Six Ways to Keep Health Insurance Affordable

In Switzerland, health insurance is governed by a federal law called LAMal. This law aims to ensure high-quality health care for everyone. Under this law, it is compulsory for everyone in Switzerland to have a basic health insurance policy. The cost of the health insurance premium is paid by the insurer itself and for those individuals who come below the line of income, premium charges are paid by the government. As per the budget presented in 2016, the Swiss Canton of Vaud spent 15.6% of its total budget on healthcare – a total of CHF 1.4 billion or around CHF 1,900 per person.

In Switzerland prices and plans of health insurance policy differs from place to place. From a financial point of view, paying the lowest possible premiums for compulsory health insurance is generally a good move. Health insurance policy ensures financial safety and assistance to the insurer from a medical crisis. It provides risk-sharing security to the insurer regardless of all their health-related outcomes. Below are the six best ways to keep health insurance affordable.

1. Compare different policies and plan

It is important to compare different health insurance plans and policies to know about the best plan that suits an individual. A person can opt for a health insurance policy which suits his/her requirement. Comparing various health insurance plans and policies can help in selecting the best available option for the insured. It is important to overview different policies to look for wider coverage at a lower cost. 

2. Budget your health insurance cost

It is very important to budget your healthcare costs. It is required to keep a record of your spending on healthcare. It is important to take up a policy which covers frequently required needs. Budgeting the cost also enables high savings and low expenditure on cost.

3. Cut down unnecessary medical appointments, test or procedure

Cutting down unnecessary cost can also keep health insurance affordable. Apart from the required treatments, cutting down the unnecessary cost incurred on medical appointments, test or procedure can save high on monthly insurance premium.

4. Negotiating costs of services and discounts

It is important to ask for discounts and schemes since most insurance providers offer different affordable plans and schemes. It is essentially required by an insurer to negotiate on the cost of the health insurance service offered.

5. Regularly check medical bills

It is required to keep a track of medical expenses regularly to check the amount spent on medical bills. Regularly checking the bills ensures a record for the money spent on medical expenses.

6. Check for health insurance subsidy

It is essential to check for health insurance subsidy to lower down the monthly premium paid by an individual. Insurance subsidy helps an individual to ensure a normal deduction on the cost of monthly premium spends on the health insurance policy.

These were the six important ways by which an individual can keep health insurance affordable. Following them will surely make the best value of money spent on health insurance.