There are just over 10 days left to change your health insurance. Maybe you are very satisfied with your current package and decided to stay put. If you haven't decided yet, however, this post may help you.
Should you cancel your current policy? And if you do, what alternative is best for you?
Across the board premiums for the Basic Health Insurance package are slightly increasing in 2020, but differences in premiums between providers and policies can still be as high 25 € per month!
Also the maximum discount ('collectiviteitskorting') allowed is halved in 2020, from 10% to 5%. If you were getting this discount in 2019 you are likely to face a premium increase of at least 5 € per month.
So, it may be wise to check out lower priced alternatives. Beware however: the alternative with the lowest premium will not always the best solution in your particular solution. If you decide to make changes, you have to cancel your existing policy by December 31st at the latest.
Checklist
Here are steps you may take if you consider to change policy or provider:
- Change the type of policy you have: from a restitution policy to an in-kind (‘natura’) policy or even an budget policy.
- Change the level of excess: You may opt for voluntary excess (deductible or ‘eigen risico’) on top of your mandatory excess of € 385. Read more about excess and if it is wise to increase voluntary excess.
Some packages offer coverage for the mandatory excess. - Check with your insurance provider if there is a special discount available: Many providers offer a discount of up to 5% to members of sport associations, people that are self-employed, entrepreneurs or students (if they need a mandatory health insurance).
- Opt for a yearly instead of monthly payment: if you have the about € 1.400 it will take available, you’ll save about 2% in premium. This is a return you likely won’t have at your savings account.
- Check if your employer offers a corporate health insurance. Sometimes these packages are attractive, but often you will be able to find a better deal in the market.
- Decide what supplementary insurance you really need. Check if changing or cancelling supplementary insurance will save you money.
- Finally, before you change your policy, check out the options, premiums and discounts other insurance providers offer for the type of policy and level of excess that you are looking for. It is also wise to find out how their services are rated by their customers.
Read much more about these and steps in our 2020 Health insurance Newsletter.
And here is how to find another health insurance provider.