If you are an older adult and Medical Expenses insurance is becoming significantly more expensive, or you are close to retirement, and you will stop having this benefit, here are some tips on keeping your insurance. You will agree that the older you are, the more critical the coverage.
Is your health insurance a benefit of your job?
Check if said policy benefits RIGHT OF CONVERSION; this clause obliges the insurer to issue an individual policy when the employee leaves the company and is requested. This clause can be decisive. Yes, because if you have a disease when you go to the company, and this benefit does not exist, the insurer may deny insuring you and continue to cover this condition. With this benefit, the insurer must ensure the employee to an individual policy, preserving coverage and seniority. However, the insurance cost will be according to the individual rate that applies.
It is also essential that most insurers consider it even though they have a lifetime guaranteed renewal clause. They have an age limit for acceptance, which is up to 64 years of age in almost all of them. There are some (very few) in which it may be higher, but these will request medical tests. You will have to verify excellent health so that the insurer accepts you.
A good option is to increase the Deductible
This factor is generally the one that most determines the price of your insurance—the lower your deductible, the higher your policy cost, and vice versa. We recommend reviewing the deductible from time to time and considering a possible adjustment. In this way, you will save an amount. Consider keeping it; If throughout the year you need to use the insurance, it will help you pay the deductible and otherwise; will be yours,
Check your Sum Insured
This is another factor with a high impact on the cost of the policy. It has been prohibited for almost ten years to offer unlimited insured amounts for Medical Expense insurance. But, this is a disadvantage. An infinite insured sum against 100 million is practically the same. In many cases, the insured Sum is for illness, which would multiply 100 million for each disease or, in this case, it would be per year. So it will hardly be exhausted. But out of habit or perception, very high insured sums are still offered. Check with your agent how much you can adjust the price of your insurance by lowering the Sum Insured. Perhaps an amount of 10 or 20 million per illness is enough. Choose one that makes you feel safe according to the type of medical care you would receive.
Which Hospitals include your Policy and Medical Tab
Together with the previous ones, these two factors can give a drastic change to the price of your insurance.
The most luxurious hospitals increase the cost of insurance for major medical expenses. And maybe they don’t interest you or don’t even fit around you in an emergency. Perhaps your GP is not in one of these, and you are paying for something that you will not use. So, reducing the hospital level is another relevant strategy to reduce the cost of the policy. The medical group, also known as THQ or THM (Surgical or Medical Fee Tabulator), goes hand in hand with the Hospital level. Most of the time, the medical fees are according to the hospital of care. In more expensive hospitals, more expensive doctors. If you make a Hospital adjustment, consider doing it in the Medical Tab.
You are in the Right Plan and Insurer
Some insurers and plans can be more expensive. Another option is to consider a change. If today it is costing you a lot to pay your insurance, it will continue to rise, and perhaps you will no longer be able to change later on. Because you already have a disease or are already outside the limits of acceptance. It is better to have a more comfortable policy at a price today to support future increases than to be in one that you can no longer pay today.
Who is your Insurance Agent or Broker?
As you can see, this can be a difficult decision. The ideal is to advise you. The reason for insurance agents is just that; ADVISE. When buying health insurance, you must have an agent and know the subject. Avoid buying Medical Expense insurance directly from the insurer. Or sales channels such as banks or department stores. If you have a question, which will help you? The store or bank teller? The call center assistant that is different every time? The price they will give you in these places will be the same, and you will not have someone to advise and support you when you need it. There are offices with years of experience like ours that we will gladly do.