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8 Tips to Save Hospitalization Bills with Health Insurance Policy

Team AckoMay 13, 2024

The healthcare and medical facility industries are hardly an exception in these inflation-ridden times when growing expenses have affected every aspect of financial activity. The escalating expenses associated with basic healthcare can significantly strain an individual's finances. This burden increases significantly in the event of sophisticated medical care or prolonged hospitalization, and the patient's treatment consumes the money set aside for a family's future. 

So, having a specific health insurance plan is not only necessary but also required in these kinds of situations. If you have one or intend to buy any health insurance anytime soon, read this article. Learn how to maximize savings on your hospital bills with the help of health insurance.




How to Save on Hospital Bills With the Help of Health Insurance?

The following tips will help you understand how a health insurance policy will have an effect on your hospital bill:

  1. Select an insurer that covers pre and post hospitalization charges:

    Treating a medical emergency is not only about hospitalization. In some cases, it may be necessary to undergo pre-hospitalization tests and post-hospitalization treatment as well.  For example, investigating the number of blockages in nerves requires you to undergo a process called Angiography before being hospitalised for Angioplasty. This is a pre-hospitalisation medical process.  Some medical ailments need continued treatment after surgery, this comes under post-hospitalization. You will save money on such treatments if your health insurance policy covers them.

  2. Keep a tab on your health with insurer's free health check-ups:

    Many health insurance companies offer health or wellness programs as part of an insurance plan. These are helpful to keep a track of your recent health condition and find patterns for a possible health issue.  Such programs are free under certain policies, for example, Employer's Group Health insurance policy. These programs help you avoid a medical problem by detecting it at the onset. This can save money on hospital bills in the long run.

  3. Select a policy that also covers alternative treatment:

    Allopathy is a branch of medicine that people usually tend to go for. But availing treatments like Homoeopathy, Ayurveda, etc. can also be beneficial. When you decide on availing treatment in any such hospital, your health insurance policy should cover the expenses. Thus, look for a policy that offers AYUSH coverage i.e. covers alternative treatments.

  4. Save additional money on room rent:

    Room rent is one of the major factors of a hospital bill that increases the final amount. You can reduce this cost with your health insurance policy by opting for an add-on called Room Rent Waiver. This will help you remove or decrease the sub-limit on room rent, and you can save money on the hospital bill.

  5. Make sure that your insurance policy covers transportation charges:

    A medical emergency requires the patient to be transported from one place to another. This can be done by hiring an ambulance, but this increases your overall expenses. You need to make sure that ambulance charges are covered under the insurance policy.

  6. Opt for daily cash benefit: 

    It is always a good idea to have some cash handy when you have a patient to tend to. This advantage is provided by a health insurance policy that has the benefit called Daily Hospital Cash. An insurance company will provide a fixed amount of cash for a pre-decided number of days while the patient is hospitalized. 

  7. Avail treatment in a network hospital:

    Getting admitted to a hospital that is a part of the insurer's network will allow you to file a cashless claim. This is the biggest savings you can get on the hospital bill. Under cashless claims, the major part of your hospital bill will be borne by the insurance company, and you just need to pay the deductibles.  

  8. Keep renewing your health insurance policy: 

    An inactive policy will not give any benefits related to health insurance. You will have to bear all the expenses related to a medical emergency by yourself. 

Additional Tips You Shouldn’t Miss Knowing About

Take Basic Hospitalisation Cover

This is among the best advice for purchasing a health insurance policy. To protect your loved ones' health, even if a plan seems out of your price range, you should purchase at least a minimal hospitalization protection. Basic insurance typically has lower costs and saves you money on premiums. Consider the current cost of healthcare in the area you live in before purchasing such a cover.

Choose A Floater Policy

Buying a family health plan rather than an individual one will help you save money on health insurance. Family plans have reasonable rates since you receive a number of benefits, and the amount assured is allocated according to your age group.

Ensure Cumulative Bonus

You can profit from a cumulative bonus if you renew your claim-free health policy in a timely manner. This implies that you can obtain an additional insured amount for the same cost. However, the rate will go up if you get new coverage. A cumulative bonus is available for policy renewals with health insurance. 

For each year without a claim, the cumulative bonus raises your assured amount by 50% of the base premium. The maximum, nevertheless, is set at 100% of the guaranteed base amount.

Purchase Top-Up Plans To Boost Cover

Some workers have their own health insurance or are covered by their employers. Don't purchase an additional policy, though, if you need a bigger sum insured than what these kinds of health insurance policies offer. The only thing left to do is select a top-up plan.

The additional coverage you require is offered via a top-up plan without a substantial premium increase. You can thus benefit from a larger sum covered and significant premium savings. For critical illness insurance, a top-up makes sense as well. For instance, if you purchased a basic hospitalization policy, you may, based on your needs, buy a specialty catastrophe policy.

Maintaining A Healthy Lifestyle

The main way you may reduce your health insurance costs is by doing this. Your medical expenses can be reduced by leading a healthy lifestyle, so the base plan benefits you earn will be far higher than they would be if you file claims regularly.

Shorter Waiting-Period Clause

There's a term called the waiting period that applies when you purchase a medical plan for your family or yourself. The insurer accepts no claims pertaining to pre-existing conditions or particular illnesses during this time. The length of the waiting period might vary depending on the insurer and the plan you select, from 24 months (2 years) to 48 months (4 years).

The waiting period provision applies to a wide range of diseases, including diabetes, thyroid, and blood pressure. The waiting period provision might also cover varicose veins, cataracts, and other conditions and treatments. Thus, in order to assist with filing a claim for benefits in an emergency, it is best to compare medical plans and select the one with the shortest waiting period.

