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Tips to Reduce the Health Insurance Cost While Enjoying its Full Benefits

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Published on May 7, 2021. EST READ TIME: 3 minutes

According to reports , approximately 499 million Indians had health insurance in July 2020, a significant increase from 2011 when only 254 million had health insurance coverage. The majority of India's population seeks treatment at private health facilities, where treatments can be expensive. People look for an affordable health insurance policy to avoid the unexpected and enormous financial burden. If you are looking for the same, read this article till the end.

Tips to Consider While Buying a Health Insurance Policy

• Start Early: Some people put off purchasing health insurance policy until the right time comes. However, it is beneficial if you buy one as soon as you start earning. If you buy a policy in your 20s, you are more likely to receive higher coverage at a lower premium than if you purchase one in your 30s or 40s.

• Type of Coverage: Analyse your health insurance needs before opting for health insurance. For example, if you are an individual with no dependents, purchasing an individual policy makes more sense than buying a family floater.

• Sum Assured: Because medical treatment costs are ever-increasing, the sum assured should be sufficient to cover all of your treatment costs. To do so, count the number of family members for whom you want a policy, taking into account their existing health issues as well as any hereditary illnesses that run in your family.

How to Lower Your Health Insurance Policy Cost

• Get health insurance early: As mentioned above, it is best to get health insurance early. People in their 20s are unlikely to have any critical or chronic illnesses. Therefore, many insurance companies provide health insurance at relatively lower premiums. Because insurers assess your age, medical history, and other factors, getting a good deal becomes more difficult as you get older. So, to get lower premiums, get health insurance when you are in good health and reap the benefits later in life.

• Select the policy with right sum assured: Different health insurance policies offer different sum assured, with some plans providing coverage up to ₹1 crore. However, the higher coverage you choose, the higher your premiums will be. Therefore, it is crucial to buy a health insurance policy that offers the right sum assured for your needs.

• Go For Long-Term Policies: Year-long health insurance coverage policies typically have substantially higher premiums than long-term health insurance policies. Therefore, it is preferable to choose a health insurance policy with a tenure of 2-3 years.

• Get policy before your parents’ turn 60: We become more prone to illnesses and diseases as we age. Buying health insurance coverage for your parents is thus a great option. However, if your parents are senior citizens, you may have to pay higher premiums. Purchase a policy before your parents reach the age of 60 to reduce the premium.

• Compare policies to find the most affordable one: Almost all insurance companies offer multiple health insurance policies to cater to everyone's requirements. Therefore, when you scroll through and compare different policies, you may notice a striking difference in the treatment coverage offered. When you compare multiple policies, you will notice that the premiums differ. So, select the plan that is the most affordable for you and meets your needs.

Conclusion

With medical expenses skyrocketing, it is crucial to have health insurance coverage that can serve as a financial cushion during unprecedented emergencies. However, you should always exercise caution when purchasing a health insurance policy.   Select the one with the best coverage, a huge network hospitals, a high claim settlement ratio, and most importantly, affordable premiums.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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