Since we live in an age where access to information is almost immediate thanks to digitization, more and more people have started to understand the importance of health insurance and why it is essential to have in your insurance portfolio. A health insurance policy can shield you from a number of medical expenses that might come calling without prior notice.
Now that the importance of health insurance has been established, let’s come to the core aspect of this piece – tips to reduce your health insurance premium. Before we list it down, please bear in mind that these tips are to help you choose the best health insurance plan and not the cheapest one available.
1. Buy a Health Insurance Policy Online at an Early Age
Choosing a health insurance plan at a young age is certain to cost you less. Health insurance companies consider young people as less likely to fall sick and get admitted so they charge lesser premiums on their health insurance policies. Your premiums will be lower compared to say an older individual with a pre-existing health condition.
2. You can go for Lower Coverage, to start with
As stated above, this is a step-in gradual progression. You can buy a health insurance policy with relatively lower coverage. You must pay less on the premium of health insurance plans with less coverage. You can then enhance the Sum Insured on your medical insurance renewal by paying an additional premium when your financial status improves. Additionally, you should also compare health insurance plans before buying one.
>> Check: Mediclaim Policy Premium Calculator
3.Opt for Deductibles
Many health insurance companies allow customers to go for a deductible. A deductible is an amount that has to be paid by the policyholder before the insurance company pays the general insurance benefits. You can make the most of this opportunity to reduce the premium of health insurance plans. You have to select the right amount of deductible which you will pay when you make claims on it.
4.Select Long Term Medical Insurance
The long-term health insurance premium is lesser than the premium of basic medical insurance plans with the annual term. Health insurance premiums decrease considerably if you choose to pay the premiums for two or more years at once. Nowadays, quite a few health insurance companies have come up with long-term medical insurance plans so compare and trace out the best long-term health insurance in terms of premium.
These are simple steps that will give you the right direction while buying a health insurance plan. As an insurer that offers specialized health insurance plans to cater to a diversity of needs, Care Health Insurance (Formerly Religare Health Insurance) has progressed quite well. To date, its hospital network is 7400+ strong and its diverse range of health insurance plans has been designed to keep you secure from a host of medical exigencies.