Health insurance premiums are going up in Switzerland, even for next year. Despite that, we've a few tips on how you can save on health insurance premiums by, for example, increasing your deductible, choosing an alternative insurance model or splitting.
The simplest way to save on basic insurance is by splitting, which is where the insured decide to separate their basic and supplementary insurance.
Basic health insurance policies in Switzerland all offer the same benefit, as this is defined in the Health Insurance Act (HIA). Despite this, premiums can vary significantly between the various insurers. This is why it is worthwhile to regularly compare premiums and choose the mandatory health insurance with the best-value rates. By switching to a different insurer, an individual can save up to CHF 500 a year, while a family can save as much as CHF 2,000. The situation is different for supplementary insurance where the premiums are often unchanged over a long period, and when they do change, this is normally minimal in financial terms. In short: if you have found a supplementary insurance deal that meets your individual needs, you can retain this insurance in the long term.
Among the basic insurers, Telmed is usually the cheapest and Standard the most expensive model. It can therefore be worthwhile choosing either an HMO, house doctor or Telmed model. You should also look at alternative basic insurance models and compare prices, but make sure you check first whether the chosen model actually meets your needs. What's your first focal point in the chosen model? Do you have a free choice of doctors or will your treatment take place in an HMO practice? Is your chosen model available throughout Switzerland or at least in your region? You can always change your model at year-end.
Another way of saving on health insurance is the deductible, as the one you choose can have a direct impact on your premium. A high deductible lowers your premiums, but you pay more for your healthcare costs, whereas the opposite is true if you choose a low deductible.
If you're healthy, rarely go to the doctor and have sufficient financial resources for unforeseen circumstances, you should therefore choose the highest deductible (usually CHF 2,500), otherwise you would be better to stay with the lowest deductible (CHF 300). It is not normally worth choosing any in-between levels. But you should also think about whether you can spend that much money in one go in serious cases.
Most insured in Switzerland pay their premiums on a monthly basis. But if you can, you should check whether there is a discount for paying your premium semi-annually or annually. Some health insurers give up to a 2% discount if you pay in advance. We advise you to contact your health insurer.
Almost 30% of the insured in Switzerland, mainly children, young adults and the elderly, are entitled to a reduction on their premium. Cantons determine who can benefit from a reduction in their premium.
Check whether you're entitled to an individual premium reduction for mandatory basic insurance. Contact your municipality if you're not sure.
Basic insurance: The new premiums are communicated every year at the end of September. This gives you time to switch to a cheaper health insurer. A reminder: All basic health insurance policies offer the same benefit. Your insurer must be in receipt of your notice of termination by November 30. You have to register with your new health insurer by December 31 and any basic insurer must accept you. Your state of health doesn't make any difference.
Supplementary insurance: Termination is possible by September 30. Important note: The new insurer will ask for information about your state of health. As a result, don't terminate the previous insurance until you've been accepted by the new one!
Now you know the most important tips on how to save on health insurance. We've an extra tip if you'd like a simpler way of saving.
Even though splitting is an easy way of reducing your healthcare costs, most insured do not take advantage of this method. Many worry that it will create more paperwork if they have their health insurance with different providers. This is actually the major disadvantage with splitting,
but AXA offers you an easy solution for this: As part of the exclusive service package for our supplementary health insurance, we do this work for you. Each year, we’ll find the best basic insurer for you and will also take care of all the paperwork – from terminating your current insurance to registering you with your new insurer. This saves you both time and money.