so that you can also come in the queue of those individuals who enjoy their lives without worrying about health expenses. Here in this post, you will get all those smart ways to save money on health insurance.
You can easily avail numerous benefits of purchasing health insurance at a young age. Since premium tends to increase with age; therefore if you start early you just have to pay lower premium rates. As you grow up, you are more likely to fall sick and hence health related expenses will also increase.
Therefore, choosing a health insurance at an earlier age can be a significant saving on the premium.
This is the best way if you really want to save money while purchasing the health insurance policy. It is always advisable to take an advantage of the policy that is offered by your employer. I am not saying that if you are availing your employer’s health insurance policy then you don’t need to pay a single penny. In fact, it is cheaper than buying a private or individual plan, if your employer charges you for your health insurance.
In many cases, group health insurance plan also covers the family members (spouse and children) of employees. Therefore, if you are covered by your employer’s health insurance policy, start considering yourself lucky. And, if you do not have one, just contact your employer so that you and your family get benefits under group health insurance. This is the best way to save on premiums.
Shop Around for Cheaper Solutions
It is not necessary that if you go for a cheap insurance policy, you will get the best. If cost is your main concern, then instead of choosing the insurance policy that comes in your way it is better to shop around and choose the policy which offer lowest premium without conceding on the sum insured.
Take Basic Hospitalization Cover
In case you are unable to purchase specialized health insurance, you should take a basic hospitalization coverage which will work as the ozone layer for your family in case of sudden sickness or injury. You can easily save money on their premiums as the basic cover cost is less.
Go For a Top-up Coverage
If you already have a health insurance policy or covered by your employer, but are looking to purchase a higher sum assured, then you should consider taking an extra policy. What you need to do is take a top up cover which will provide you a supplementary coverage that will significantly help you in saving on premium.
For example, if you have a basic hospitalization cover, you can add on specialty catastrophe cover whenever you feel the need.
Go for a floater policy
Family floater covers a family of 4 maximum members (spouse, self, dependent kids and dependent parents). Money insured is available jointly for all the insured family members covered by this single policy. This will surely help you to save your hard earned money on premiums. Therefore, you should try to go for a floater family insurance policy instead of a single health plan.