Health insurance is essential — all of us need it. A good plan keeps you safe from the skyrocketing cost of medical expenses today, and gives you access to the best healthcare facilities. The only thing is, like all good things in this world, health insurance comes at a cost!
Fortunately, advancements in technology, and an abundance of choices mean that a good policy costs much less than it did a few years ago! However, if you still think that the premium for health insurance in India is high, the following tips can help you lower the cost, without compromising on the quality of the cover.
One of the easiest ways to enjoy lower premiums on your health insurance plan is to buy a policy when you are young. This is because you are fit, less susceptible to illness, and most importantly, you pose a lower risk to the health insurance provider! This ensures you get coverage at a lower cost. As you grow older, the cost of a policy keeps increasing!
Don’t you love getting things done on the go?? Then why purchase health insurance at a branch! Just get your finger tapping and buy health insurance online. When purchased through the internet, you help us save on overhead costs. These savings are passed on to you in the form of a lower health insurance premium!
Most of us buy insurance for a year. However, you may get a considerable discount if you purchase health insurance coverage for multiple years. You can buy health insurance coverage for two or three years to save big.
You can choose to cover a fraction of your medical expenses on your own. So, instead of the insurance company covering the entire amount, you will pay some amount from your pocket. The amount that you pay is known as co-pay. The higher your co-pay amount, the lower your premium amount!
With family floater health insurance, one premium amount buys a consolidated sum assured that any of your family members can use to cover their medical expenses. Therefore, covering your entire family with one plan could work out to be more cost-effective than having individual plans.
If you need higher amounts of coverage, getting it with a normal health insurance plan might be a costly affair. The alternative is to opt for a top-up plan. It will provide you the additional cover you need at a lower price. Once you have exhausted the coverage of your health insurance policy, you can utilise the top-up to cover all other expenses!
We hope these pointers help you reduce your health insurance premium. Good luck choosing the perfect health insurance plan for yourself and your family.
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