Switching your health insurance just once in 10 years could save 38.000 CHF

We all know that switching to a new health insurance provider in Switzerland can help save you money - but exactly how much might come as a surprise. A new study has found that the savings could total tens of thousands of Swiss francs. 

Swiss reluctant to switch insurers, but big savings to be made

No matter whether it’s their mobile phone, car insurance or health insurance, many people in Switzerland are reluctant to switch providers, and tend to stay loyal to one company for years and years.

But they might be more tempted to switch if they saw just how great the savings could be. According to a new study published by the comparison site Comparis, if you had switched from the most expensive to the cheapest health insurer in 2015 and stuck with them, you would now have enough money to buy a car - more than 35.000 francs. 

Swapping health insurers could save you 3.889 francs in 10 years

The study found that the average adult in Switzerland pays 5.390 francs for their basic health insurance each year, but they could be paying a lot less. Comparing the premiums for the cheapest and most expensive insurance companies in various Swiss cities over the last 10 years, Comparis concluded that someone who had previously switched to the cheapest option could have saved at least 24.000 Swiss francs.

Since insurance premiums vary from place to place in Switzerland, the savings potential is different depending on where you live. Comparis found that the greatest potential savings of 37.889 francs were to be made in Lausanne, but the numbers were all greater than 24.000 francs for the biggest Swiss cities:

• Lausanne - potential saving of 37.889 francs
• Zurich - 35.861 francs
• Basel - 33.446 francs
• Geneva - 2.689 francs
• Bern - 27.989 francs
• Bellinzona - 27.718 francs
• Lucerne - 24.302 francs

Savings still high if you keep your deductible low

For those figures, the study does assume that by switching to the cheapest provider, you might be paying a higher deductible - which means the benefits aren’t exactly comparable. 

However, they also looked at the potential savings if customers hadn’t changed their deductible amount or their coverage. They found that someone who had switched in 2015 would now have saved 13.769 Swiss francs in Zurich, 10.429 francs in Basel, 4.298 francs in Bern and 15.517 francs in Lausanne. Not quite as much, but certainly not an amount you’d turn your nose up at. 

Switching basic health insurance worth it, study concludes

Comparis expert Felix Schneuwly described the figures as “astonishing”. “Anyone insured with one of the most expensive insurers is simply paying too much,” he said. 

He added that you don’t need to change your health insurer every year to achieve savings like these. “Even without changing insurers every year, and without the chosen insurer always being the cheapest over time, you can save the equivalent of a small car,” he said.

Swiss health insurers have to announce their new premiums by the end of October, and you then have until the end of November to cancel your contract and take out a new insurance policy. Comparis’ study suggests it really could be worth your while.