Company Health Insurance Double Discount Saving
Double Discount - The Internet Advantage
‘By using this method we saved 10% on our premiums’……
This post was taken from the Whitepaper ‘Ten Ways To Save On Your Company Health Insurance.’ There are ten different methods that you can use to save your company money on your Health Insurance Costs.
Both of these options should not really be a secret. But you would be amazed at the amount of people who have not considered this simple method of reducing premiums.
It has not been unheard of for a sales consultant, or independent broker, to selectively forget to ask if you would like to take up this option since the total premium would be reduced and the commission earned would also be reduced. Of course, this is not to tarnish the majority with the actions of the minority, but the possibility is there!
With most providers you can reduce your premiums by an average of 5% by paying annually. Why do they do this? Simple, if you are paying monthly you only need to give 30 days notice to cancel your policy with most providers at any time during the policy year.
So, by offering a discount for the annual amount up front they have the money in advance and the threat of cancellation is reduced.
What you need to ask yourself is would you prefer to have the discount on your premium or the flexibility to move during the policy year. The likelihood of wanting to move during the policy year is slim so for this example we will assume you are happy to pay annually.
‘Double Discount’
With certain providers you can also obtain a discount by applying online (usually 5% again). Double discount!! Why let them keep the additional profits when you could have it in your bank.
Example
Monthly premium £450.00 Annual Cost £5,400
5% Discount for annual payment Annual Cost £5,130
Saving £270
Annual payment and apply on line Annual Cost £5,130 - 5%
£4,873.50
Saving £526.50
For a large proportion of company schemes this would be equivalent to have one member FREE. Just buy using the system to your advantage.
Ask yourself this question?
Would you be happy, and able, to pay annually in advance and can you provider offer internet discounts?
This is just one idea from ‘Ten Ways To Save On Your Company Health Insurance.’ If you want some help with reviewing this as a way of reducing company medical insurance or other aspects of your medical insurance just click the get a quote button below, even if you are not quite ready to make a decision we are please to help you in anyway we can.
Obtain you free consultation now, find out how we can help you with competitive quotes and advice.
Health Insurance Search are independant medical insurance brokers, based in the UK helping you get the best medical insurance for you your family or your company.