Cancelling Your Insurance: What You Need to Know – Plus Tips on How to Save on Your Health Insurance Premiums

Don’t worry – while cancelling an insurance policy is generally straightforward, it’s important to know the key deadlines depending on the type of insurance you have. In this blog, I'll explain the most important cancellation deadlines and give you some tips on how to get the most out of your health insurance – including ways to save on your premiums!

If you have any questions, feel free to reach out to us. We're here to help!

Insurance Cancellation Deadlines – Here's What You Need to Know

There are two types of deadlines you should keep in mind when cancelling your insurance: ordinary and extraordinary cancellation deadlines.

1. Ordinary Cancellation Deadlines

Ordinary cancellation means ending your insurance policy at the end of the agreed contract period. Each insurance policy has its own deadlines, which can vary depending on the type of insurance. It’s essential to know when your contract ends and when your cancellation must be received by the insurer.

Example:For liability or home contents insurance, the cancellation period is often three months before the end of the insurance year. If your contract runs until December 31st, your cancellation must be received by September 30th at the latest.

2. Extraordinary Cancellation Deadlines

Extraordinary cancellation is possible when there are changes to your insurance terms, such as premium increases or changes to your deductible. As soon as you are notified of such changes, you have the right to cancel the contract outside of the usual deadlines. In most cases, you have 30 days to do this.

Not sure how to cancel your insurance or which deadlines apply to your specific policy? Don’t hesitate to reach out – we’re happy to help!

Money-Saving Tips for Your Health Insurance Premiums

Health insurance premiums can be a significant financial burden, especially in Switzerland, where premiums are adjusted annually. However, with a few simple strategies, you can often save quite a bit of money. Here are four easy ways to reduce your health insurance premiums:

1. Compare Health Insurance Plans Every Year

It’s worth comparing your health insurance premiums every year. While some insurers raise their premiums, others may remain stable or even lower them. By comparing, you can find a plan that fits your needs and budget. You can use comparison tools like priminfo.ch or contact us directly – we’re happy to help you find the best solution.

2. Increase Your Deductible

One simple way to lower your monthly premiums is by increasing your deductible. The higher your deductible, the lower your monthly costs. However, keep in mind that you'll need to cover more out-of-pocket expenses in case of illness. This option is particularly beneficial if you don’t frequently use medical services. You can adjust your deductible every year based on your needs.

3. Choose an Alternative Insurance Model

You can also save money by choosing a specific insurance model. Options such as the family doctor model, HMO model, or Telmed model can lower your premiums by up to 20%. These models require you to consult your family doctor or a designated health center before seeing a specialist. If you tend to visit your family doctor first anyway, this can be a great way to reduce costs without sacrificing care.

4. Apply for Premium Reductions

If you are facing financial difficulties, you may be eligible for premium reductions. This is a government subsidy that helps reduce your health insurance premiums. To check if you qualify, you can submit an application with your canton or use the online calculator on priminfo.ch.

Conclusion

Cancelling your insurance doesn’t have to be complicated, as long as you plan ahead and follow the necessary deadlines. At the same time, making adjustments such as comparing health insurance providers or increasing your deductible can save you a significant amount of money every year. If you have any questions or need assistance, we at Caveo are here for you.

Get in touch with us – we look forward to helping you optimize your financial wellbeing!

Your Caveo Team