India has the highest rate of medical inflation among Asian nations in 2021. The survey stated that the retail health insurance growth trajectory would continue. Due to inflation, prices are increasing, and people think health insurance will cost them more. But there are several ways to reduce health insurance premiums. So, consider how you might reduce your premium while maintaining optimal coverage.
Tips to Reduce Health Insurance Premium
Rising medical care expenses have made health insurance mandatory, yet not everyone can afford to pay high rates. Here are some easy strategies to lower your health insurance premiums.
- Buy Insurance Early: Age is one of the primary factors that influence the cost of a health insurance policy. As a result, medical insurance costs rise as you approach older age groups, as it's true that you are less prone to have any medical issues while you are younger. As you become older, age-related issues emerge, increasing the likelihood of filing insurance claims.
- Select Top-up Plans: Because high premium rates have discouraged consumers from purchasing health insurance, insurers have developed health insurance top-ups. Our insurance requirements often vary as we become older. Instead of purchasing a new health insurance policy, you may supplement it with a top-up plan.
- Compare Health Insurance Online: Before buying medical insurance, do your homework and analyse the many choices on the market. Some insurance policies may have high premiums, but that does not always imply that they provide superior coverage. So, it is better to compare health insurance plans online.
- Buy a Family Floater Policy: Family mediclaim plans cover numerous family members. Because the odds of hospitalisation are low, these plans are beneficial for families with children. All family floater plans include spouses and children, and some provide coverage for parents. Because numerous family members are covered under a single plan, the health insurance premium is reduced.
- Cumulative Bonus: Some insurance companies reward customers who make no claims during the policy period. This incentive is available as a cumulative bonus, which varies per insurer.
- Buy Long-Term Policy: Health insurance premiums are typically paid once a year, and the best health insurance plans allow you to choose multi-year payment arrangements. If you pay your health insurance payments for two or more years, your premiums will be significantly lower.
- Enjoy Benefit of Co-Payment: Co-payment is a feature in which the insurer and the insured share the cost of the claim in an agreed-upon ratio. As with the preceding point, you are required to pay a specified percentage of the claim amount. Choosing a higher copay can decrease your health insurance premium, but you will bear the burden of paying a portion of the medical expense.
- Buy Health Insurance Plans Early: Online health insurance coverage is significantly less expensive than offline equivalents. This is because there is no intermediary in the online manner of buying. As a result, getting health insurance online is advised to obtain a low-cost premium and few documents.
- Stay Fit and Healthy: Your lifestyle influences the cost of your insurance premium. The argument is straightforward and comparable to why 'age' is the main determinant! People who do not smoke, drink alcohol, use tobacco, or use drugs have a lower risk of developing life-threatening illnesses. As a result, insurance firms provide low-cost premiums to people who live a healthy lifestyle.
We hope after reading the article, you would have gotten clarity on how to reduce your premiums. However, lower health insurance rates are reasonable, but they should not be the only criteria used to select a health insurance plan. Always prioritise proper coverage over the cost of the insurance plan. The insurance company's trustworthiness and the claim process should also be considered with keeping other important factors in mind. Many insurance companies offer health plans, so making a safe & sound decision should be made to ensure you get the best health insurance plan that caters to your need.
Question: - When is the ideal time to buy health insurance?
Answer: - The optimum time to buy health insurance is when you start your first job, so you may get a reduced premium and finish the waiting periods sooner.
Question: - Is maternity coverage included in the health insurance policy?
Answer: - A maternity cover usually is available as a separate purchase. However, this might differ from one insurer to the next.
Question: - What is a network hospital?
Answer: - A network hospital is a facility where you may receive cashless hospitalisation without paying for the service. Most insurance companies operate a network of such hospitals for the benefit of their policyholders.
Question: - What is the meaning of copayment?
Answer: - Copayment is a certain percentage of the claim the insured agrees to pay with the insurance company, and the insurer then pays the remaining claim amount.
Question: - Is a medical test necessary to buy a health insurance plan?
Answer: - Medical tests are not required to get health insurance. However, most Indian insurance firms have made medical examinations necessary for anyone above 45, which varies according to the insured's age.
Question: - Are there any cancer-specific health insurance plans?
Answer: - One may get a different essential insurance plan to cover conditions such as cancer. Before acquiring a plan, the buyer should read the coverages.
Question: - Will a premium be lower for a non-smoker?
Answer: - Yes! If you are a non-smoker, you will pay fewer premiums as compared to the person who’s a smoker. The same is the case if you are an alcoholic.