Tips to Save on Health Insurance Premium– key benefits of a health insurance policy, Tricks and Expert advice
As the number of lifestyle diseases and health problems increases among Indians, the cost of medical care also increases. Buying a health insurance policy has become a necessity today. When you have a health insurance policy, you are relieved of any financial stress that may result from medical bills and expenses.
Through a health insurance policy, your health insurance provider guarantees reimbursement of all medical expenses related to your expenses. But you can claim these benefits and get these benefits only if you are diligently paying the health insurance premium. By doing so, you keep your insurance policy active and get the benefits whenever you need it.
Benefits of a health insurance policy.
Below we can list some of the key benefits of a health insurance policy.
- With a health insurance policy, you can get coverage against your medical expenses and bills in case of health problems and illnesses. Health insurance policies provide pre-hospital, hospital, and post-hospital coverage. This can be very helpful in times of medical emergencies.
- A health insurance policy helps you get cashless treatment if your health insurer comes to a network hospital. Cashless treatment is a savior during a medical emergency.
- Health insurance policies are useful to treat important illnesses like kidney transplants, heart disorders, strokes, etc.
- Additional. Additional costs, such as OPD costs, home costs, ambulance costs, alternative treatment charges, etc., are also covered by health insurance policies.
- Health insurance policies are a source of tax savings and can be used to claim income tax deductions under section 80D.
All of these benefits and advantages of a health insurance policy can be taken advantage of while paying your health insurance premium.
Health insurance premium
A health insurance premium is an amount paid by an insured to a health insurance provider to take advantage of medical coverage and the benefits of the health insurance policy. Simply put, a premium is a policy paid for by an insured to keep their health insurance policy active.
In addition to premiums, the policyholder pays other rents, such as deductions, copays, coinsurance, etc. These rents, when added to your premium, can sometimes increase your health insurance premium.
As your liabilities increase, paying your health insurance premium may affect your budget. However, disabling a health insurance policy is not a viable option in today’s world. Therefore, you should research and discover the reasons why you can lower your health insurance premium but still get adequate medical coverage.
Ways to lower your health insurance premium and still get good coverage
Let’s take a look at some of the ways you can lower your health insurance premium payments, but still not compromise the coverage you get or increase the coverage you receive.
1. Buy a health insurance policy at an early age
Age is an important factor in determining the premium for your health insurance policy. With age, the chances of being affected by diseases and health problems also increase. As a result, your health insurance company will increase your health insurance premium. Therefore, it is advisable to obtain a health insurance policy at an early age.
Some of the health insurance premium plans that can be bought at an early age are Religare NCB Super Premium, HDFC Ergo Health Protection Gold Reagan, Max Bupa Health Campaign Individual, Manipal Signa ProHealth Plus, etc. They provide good coverage at a reasonable price.
2. Choose a family floating plan
It is always advisable to buy a family floating health insurance plan instead of opting for an individual health insurance policy. Through the Family Filter Plan, you will include your spouse and dependent children in this plan, and you will get a discount of around 10% -20% on the health insurance premium.
3. Make the Most of Your Claim Bonus
You can earn bonuses without making any claims in previous years. If the policyholder makes zero claims during the previous year, the policyholder can take a bonus in the event of a reduction in the premium or an increase in their medical coverage.
Expert Advice: Avoid small claims to save your new claim bonus.
4. Buy a Top-Up policy
A recharge policy is a policy that applies to people who already have a health insurance policy and need to add additional benefits.
Suppose a person has a medical insurance policy with their employer and needs to increase coverage for medical expenses that are beyond the scope of the current policy.
Expert advice: Buying a supplemental policy is always beneficial to the insured, as it will be cheaper than buying a new or new health insurance policy. The cost will be at least 20% -30% less than the purchase of a health insurance plan. However, a recharge policy will provide coverage for medical expenses arising from illness.
5. Buy a super top-up policy
A supercharging policy is a better option than a recharging policy because it will also cover medical expenses that exceed your current health insurance policy, but will not be limited to any illness such as recharging. – Up Policy The Super Top Up Policy will cover medical expenses derived from various diseases.
Expert Advice: Although it’s more expensive than a refill plan, it makes more sense to go for it to reduce the burden of your health insurance premium! A superior recharge plan will be activated only after your base plan has ended!
6. Choose the right sum assured
Choosing the correct compensation is very important for an insured. If you really guarantee more than you need, the result is an additional premium. In the case of a low insured sum, you don’t get adequate coverage and have to bear some medical costs yourself. Therefore, choosing the correct age should be based on your age and health.
7. Choose voluntary co-payment
The copayment is defined as part of the medical claim, which must be paid to the policyholder. There are two different types of copays: mandatory payments and voluntary payments. The mandatory payment policy requires the policyholder to pay a predetermined portion of the claim. But in the voluntary copay, the policyholder can decide the amount they pay during the claims settlement process.
Expert Advice: If you go for a copay with a higher payment, your insurance provider will definitely give you a premium discount. You can use this option when you are young and healthy because your medical expenses will be lower and you can choose a higher copayment amount.
8. Buy health insurance policies online
When you buy your health insurance policies online, you get a discount of about 10% -20% on the insurance premium. Online purchasing procedures do not include commissions or charges for services paid to agents and, as a result, health insurers offer their clients a portion of this profit as a discount.
9. Choose a long-term health insurance policy
You can choose to buy a long-term health insurance policy, like 2 years-3 years. Health insurance providers offer premium discounts of around Rs 10-10-15 to those clients who prefer long-term health insurance plans. However, this may depend on your health insurance company and, in many cases, the insurance plan you choose.
10. Maintain a healthy lifestyle.
You can maintain a healthy lifestyle and reduce your chances of getting sick. You can exercise regularly and eat a healthy diet to reduce your chances of getting sick from obesity or cholesterol. You can quit smoking and drinking because it not only lowers your premium rate but also ensures your well-being.
Therefore, considering the current environmental conditions and the increase in the prices of medical facilities; The coverage and benefits of a health insurance policy should not be compromised. However, you can do some research on the premium rates of different insurance providers, compare the policies online, and then buy the right coverage provider at a reasonable premium.
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