Tips To Save Hospitalisation Bills With A Health Insurance Policy

Posted on: Apr 2, 2024 | 3 mins | Written by: HDFC ERGO Team

Tips To Save Hospitalisation Bills With A Health Insurance Policy

Having a health insurance policy can potentially save you from financial setbacks that might be caused due to substantial hospitalisation bills. By obtaining robust health insurance, family health insurance, or senior citizen health insurance, you can ensure a shield for you and your loved ones against expensive medical costs. Such policies aid in managing expenses arising from surgeries, medicines, and even consultations. Whether you want to protect your family’s health or plan for your old-age healthcare needs, the right insurance policy is paramount.

Here, we offer some helpful tips to save on medical bills and leverage your health insurance policy to the fullest. Understanding the terms and using them judiciously could result in significant savings and uncompromised medical care.

How to save on hospital bills with the help of health insurance?

The health care industry is expensive and medical emergencies often lead to huge financial burdens. However, you can substantially reduce your medical expenses through health insurance. This policy not only offers financial cover for hospitalisation costs but also offers various benefits like free health check-ups, ambulance cover, cashless hospitalisation, and much more. Opting for a comprehensive health insurance policy ensures that you do not need to dip into your savings to pay hefty hospital bills.

1. Family Health Insurance

Most health insurance companies offer a policy where a single insurance plan covers the health care costs for the entire family. This plan works out to be cheaper than individual health policies as it encompasses a higher sum assured and you can claim compensation for any family member within the same plan. If your family has a history of illnesses, or you have dependent parents, then opting for family health insurance can offer significant savings on your medical expenses. Remember to consider the healthcare needs of each family member while choosing the right plan.

2. Senior Citizen Health Insurance

Hospital bills tend to skyrocket as people age, owing to an increase in health complications. Most general health insurance policies may not offer comprehensive coverage to senior citizens due to higher risk factors. Hence, insurance companies provide specific plans for senior citizens which include coverage for routine health check-ups, hospitalisation expenses, treatment of chronic diseases, pre and post-hospitalisation costs etc. Although the premiums are slightly higher due to the risk involved, they can save you from the financial stress caused by high hospital bills in old age.

3. Save Money On Medical Bills

Investing in a suitable health insurance policy can play a pivotal role in saving money on your medical bills. A good health insurance plan will cover the majority, if not all, of your hospitalisation expenses including surgeon's fees, room rent, medicines etc. It can also offer additional benefits such as cover for alternate treatments, maternity benefits, and care procedures, which would otherwise deplete your savings significantly.

Here are some tips to save on hospital bills:

1. Understand your health insurance plan thoroughly including its exclusions and waiting period. This helps avoid any last-minute surprises.

2. Utilise the free health check-ups offered by your insurer as early diagnosis of ailments can help in managing them better.

3. Regularly reassess and upgrade your health insurance coverage to ensure it keeps pace with inflation and your changing healthcare needs.

Hospitalisation costs can burn a hole in your pocket. It is prudent to have a health insurance policy in place to safeguard against unexpected medical expenses. Health insurance acts as a safety net in case of medical emergencies and goes a long way in helping you save on hospital bills. It provides you peace of mind knowing that your medical expenses are taken care of, allowing you to focus on getting better.

How to save money after buying health insurance?

Health insurance is crucial for everyone as it provides financial protection for unexpected healthcare expenses. But it doesn't mean you shouldn't try to save money after buying a health insurance policy.

1. Understand your policy

Before signing up, read through your policy thoroughly and understand what is covered and what is not. This can help you avoid spending on medical services that are not covered. Furthermore, be aware of the deductibles, co-pays, and out-of-pocket maximums.

2. Negotiate medical bills

You can save by negotiating your medical bills. Ask for an itemised bill and review it carefully. If there are services or charges that you feel are unreasonable, negotiate with the provider or hospital. Often they are willing to offer a reduction, particularly if you offer to pay promptly.

3. Stay in network

Stick to medical providers within your health insurance network. In-network doctors and facilities have contracts with the insurance company which provides discounted rates for policyholders. Going out-of-network usually leads to higher out-of-pocket costs.

Family Health Insurance

For families, there are additional ways to save money after purchasing a policy.

1. Consolidate policies

If you, your spouse, and your children each have separate health insurance, consider consolidating into a family health insurance policy. The consolidated premium is generally less expensive than maintaining separate policies.

2. Utilise preventive care

Most family health insurance plans cover preventive care services such as regular check-ups, immunisations, and screenings at no cost. Utilising these can keep your family healthy and reduce the need for expensive treatments later.

Senior Citizen Health Insurance

For senior citizens, there are unique ways to save money on healthcare expenses.

1. Understand medicare

Medicare is a complex system with many parts. Understand what each part covers and make the best choice for your healthcare needs to save money.

2. Prescription drugs

Most seniors need prescription medications, and these can be costly. Look for a Medicare Part D plan that covers your medications or consider a Medicare Advantage plan that includes prescription coverage. You can also ask your doctor about generic options, which can save you money.

Save Money on Medical Bills

There are many ways to save on medical bills regardless of the type of insurance.

1. Use a Health Savings Account (HSA)

If you have a high-deductible health plan, an HSA allows you to contribute pre-tax dollars for medical expenses. These funds roll over from year to year and can accumulate, allowing you to save money on out-of-pocket medical costs.

2. Be proactive

Avoid unnecessary medical expenses by being proactive with your health. This means living a healthy lifestyle, staying up-to-date with screenings, and getting timely treatment to prevent minor health issues from becoming serious problems.

Saving money after buying health insurance is possible. You just need to know your policy well, stay in-network, negotiate medical bills, use a health savings account, and be proactive with your health.

Conclusion

Choosing the right health insurance policy, whether it's for an individual, family, or senior citizen, can significantly reduce hospitalisation bills. Understanding the policy's coverage, limits, and exclusions, opting for a higher sum insured, timely renewal, and preferring network hospitals are essential steps in optimising health insurance benefits and saving costs.

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

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