Believe it or not, health insurance is not something for the rich. Health insurance is available to anyone who wants to have one. Of course, with more significant limitations, the less you pay. But this is normal. The point is that even if your budget is tight, you can have health insurance (which is very positive). Let’s go!
Compare prices.
The first tip when it comes to finding cheap health insurance is, of course, to compare prices. This, which seems evident in any other area, in the field of health insurance, must be remembered because people believe that these types of services have little margin to vary prices and that all brands will charge more or less the same … And it is not so!
Each insurer has different margins (allowing them to have different prices), and each has exclusive offers and discounts based on many aspects and factors. So, it is convenient to make an in-depth review of the options available to choose wisely. If you compare, you can find the best prices.
Keep the copay in mind.
Health insurance has a straightforward operation: The more copay you assume, the cheaper the policy will be. The less copay you think, the more expensive the policy will be. What is the copay? What you pay out of pocket when you effectively resort to insurance services. It makes sense. They charge you a lower monthly fee if you spend a lot when you go to the service.
And what interests you most? A high copay or a low copay? Well, it depends. If you’re older or frail in health, you’re interested in a low copay. It’s what will pay you the most. On the other hand, if you are healthy, you are young, and you do not go to the doctor much, it is better to choose a high co-payment and have a meager monthly payment on your insurance.
Choose the medical chart modality.
In general, the medical category is cheaper than the reimbursement modality. That is why it is recommended to hire this modality. This may have nuances and exceptions, but, as a general rule, it is the best decision for most of the population. So that’s what we recommend.
Hire what you need.
Insurance policies can be as extensive as desired. However, the more extensive they are and the more they cover, the more expensive they will be. That is why it is best to hire only what is expected to be needed. It can be challenging to make this forecast, but it is convenient to spend time doing it to get the most protection at the lowest price.
Include your family.
Another way to significantly reduce the cost of health insurance is to include your entire family in it. Let’s be clear: Insurance is a profitable business to the extent that many people are involved in insurance. So, insurance is interested in you registering and your whole family. Of course, you will pay more, but, on the whole, you will pay less than if you wrote each member separately. So, it should be done.
Take your time.
A widespread mistake is to wait until there is a health problem or to be at a certain age to register for health insurance. This is a severe mistake. Insurance rewards the long-term and people who have been with them long enough and who have not resorted to the service only when the risk of posing a cost to the insurance is very high.
Think of insurers as businesses so they’re not going to take risks unnecessarily. And, if they take them on, they’ll charge you for it. So, it is preferable to register for insurance when you are young and healthy so that, years later, when you need it, the insurance comes out very cheap (in addition to, of course, being also covered during your youth … Because you never know what can happen!).
Pay the premium annually.
Installment payments, whether monthly or quarterly, are a cost for insurers. In addition, having money in the long term (one year ahead) allows insurers to improve their calculations and make their business model much more effective. We are not going to go into econometrics and statistics (which is what the operation of insurers is based on), but it is so.
And, logically, insurers offer better conditions to those who pay annually rather than month-to-month or quarterly. Therefore, we recommend that you make your payments annually to reduce the price. It will not cost you anything (as long as you are a little farsighted), but it will be cheaper, and the insurer will be more sustainable.