Purchasing health insurance is important for many reasons. When a person is insured under an adequate cover, he or she receives better medical and timely care than the person who is not insured. The insured person experiences better health outcomes and has no risk of the fiscal burden.
On the contrary, a person with no health insurance policy meets worse health results and suffers due to a lack of financial support during a medical emergency. Therefore, buying a medical policy is a must for everyone.
However, paying a health insurance premium is slightly difficult for those with less monthly income. Also, it is unfortunate that the bar graph of premiums of basic health cover is increasing consistently. If an expensive premium is a barricade for choosing a health insurance policy for you, then check out these secrets to reduce the premium of the insurance policy and save big.
Your age has a pivotal role to play when it comes to determining health insurance premiums. It is directly proportional to the premiums. The older you become, the higher the premiums. Though there is no pre-determined age limit to buy health insurance, it is advisable to get a cover at a young age to pay reduced premiums.
Apart from the lower premium, at a younger age, you are less prone to develop health conditions; you have fewer health problems. It will make your policy cheaper. Also, a lot of insurance companies in India don’t offer health insurance to elders. Some companies offer senior citizen policies with several restrictive features. Buying an insurance product at a younger age can help you save a lot.
Corporate Health Insurance
Many companies provide health insurance policies to their employees. In such a policy, every individual is covered under a group health insurance policy. Some companies also provide health coverage to employees and their dependent family members. This policy is available for free or you need to pay a minimum premium. Also, there is no waiting period in a corporate policy. The only drawback is that the moment you quit the job, your policy gets canceled.
Individual Vs. Family Floater
When you buy something in bulk, you get cheaper prices. Similar is the case with health insurance policies. Going for an individual plan lets you buy a separate policy for each family member so the premium would be higher in comparison to the family floater policy. With a family floater plan, you can cover yourself, your wife, children, parents under a single plan at a much cheaper premium rate because the premium is paid jointly for everyone.
Basic Health Cover
If finding a customized hospitalization cover is hard for you, then go for a basic hospitalization cover. With this, you can secure you and your family from any unforeseen illness or injury. Although some of your medical needs might not be covered, it usually offers the sum insured around Rs. 2-3 lakh. And, you’ll have to pay much lower premium rates.
Doing Plans Comparison
Shopping for the best health policy is the priority of every policy buyer. InsuranceDekho allows you to compare different policies by checking the premium rate, cover and key features, etc. A policy with a lower premium can be the best option and can surely offer basic cover. You can get cashless treatment in-network hospitals.
There are cases when we realize that the sum insured of our health policy is less. So, we tend to look out for some options to increase the sum insured. In the event that you feel the cover is not satisfying your need, go for a top-up cover instead of purchasing a new policy. These top-up plans are available at lower premiums as you have to pay only for the extra features you are getting unlike paying the full premiums in case of purchasing a new health policy. A top-up cover is helpful in case of maternity and critical illness. With it, you can get your savings done without any compromises.
Following healthy living habits is beneficial. It not only reduces the policy premium but also lets you live a happy and healthier life. Quit smoking, lose weight, avoid taking drugs or anything that is harmful to your health. When you stay healthy, the insurance companies will also provide you with some additional benefits that can save thousands. It will also lower the risk of disease in your older age.
Want to know how to choose the right plan for your family? Click here.