A health insurance policy is an important requirement in today’s age when medical expenses are touching the roof and illnesses and diseases are increasing. Today, many individuals suffer from one or the other form of ailment which gradually becomes chronic and results in expensive treatments. Even accidental injuries are on the rise which again poses a threat to your finances. That is why you invest in health insurance plans.
However, when buying health insurance, many of you compromise on the coverage to have lower premiums. This is a mistake. Having sufficient coverage is necessary. As far as premiums are concerned, here are 10 do’s and don’ts on saving money on health insurance plans.
Save Money on Health Insurance Plans
- Compare before buying
There are many general insurance companies offering health insurance plans in India. When you compare the available plans you can buy a plan which has the lowest premium without compromising on the coverage. So, to save money, always compare and then buy.
- Don’t delay the purchase
Premiums of health insurance plans depend on your age. The younger you are the lower would be the premium. So, you should always buy a plan when you are young to save on the premium costs.
- Buy a long term cover
Health insurance plans in India offer attractive premium discounts when you choose to buy a two year or three year policy. Besides providing you with uninterrupted coverage, a long term policy would also save on the premium cost.
- Don’t hesitate to Buy online
When you buy health insurance online, you might be allowed a discount in the premium. This is because online purchases do not involve middlemen and so the premium is calculated without the commission payable to them. As such, online plans have lower premium rates.
- Buy top-up plans to increase coverage
Having a high coverage level is necessary to pay for the high medical expenses. However, high coverage levels incur high premiums which might prove unaffordable. To solve this dilemma, top-up and super top-up health plans are available. These plans help you in increasing the sum insured at minimal premium rates. So, with these plans you can have a high coverage at low premiums.
- Don’t choose coverage features which are not required
The premiums for health insurance plans also depend on the coverage offered by the plan. When selecting a health plan, choose a plan with those coverage features which you need. Don’t pay a higher premium on unnecessary coverage benefits.
- Don’t choose unnecessary add-ons
Health plans also have optional add-ons which can be selected for enhanced coverage. However, each add-on requires an additional premium. You should, therefore, be careful when choosing add-ons. Don’t opt for unnecessary add-ons and you can save money.
- Choose family floater plans
Covering your family members in a health insurance policy is necessary as they are also prone to medical contingencies. To cover your family members, family floater policies are ideal rather than independent policies for each member. Family floater plans would cover all the members and also save money.
- Choose voluntary co-payment
Co-payment is when you pay a part of the claim yourself. Health plans have a mandatory co-payment clause if the insured is 61 years and above. However, if you choose a voluntary co-payment, you can avail premium discounts and reduce your health insurance premium.
- Maintain your health
Health insurance policies allow premium discounts if you lead a healthy lifestyle and maintain your health. Thus, maintaining your health would not only help you lead a happier life, it would also save money on your health insurance policy.
If you follow these tips and tricks, you can save money on the premium payable for health insurance policies.
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