What to do when the cost of your Health Insurance increases
Insurers almost always make adjustments to their rates once a year about Health Insurance. Unfortunately; these increases exceed general consumer price inflation. The causes of these increases are various. And although this article does not pretend to talk about this, I will detail some causes. + Particular increase in Medical Inflation + Increase in the age of the Insured + Claims ratio of the insurer itself (total claims). Once this is clarified, what can be done to improve the cost of your insurance:
Basically, we recommend one or some of the following possibilities
- Compare with other insurers to validate that your plan is in an adequate range
- Raise the deductible
- Modify Your hospital level; that is, remove some Hospitals
- Medical Tab.
- Check your coverage. That you do not have coverage that you did not use or did not know you had
The cost of health insurance can vary widely between insurers, even for comparable coverage levels. So one of the simplest strategies is first of all compare. It will be necessary to analyze how advisable it would be to change insurers, but especially if you have not had claims and you are healthy, a change of insurers can help you reduce the cost of insurance without necessarily implying a reduction in your coverage.
Raise the Deductible
In the case of health insurance with relatively low deductibles (for example, $ 10 or $ 15 thousand pesos), it is appropriate to consider raising the deductible. Because? The deductible amount is the factor that most affects the cost of insurance. More deductible = cheaper policy. A significant deductible adjustment will result in a sensible downward adjustment to your policy. You can save the saving of the adjustment and that saving if it is not used for the payment of the deductible will be yours.
Modify the Hospital Level
Another bill that makes your policy very expensive is the Hospital Level. You can consider making a hospital adjustment by reducing the contracted range. Check the list that includes your plan and the other options according to the insurer.
This is the amount that will be paid to a physician. It is another factor that highly affects the cost of the policy. You can consider making an adjustment and more if you reduce the Hospital Level. In addition, insurers always have network doctors that adapt to the contracted tabulator. You just have to be aware because otherwise, it may not reach what the insurer pays your doctor and what he charges.
Check your Coverages
There are many coverages that can be an additional cost that you may not be aware of and do not use. For example Dental coverage, International coverage, emergency abroad, Hospital Indemnity, Plus Package. Etc. Check that the coverages you have are really useful or if the cost of the additional coverage adds enough value to your policy.