How Can I Pay Less on My Health Insurance?

When the situation gets complicated and the expenses increase, what to do before the arrival of the renewal of your Medical Expenses insurance? Do I cancel it?

I think the option to cancel the insurance is the but. Because if unfortunately we are going through an economic downturn and on top of that we have some medical setback, things will get more complicated.

It is common for our clients or prospects to call us because they can no longer afford their health insurance policies and need us to find cheaper options for them.

Our job, as insurance brokers, is to provide our clients and prospects with options that fit their budget and phase of life. There is insurance for all kinds of budgets and tastes, and canceling a policy or not taking it out for price reasons is exposing yourself to the risk of having to pay out large amounts of money when you don't already have it.

Some of the alternatives that help us reduce the cost of the policy can be, making adjustments in any of the following points

1.- Insurance company (change)
2.- Deductible (increase)
3.- Coinsurance (increase)
4.- Sum insured (reduce)
5.- Medical Circle (adjust to an option of network doctors)
6.- Network Hospital (Restrict Hospitals)
7.- Location of the insured (See if our plan can be regionalized)

By making changes to some of these points, we have made it possible for clients to save up to 70% on their medical expense policies. What we have to keep in mind is that there are definitely options to reduce the price of your policy and it is the first thing that one should do before considering the option of canceling it or not buying it.

However, our best recommendation is to seek advice, as any change will have repercussions on coverage and you have to be aware of what they are.