health insurance

7 Important tips for saving more money on health insurance

A comprehensive health insurance plan is a necessity today. It can cover your medical expenses, including hospitalisation, and allow access to a reliable medical facility without pinching your pockets. Be it for yourself and your family- a medical policy can provide you with the necessary protection needed in such times. 

If you thought that your Mediclaim policy was expensive, here’s how you can save some money while enjoying the best benefits of your insurance plan.

Many think a medical policy is for the old, whereas getting covered at a younger age can save money. A health insurance premium is proportionate to the policyholder’s age, meaning you have to pay a higher premium as you age. Thus insurance companies charge higher premiums with age.

  • Compare benefits of different medical insurance policies 

Now that insurance companies make their plans accessible online, it is in your best interest to compare popular policies to see which one fits you the best. You don’t have to compromise on the coverage and yet avail of a good plan at an affordable price. You can also check for reviews on health insurance plans online to compare details of premium, coverage, benefits, exclusions, etc. 

  • Opt for a family floater plan

If you seek a health insurance policy that helps you save some money, it is best to check out a family floater plan. Buying individual plans for yourself and other family members can get quite expensive. Instead, you can opt for a floater policy that extends coverage to all the family members based on the floater sum insured. In such a plan, you can expect the sum to be insured and the policy benefits to be shared by the insured members, all under a single payable premium amount. With no separate premiums to be paid for every family member, you can save more while having an insurance plan handy. 

  • An exclusive plan for elderly parents

If you have elderly parents, you might want to choose a separate health insurance policy for them. If you want to keep your health insurance premium low with coverage for elderly parents, the family floater may not be the best choice. That’s because the premium is covered by the age of the eldest family member and is likely to shoot up with parents on the same plan as they age. Investing in a separate policy for parents can keep the premium low. 

  • Invest in a coverage 

To save money on your health insurance policy, you will have to choose your coverage wisely. Opt for basic covers that can cover your hospitalisation charges. Limited coverage enables you to enjoy a low premium compared to a full-blown policy. Wider the coverage, the higher the premium. However, make sure you include what is useful and don’t blindly opt for add-on-covers that you may not need. The best way to go ahead is by assessing your medical needs before buying your health insurance plan to choose a suitable plan without breaking the bank. You can also choose from plans like personal accident insurance cover.

  • Get a policy with a long term plan tenure

A health insurance policy with a two to three-year-long tenure is relatively more affordable than annual plans. Also, top-rated insurance companies in India provide discounts on purchasing policies designed for two-three years. 

  • Coverage of the required expenses

Health insurance may cover the expenses of your various medical treatments and may include regular checkups, vaccinations, and other things. Whereas personal accident insurance covers specifically the medical expenses that are related to accidental injuries. Dislocations, fractures, abrasion damages, etc. are all covered. Due to this, you would not have to pay for unnecessary things and just what you need as a part of your personal accident insurance.

  • Offers more benefits than the employer insurance cover

If you are working somewhere and are given insurance coverage by your employer, it may not necessarily cover all the things you need. Moreover, there may be processes that are tiring and time-taking. No such issues would be faced by you when you buy personal accident insurance. They are easy to be claimed and provide individual benefits to the insurance holders. The benefits are more and are quite precise.

You can buy a top-up health insurance policy separately, especially to keep the premium low. A top-up plan can provide medical coverage over and above your everyday health plan. These work well for people who have an existing Mediclaim but need access to additional coverage in specific emergencies. If you are covered under your employer’s group health insurance scheme, you might have to pay the premium for the chosen top-up plan. 

Moreover, a policy with a cumulative bonus benefit can increase the insured sum by a fixed percentage. Without levying any extra premium, especially when you have not raised a claim in the previous policy tenure. This ensures an enhancement in your premium amount without any change. Making it a better option than buying a policy with a higher coverage amount. 

We hope the above tips enable you to identify and buy medical insurance. That keeps your premiums low and provides appropriate health coverage. 

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