Health insurance is one of the must-have investments; it becomes essential to understand how much you should invest from your total earnings on your health insurance plan. In India, healthcare affordability continues for millions, and their lives go for a toss because diseases never discriminate between rich and poor.
People often fail to buy health insurance for themselves and their families because of the financial crisis they have to face due to lack of planning and knowledge. Due to the deteriorating condition of the world due to the pandemic, health insurance has become a primary concern. It becomes crucial to spend on health insurance to get protection against any contingency in the future.
If you are wondering how you should save money for health insurance premium from your earnings, this article guides you to save your earnings wisely for your health insurance premium.
Tips to Spare Money for Health Insurance Premium from your Earnings
There is no such thumb rule, but the ideal practice is to go for coverage of 6 times more of your earnings. For instance, if your earning is Rs 50,000 then you should opt for coverage of at least Rs 3,00,000. Considering the same, we have listed down a few helpful tips below that can help you save for premium from your earnings-
- Opt to pay the premium annually- Once you choose to pay your premium annually, you will be able to save for your premium easily every month. Make a pact to yourself to save money every month by dividing the total premium by 12. This way, you will keep saving every month until the due date of the premium. Once you have money handy to pay, you will be at ease.
- Open a recurring deposit- One of the safest options is to open a recurring deposit until the time your premium gets deducted. This way, you will be able to save money every month and pay your premium timely.
- Choose a plan that falls in your budget- Always be wise while choosing an adequate plan for yourself and your family. Take a note of your budget and then decide which plan you should take so that you can pay its premium easily. This way, you will be able to afford your premium easily and pay it timely.
- Avoid purchasing unnecessary items- People often buy unnecessary and expensive things out of impulse without realizing if they are helpful for them or not. Hold yourself back when you see something that attracts you but isn’t of any use. This rule will help you save a little more, which will become easy for you to spare money for your premium.
The aforementioned tips could be helpful if you plan to buy health insurance for yourself and make paying premium easy for you. Once you start following a disciplined way, you will not be financially burdened while paying your premium.
>> Also read 4 Important tips to reduce your health insurance premium
Final Thoughts
Saving money is one of the hardest and fruitful things one can do for their future. Health insurance is an essential need in today’s fast-paced lifestyle where things are undeniably uncertain. Comprehensive health insurance covers your medical expenses as and when you need it the most. Care Health Insurance offers promising health insurance plans with low-cost premium and treatment at a wide network of 22900+ Cashless Healthcare Providers across the globe. It is high time to buy yourself and your family health insurance to be safeguarded against any illness or emergency in the future.
>> Also Read How Your Age affects the Health Insurance Premium
Disclaimer- This information is for reference purpose only.
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