How to lower your premium on health insurance
Because inflation in the medical industry is increasing, even a small treatment can depreciate your bank account. A health insurance policy is the best way to save money for ongoing treatments. Let’s look at some tips and tricks to help you lower your health insurance premium.
Sum assured
It is important to choose the right sum insured for your health insurance premium. Higher sum assured means you will pay more, while lower sum assured means you are at greater risk of incurring out-of pocket expenses. To determine the correct sum assured, consider your ideal age, past health conditions, and future inflation ratio.
Purchase health insurance at a younger ages
Premiums are affected by your age. A younger age can reduce the chance of you getting sick which will in turn reduce your premium. Due to the increasing incidence of diseases, the cost of your insurance policy increases.
Purchase policy online
An online health insurance policy can help you save up to 40% on the cost of your premium. Because the cost of an online policy is less than one that is available in an office, it is more affordable than an offline policy. Take advantage of the discounted online health insurance policy.
Policy tenure
Opt for the longest tenure policy rather than the yearly. Long tenure policies will offer a minimum of 10%-15% savings. Compare health insurance policies online at Policybachat.com, where you will find top-rated insurer quotes.
Opt to have a family floater plan
To get the best insurance policy for the entire family, you can add your spouse and senior citizens to the policy. This will allow you to save money compared to purchasing an individual policy. You can get your insurance plan online.
Moderate deductible
Your deductible (out-of-pocket expenses at the time you claim) should be moderate in order to offset the premium amount and allow for affordable medical care.
To ensure you get the best insurance policy, make sure to follow these steps before you buy the policy. Before making a purchase, make sure you have reviewed the policy’s key features, benefits and exclusions.
How to choose the best health insurance policy
These are some of the factors to consider before you decide on the best type of health insurance.
Protection vs. premium:
Sum insured refers to coverage for health insurance. While deciding on the right health insurance policy, coverage and premium are two of the most commonly compared items. The biggest mistake made by people was to compare the coverage and the premium charged each insurance company.
Many benefits are included in a health insurance policy such as cashless treatment and pre and post-hospitalization cost coverage. Travelling costs, room rental fees, No claim bonus and health check up benefits. Tax benefits can also be included. You should consider all aspects before you purchase a policy. Simply comparing the premiums from different insurance companies to compare different policies on health insurance will only lead to disappointment in the event of a claim settlement.
Add-on/ Rider:
An add-on, also known as Rider, is additional coverage available to the premium for health insurance. It is paid by an additional premium. Additional premium can be paid to increase the base coverage.
Before deciding on an addon, careful analysis is required. The insurance company only charges a small percentage of riders. The customer must identify the necessary add-on. Otherwise, the insurance company will raise the premium without allowing for more use.
No Claim Bonus/ Renewal Bonanza
The insurance company will provide an increase in the sum insured for renewals if there are no claims in the prior policy year. The insurance companies do not offer a No claim bonus, or a maximum renewal bonus, that exceeds 100%.
Only a few Indian insurance policies offer a 10%- 50% renewal bonus for every claim. The greater the renewal bonus percentage, the greater the amount insured at renewal. The best policy in health insurance is the one that gives you a renewal bonus of up to 100% or a claim-free bonus for each year.
Network Hospitals
These hospitals, also known as network hospitals or tie-ups hospitals, are hospitals with whom insurance companies make an agreement to provide cashless healthcare services to their customers. The customer is not responsible for paying hospital bills if they are receiving cashless medical treatment.
The insurance company will offer network hospitals, and they will pay for the hospital’s charges. The policy with the most hospital network hospitals is the best.
Co-pay:
Copay covers a set amount of money that an insured person must pay for each prescription. Co-pay refers to the amount that an insured customer has to pay in order for the claim to be settled. A majority of health insurance policies will include a co-pay clause for senior citizens.
Higher co-pay amounts are more affordable than higher premiums. Co-pay can be used to hold customers responsible and take part in the settlement process. The best policy in health insurance is the one that doesn’t include co-pay during claim settlement.
Pre-existing waiting time:
Pre-existing conditions are any disease or illness that exists before the insurance policy’s inception. The waiting period for health insurance policies is usually a time limit during which any claim for existing diseases will be paid.
Pre-existing waiting periods for various types of insurance products would usually range between 2 and 4 years. Higher pre-existing periods mean that claims for pre-existing conditions will take longer to be settled. The best insurance policy for health is one that has a pre-existing waiting period of 2 years or less.