The average premium for compulsory Swiss health insurance will remain largely unchanged when 2020 begins. Some policy holders will even pay lower premiums in the new year. This widely-published news can lead many policy holders to assume that there is little need to compare health insurance premiums this year.
But that is an expensive misconception, as an analysis by moneyland.ch shows. “This year too, many residents could save a lot of money by changing health insurance policies in 2020,” states moneyland.ch CEO Benjamin Manz.
363 francs of potential savings per person
moneyland.ch calculated compulsory health insurance premium savings potential for the entire population of Switzerland. The weighted analysis covers all health insurance providers, age groups, cantons and insurance models – around 250,000 pieces of data in total.
The results show that residents of Switzerland could collectively save more than 3 billion francs by migrating to the most affordable insurance provider without changing insurance models. That comes to an average saving of 363 francs per person over 2020.
If all residents were to also migrate to the most affordable insurance available even when this means changing insurance models, the average per-person saving would be significantly higher at 622 francs per person. That is 5.2 billion francs in total. This savings potential could be realized if all residents were to migrate to the most affordable compulsory health insurance managed care model available to them. Even higher savings could be realized if residents were to optimize their insurance deductibles as well.
Savings potential by canton
Residents of Geneva could potentially save the most. Adult residents of the Canton of Geneva could save 580 francs each over the coming year, on average. Savings potential is also high in Basel-Stadt (537 francs) and in Solothurn (480 francs). Savings potential is lowest for residents of Uri (222 francs) and Zug (236 francs).
Savings potential for young adults between the ages of 19 and 25 is highest in Vaud (676 francs), Aargau (614 francs) and Geneva (609 francs).
Savings potential by age
Savings potential varies between age groups. Young adults could collectively save the most in 2020 by migrating to different insurance providers without changing insurance models. The average savings potential for young adults over the coming year is 502 francs per person. That adds up to around 329 million francs that could be saved between all young adult residents.
The high savings potential results from the big differences in the premiums charged for young adults. Some insurers are significantly lowering their premiums for young adults in 2020. Other insurers are raising premiums. “Young adults stand to benefit the most from comparing health insurance premiums for 2020,” says moneyland.ch analyst Felix Oeschger.
Residents in the adult age group (age 26 and older) could save 396 francs per person over 2020 – nearly 2.5 billion francs in total.
Savings potential for residents in the child age group (up to age 18) is notably smaller. Families could save an average of 176 francs per child – or 277 million francs combined – by changing insurance providers.
Changing insurance models without changing insurers
Managed care insurance models have gained in popularity year on year. In addition to pure family doctor (general practitioner), HMO and telemedicine models, an increasing number of hybrid models have appeared. The basic logic behind managed care insurance is that in exchange for limiting themselves to consulting health managers as a first step, policyholders benefit from major premium discounts.
The savings potential study by moneyland.ch makes that point clear. By migrating to the most affordable insurance model offered by their existing insurance providers, residents could collectively save nearly 2.7 billion francs over 2020. That is an average saving of 317 francs per person, without changing insurance providers.
Huge differences in individual premiums
The savings potential shown by the moneyland.ch study is based on high estimates for the total population. Actual savings potential for each individual depends on many factors such as your existing insurance provider, your place of residence and others. Individual savings potential can be much lower or much higher than the averages shown here.
A custom comparison is the only way to determine your personal savings potential, explains Felix Oeschger. “The comparison on moneyland.ch clearly shows you whether or not you could save money by migrating.” The moneyland.ch comparison also lets you track year-on-year premium developments for individual policies.
The huge differences between the lowest and highest premiums for each profile are revealed by a custom health insurance premium comparison. For example, an adult resident of Bern (city) with a 300-franc deductible and no accident insurance would pay 763 francs per month for the most expensive policy and 412.70 francs per month for the cheapest family doctor policy. The difference comes to 4200 francs per year.
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