With today’s stressful and busy lifestyles, health insurance has become a necessity. Considering the rapid increase in healthcare costs and the number of lifestyle diseases, every individual must secure their healthcare expenses with the best health insurance in India. Yet, there are still a large number of people who are without health insurance because of financial constraints.
However, there are various ways to reduce your health insurance premium and yet be able to avail best health insurance in India. By considering a few factors and making smarter choices, you can save your hard-earned money by reducing your health insurance premium.
Here are some tips that come in handy in reducing your premium cost!
- Take insurance at an early age: You can get even the best health insurance in India at a reduced cost if you plan health insurance at an early age. When you purchase health insurance at a young age, fewer health issues and risks are involved. The premium amount at a younger age is less, giving you a cost advantage. As you age, the risk of diseases also goes up, thereby increasing the premium amount.
- Opt for a basic cover: This is the best way to reduce the premium if you are looking for a cheap health insurance policy. You can opt for a basic hospital cover and secure your family’s health. The health insurance cost can also be checked using a health insurance calculator to get the most out of your policy.
- Compare policies to get the best option: You can compare the best health insurance in India offered by different insurers and make the choice of the best option. You can also use a health insurance calculator to calculate your premium based on your family’s needs. It is important to remember that the cheapest policy may not be the best one, so, make a wise choice and go for a policy that gives you the right coverage.
- Buy your health insurance policy online: Buying a health insurance policy online is more cost-effective as it reduced the cost of middlemen and the insurance company can hence offer you a better price for the insurance policy. Besides a cheaper premium, buying a health insurance policy offers many more benefits like convenience, a health insurance calculator, and the ability to buy the policy anytime and anywhere.
- Buy insurance for a longer term: Most people purchase health insurance policies for a tenure of one year. But many insurance providers, offer the best health insurance in India and provide many attractive discounts on health insurance plans if you buy the policy for two to three years. In such cases, the cumulative premium comes out to be much less than renewing the policy every year. It also protects you against inflation rates.
- Enhance your coverage with top-up plans: Some ailments are not covered under a general insurance plan, and their cost can be rather high. But buying a health insurance policy covering all such ailments can be expensive. Thankfully, you can opt for top-up plans. These are cheaper options to boost your health insurance coverage so you can save costs and yet get adequate coverage.
- Choose your coverage wisely: The premium of your health insurance policy is directly proportionate to the coverage options that you opt for. So, to reduce your premium, you must choose your top-ups and add-ons wisely. The more coverage you go for, the higher the premium you need to pay. Cutting down on unnecessary add-ons can reduce your cost.
- Purchase a family floater health insurance: Everyone wants to keep their family in the best of health. Buying a separate health insurance policy for every family member can be expensive. You can reduce the overage premium amount by choosing a family floater plan that covers the entire family under one plan. Using a health insurance calculator you can compare the amount of savings you get by covering the entire family under one policy.
- Buy separate health insurance for your parents: Buying the best health insurance in India requires you to spend some time researching to get the best health insurance in India. While buying a family floater insurance plan is cheaper, it is beneficial to not include your parents in this policy. This is because the premium amount of the health insurance plan is based on the age of the eldest family member covered. So, including your parents in the plan will increase the premium amount and you will end up paying more.
- Be wise when making a claim: When you are buying a health insurance plan, you may come across a term – No Claim Bonus (NCB). As the name suggests, this is a reward the insurance company gives for not raising a claim in the entire year. This is given in the form of extended coverage or a reduced premium. The discount given on premium as NCB can go as high as 50% of the premium amount for cumulative claim-free years. So, to save on health insurance premiums, you should avoid raising a claim for minor healthcare expenses.
- Take care of your health: By staying fit, you reduce your chances of getting hospitalized and thereby, more chances of availing of a no-claim bonus. Additionally, many insurers offer discounts for reaching certain fitness levels. Customers need to sync their fitness tracker with the app of the insurance provider and the points earned can be converted into discounts.
In your pursuit to buy the best health insurance in India, you should keep in mind that the best policy is the one that offers adequate and relevant coverage at a competitive cost. Purchasing adequate coverage of health insurance may not be affordable for everyone. But, following the above-mentioned tips can help you save much of the premium and make it fit your budget. Do not forget to calculate your premium using a health insurance calculator online.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.