The bar graph of healthcare expenses is growing rapidly which has driven a wave of purchasing health insurance policy. But a crowd of people find it difficult to purchase the policy because of their increasing premium rates. So, check out some efficient and easy steps to shrink the premiums and save smartly on your medical insurance policy-
Age plays a significant role in deciding your premium rate and is directly proportional to the age. Hence, the older you get, the more you pay for the cover. It is good to start the purchase of health insurance policy at a younger age. In addition to the lower premium, younger age benefits with good health conditions so you have fewer problems which are likely to make your policy cheaper. Also, many companies decline their offer of health insurance policy for elders as people at this time are grabbed by diseases. And there are numerous prohibitions at this age.
Family Floater Vs Individual
As we know bulk buying of anything generally turns cheaper instead of single item. Similarly, going for individual health insurance policy for each member would bring much higher premium in comparison to family floater health insurance policy. Here all your family member from spouse, dependent children to dependent parents are covered including you and that to at a much better premium rate as the amount is paid jointly without burdening your pocket.
Health Insurance by Employer
Health insurance cover is also provided by various corporate where individuals are covered under group health insurance policy. It is the best way to make yourself and your pocket happy. Many companies provide health cover for the employee as well as the dependents in his family. Employer’s health insurance policy is generally free and if not then the amount paid is minimal in comparison to other private policies. Also, in case of corporate policies there is no waiting period and therefore, if you are not offered such a policy then ask your employer to provide it.
Basic Health Cover
If you find it hard to avail a customized hospitalization cover then you should try for a basic hospitalization cover. This shall protect you and your family from any emergency injury or illness. Although a few of your needs might not get satisfied, but generally, it would offer a sum insured of around 2-3 lakh and subsequently you will land up paying much lesser premium.
Top-Up Cover Advantages
There are times when we feel our health insurance sum insured is less and look out for some other option. Whether personal or provided by employer, if the cover is not satisfying your need then instead of buying a new policy, it is better to go for top up plans. These will top up your cover and will make you pay only for the extra features you are availing instead of paying for the whole policy all over again. Especially, in case of critical illness covers. And so, you will get your savings done without any compromises.
It is always great to follow healthy living habits not just to get lesser premium or reduce healthcare expenses, but also, for living a cheerful and healthier life. Losing weight, quitting smoking or intake of drugs are few of the habits you can start working upon and thereby, stop visiting doctor for such things. You might even receive benefits from insurer for the same. This will even diminish the risks you might suffer in your older age.
It is always preferable to shop around for the best policy after analyzing all the aspects. Various online insurance comparison portals can help you do so. Check the premium rate, cover, key features etc. It is not necessary that lower premium might offer a good policy but it would surely offer a basic cover. You even get safe from any possible bluff and can plan a better future this way.
No Claim Bonus
For every claim free year, insurers provide the policyholder with no claim bonus which is a cumulative bonus and keeps adding every year. If you avail it timely then you are likely to get a better sum insured on same premium or might even get a discount on premium for the same value of sum insured.
These simple and effective steps can help you get health insurance at a reasonable price and provide a blanket by safeguarding against various diseases or emergency cases.