Some Swiss health insurance providers discount premiums when these are paid up front in a lump sum annually or semi-annually. Insurance providers also charge penalty fees when premiums are paid late. Find out whether you can get annual-premium discounts and get informed about late-payment penalties in this guide.
Paying compulsory Swiss health insurance premiums in advance pays off. At least in the case of health insurance providers which discount health insurance premiums when they are paid up front annually instead of monthly.
Typically, health insurance premiums are charged on a monthly basis. But if you can afford to pay the premiums for the whole year up front, you can benefit from a discount of up to 2 percent on total premiums. If you pay the premiums in two semi-annual payments, you benefit from up to 1 percent off standard rates.
Example: If your health insurance premium is 400 francs per month, a 2 percent on annual-premium discount translates into 96 francs saved per year. For a family with multiple policies, this discount can add up to hundreds of francs.
Discounts:
| Insurance provider | Annual premium discount |
Semi-annual premium discount |
|---|---|---|
| Agrisano | 1% | 0.50% |
| Aquilana | 1% | 0.50% |
| Assura | 2% | 1% |
| Atupri | 2% | 1% |
| Birchmeier | 2% | 1% |
| Concordia | 0% | 0% |
| CSS | 0.25% | 0% |
| EGK | 1% | 0.50% |
| Galenos | 2% | 1% |
| Glarner Krankenversicherung | 1% | 0.50% |
| Groupe Mutuel | 0% | 0% |
| Helsana | 1% | 0.50% |
| Klug | 1% | 0.40% |
| KPT | 1% | 0.50% |
| Krankenkasse Luzerner Hinterland | 0% | 0% |
| Krankenkasse Steffisburg | 1% | 0.50% |
| ÖKK | 1% | 0.50% |
| Rhenusana | 1% | 0.50% |
| Sanitas | 1% | 0.50% |
| SLKK | 1% | 0.50% |
| Sodalis | 2% | 1% |
| Sumiswalder | 1% | 0% |
| Supra | 2% | 1% |
| Swica | 0.50% | 0% |
| Sympany | 2% | 1% |
| Visana | 2% | 1% |
| Vita Surselva | 1% | 0% |
Penalty fees
While paying premiums in advance is rewarded with discounts, when you pay premiums late you are penalized with late-payment penalty fees. Typically, health insurance providers issue one late-payment reminder without adding a penalty fee (although some do).
Each additional reminder is generally accompanied by a penalty fee. This penalty fee ranges between 10 and 50 francs, depending on the insurance provider. Penalty fees for compulsory health insurance premiums are typically higher than those for supplementary health insurance.
Penalty interest and debt collection
If the premium is not paid after several warnings have been issued, a debt collection claim is filed. This generates high additional costs. On the one hand, penalty interest on the unpaid premium at the rate of 5 percent per annum is added to your health insurance bill. This penalty interest rate is stipulated by law and is identical across all insurance providers.
Other fees may be added to your bill in addition to penalty interest. These additional fees vary between insurance providers. In the event of a debt collection claim, the administrative fees charged by health insurance companies can quickly add up to 100 francs.
Note: You do not pay penalty interest on your out-of-pocket costs for medical bills (your annual deductible plus coinsurance payments). That also applies to supplementary health insurance.
Verdict
If you have money put aside that can be used to pay your health insurance premiums in advance, doing so can be a good financial move, if your insurer offers annual-fee discounts. It is important to note that if you choose to pay up front annually or semi-annually, you must still pay your insurance bills in full and on time to avoid penalties.
Discounts for paying premiums annually or semi-annually are only one factor to consider when choosing the right compulsory health insurance for your needs. In some cases, an insurer that offers high discounts for annual premiums may still be more expensive than other insurance providers that have lower discounts or none at all. Comparing health insurance premiums based on your individual situation is recommended.
More on this topic:
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