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Q: What happens if I can no longer afford to pay my premiums?

There are many reasons why people find they can no longer afford their health insurance premiums – a change in job or life circumstances could affect your monthly budget, or perhaps for age related reasons the premium has become too high for your budget.

Whatever the case, the first thing you should do is get in touch with your Chase Templeton adviser and talk your situation through. We have lots of ways to reduce the cost of your premium, and can even help you cancel your policy if that’s what’s best.

What happens if I stop paying my premiums?

If you stop paying your premium and you don’t contact your Chase Templeton adviser or your health insurance provider, you’ll eventually lose your cover. Some providers will contact you to arrange a late payment, or some may stop your cover from the first missed payment – it really depends on the terms of your policy.

How can I reduce my premiums?

Your Chase Templeton adviser can suggest small changes to your health insurance policy that can bring down the cost of your monthly premiums, including:

  • Reducing the level of cover – for example taking away outpatient cover
  • Looking at a Cash Plan alternative instead of private health insurance
  • Increasing the excess on your policy
  • Changing your hospital list

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