Maximum Daycare Procedures

Additionally, you can verify how many childcare procedures are included in your health insurance policy. Hospitalization costs only need to be covered for a full day for these treatments. 

Treatments for cancer that are part of daycare procedures include dialysis, cataract surgery, and radiation therapy. You may choose to enroll in a health plan that provides maximum coverage for daycare services based on your existing medical conditions.

Cashless Health Insurance

You might search for health insurance that doesn't require cash since the insurance company would handle the straight settlement of your claim with the hospital. However, in order to get reimbursed, the policyholder must run from one end of the hospital bill to the other before filing a claim with the health insurance provider. The claim amount is reimbursed by the insurer a few days later.

Save Money on Prescription Drugs

Find out how your current provider feels about the prescription drugs you take before selecting a new one or extending your coverage. Ask your clinician for a list of the prescriptions you usually fill, and find out where your prescriptions are on the list.

By requesting generics, you may be able to obtain less expensive versions. Utilizing technology, you might also look for the best deals on the necessary medication. If you fit into a specified economic bracket, you may be able to find your drugs for a lower cost.

Negotiate Medical Expenses

When we are sick, our attitudes aren't usually the best. While we're in need of assistance and on a stretcher, we don't usually think about requesting a discount. If you offer to make their work easier, billing departments, physicians, and healthcare institutions might be willing to discuss lower charges. Prior to seeking medical attention:

  • If you have an upcoming procedure, find out if you might receive a discount by making your payment in advance.

  • Inquire about possible discounts for purchasing with cash.

  • Discuss any worries regarding your health with your physician. The doctor may be able to lower their prices if you have a large deductible or other problems.

Every penny counts when trying to cut costs. Make sure to investigate these choices and include these inquiries in your list of essential policy elements. Seek out medical professionals who can offer you the best financial support while you stay under their care.

Cut Down on Unnecessary Medical Visits

As a precaution, doctors frequently conduct testing. Find out from your doctor if the recommended test or procedure is indeed necessary. You might be able to save money by choosing less expensive options. Speaking with your doctor can reduce costs and improve how well they work with you. 

Evaluate your previous spending to be sure you and your family are receiving preventative care. To determine if you can secure lower prices, try to schedule future routine appointments, such as check-ups, in advance with your doctor's assistance.

How to Save Money After Buying Health Insurance?

Health insurance policy will not only help you with the cost of hospitalization but also give additional benefits. Here is on how you can save more money after buying a health insurance policy:

  1. Get a tax benefit:  Buying health insurance policies will get you additional tax benefits under Section 80D of The Income Tax Act, 1961. Currently, a tax benefit of up to Rs. 25,000 is allowed for buying a health insurance policy. In addition, up to  Rs. 25,000 can be claimed for dependent Senior Citizens (parents) if their age is above 60 years.

  2. Opt for generic medicines: Generic medicines are medicinal drugs that are similar (in terms of quality, safety, and performance) to branded medicines. Being cost-effective is the biggest advantage of generic medicines. 

  3. Compare prices for diagnostic tests Nowadays, it is possible to book medical tests online. Some diagnostic centres offer packages that include a set of tests. For example, you can buy a package for full-body screening. It is a good idea to compare the cost of such packages online and choose the most suitable one.

Benefits of Availing Acko Health Insurance:

ACKO insurance is becoming a trusted brand that provides low-cost insurance policies with quick and hassle-free services. You will benefit in the following ways for buying a health insurance policy from ACKO:

  1. Cost-Effective Premium

    ACKO sells directly to you, it means there are no insurance agents or middle-men who can ask for a commission. This decreases the premium. Thus, ACKO offers the best prices for an insurance policy.

  2. Online Claims

    Raising a claim online is convenient as compared to filling extensive paperwork and submitting physical copies of documents. In an online claim, all you have to do is scan the documents and submit the claim through the website or a mobile app.

  3. 5000+ Network hospitals

    ACKO has a wide network of hospitals where you can avail cashless claims. Cashless claims allow you to avail treatment with minimum expenditure from your pocket. The insurance company will settle your hospital bill, and you just have to pay the deductibles. 

Wrapping up:

Buying medical insurance is securing your future medical emergencies with a financial backup. If you buy a suitable health insurance policy that provides adequate coverage then you don't have to worry about arranging money if you or a family member gets hospitalized. 

Insurance experts also recommend creating a health insurance portfolio for comprehensive coverage. It can include an Individual policy, a Family-Floater Plan, a Critical Illness cover, and if applicable, a Senior Citizen Health insurance plan.

Frequently Asked Questions:

1) Why should I renew my health insurance policy in advance when I am given a Grace period to renew the plan?


The grace period is the time when you can renew the policy, and you don’t have to buy an entirely new one. Buying a new policy can be expensive due to various reasons. The policyholder will have to bear all the expenses related to the medical emergency without any help from the insurer if the policy expires. 

The insurance company is not liable to honor your claim even if it is raised during the grace period. Thus, it is advised that you renew the plan before expiry as one cannot raise a claim if the policy expires.

2) What are the types of hospitalization, and how does it affect the process of insurance claims?


There are two types of hospitalizations, planned and emergency. A planned hospitalization involves an advised surgery whereas an emergency hospitalization can occur due to a sudden injury or a condition like a heart attack. 

It is recommended that a policyholder informs the insurance company about planned hospitalization. Otherwise, there is no specific effect on the claim process as per the type of hospitalization.

3) What is the benefit of getting admitted to a network hospital?


The policyholder can avail a cashless claim in a network hospital. Overall the claim process is faster and can be completed in a hassle-free manner as compared to getting treatment in a non-network hospital.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.

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