Finding the best health insurance or other policy, shouldn’t be a process that we engage in once. Reviewing your coverage, your needs, and your situation on a regular basis can save you hundreds of dollars each year and tens of thousands of dollars in your lifetime.
- You May Be Over Insured
- You May Have the Company With the Lowest Price Last Year
- You May Have Coverage You Don’t Need
You May Be Over Insured
Can you insurance yourself for the small things? If so, you may be better off with a high deductible health insurance policy that has lower costs.
Low deductible health insurance policies can provide better coverage than high deductible or catastrophic plans. However, the question you should ask yourself, or your insurance broker, is "how much better?" If you spend an extra dollar for your insurance policy, you want to get at least an extra dollars worth of coverage. Sometimes, the extra dollar buys you 50 cents more in coverage.
Most of the administrative costs associated with the processing small claims are the same as those for processing a larger claim. Insurance companies pass these costs along to you when you purchase a low deductible or zero deductible health insurance policy.
More importantly, the insurance company will not give you a rebate during the years when you file no or few claims. With a higher deductible policy, you get to keep more money in your pocket each month and this can defray the costs of any medical expenses that you might have to pay. In many instances the money you save will be greater that the cost of the medical expenses that you have to pay for out of your pocket.
You May Have the Company With the Lowest Price Last Year
One of the services we provide for our clients is to review their coverage once per year. Private medical insurance companies change their prices every twelve months or so. Regularly checking to see where your policy stands competitively can save you thousands of dollars over the course of just a couple of years.
You May Have Coverage You Don’t Need
Do you still need maternity insurance? Are you overpaying for dental insurance? Maternity insurance coverage is very expensive. If you no longer need it, you may be able to reduce your costs by two thousand dollars or more every year. Dental insurance may offer limited benefits. Often this coverage is overpriced. You may save money by paying your dentist directly.