Tips for reducing the cost of Medical Insurance

Purchase only medical insurance coverage that you really need. If cost is especially important to you, you may decide only to buy just hospitalization cover. This is a good idea if you are happy to cover day to day GP expenses but want medical insurance to cover you for serious illnesses or accident.

Most medical insurance policies provide you with private rooms for inpatient treatments however to reduce the cost, you may want to elect for having semi-private rooms. This means there will be one to two other patient's in the room with you. You can save up to 15% electing for this option.

Add an excess to your insurance plan. This is the amount of money that you pay first before the insurance company pays out. You can choose a nil, small, medium or large excess.

If you receive some private medical insurance as an employee benefit, look at the coverage this provides. You can decide if this is comprehensive enough. You could purchase medical insurance which will ‘top up’ employee cover and will only kick in once you have used or exceeded the limits of your work insurance.

US medical treatment is very expensive so reduce the cost of your medical insurance by choosing worldwide excluding US coverage. This means you would be covered everywhere in the world other than North America (and in some cases Canada) for all medical expenses. Travel insurance plans do still cover you for short trips (such as holidays) that you take to the US.

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