Get Smart and Know How to Make Savings On Health Insurance Premiums
Insurance premiums can be inexpensive if you know how to lower your premiums. One can adopt various measures, provide optimum coverage and at the same time not have to pay too much. Here are some smart tips you can use to lower your health insurance premium outgo!
- Buy medical insurance when you are young
When you move to a higher age band, the renewal premiums increase. While there is not much you can do to avoid this rise, signing up for a new medi-claim at an older age increases your chances of contracting more ailments there by increasing the cost of your premium further. So, opting for a health insurance when you are young is indeed a good idea for your health insurance premium reduction.
- Go for the right sum insured
It is not only important to buy a health insurance, but also the one with right insured amount. Being over insured means you are paying a higher premium outgo while being under insured means in case of a medical emergency you will have to shell out money out of your own pocket.
- Buy your health insurance policy online
It is a fact that online insurance is much cheaper than its offline counterparts. The reason is the reduction in cost of paperwork and commissions to agents.
- Choose a longer tenure
Health insurance policies need to be renewed every year. But not many are aware that there are various policies that offer you a policy term of 2 and 3 years. HDFC Ergo’s medical insurance is one of the few that offers a two year policy coverage.
- Go for family floater plans
You can avail a discount on premium rates up to 20% if you include your spouse or dependent kids in your health insurance. The overall cost of premiums is divided among all insured family members, thereby reducing your premiums.
- Stay healthy
Insurance companies are known to reward healthy people with discounted rates, and not to mention the no claim bonus that you can accumulate by staying healthy.
- Know about top up and super top up plans
These plans have been designed to increase the coverage of health insurance while keeping the premium amount low. The top up plan will kick in after the sum insured has been exhausted and cover the expenses that go beyond your coverage.
- A top up plan takes into consideration a single claim or per single hospitalisation. So, these are beneficial as long as a single claim amount is above the sum insured.
- Super top up plan on the other hand considers the total amount of all the bills claimed in a year and hence covers multiple hospitalisations.
Keep these tips in mind when you decide to buy health insurance to reduce the amount of the premiums while also providing for adequate health coverage.