Be Smart & Learn the Method of Saving on Health Insurance Premiumsby Rahul Kumar Finance Blogger from India
Due to the soaring medical costs, a health insurance plan has become a necessity nowadays. When you are hospitalised for any illness/diseases and at the time of discharge wouldn’t be the bill threatening to wipe out your savings? Yes it would and this is why people try to insuring themselves under an effective health insurance plan. However, when it comes to the premiums of health insurance, many of you feel that it is a pocket pinch. At the same time, health insurance premiums can be economical if you know the method of savings on premiums. No one likes to
pay more than it is worth. Receiving the most suitable and affordable medical insurance is dependent on a few aspects like your requirements, capability to choose and definitely the health conditions of the insurance policy buyers. Below we have mentioned some tips by which you will get to know how to lower your health insurance premium.
Always buy health insurance at the early age
Age is a big factor of a health insurance premium. Basically age can determine your mediclaim policy premium. If you are young, you are free from any health complications. When you are moving towards a higher age band the renewal premium increases. Signing up for a new medical insurance policy at an older age can increase your chances of contracting more ailments thus raising the cost of your mediclaim policy premium further. So, it is wise to choose a health insurance when you are young and it is indeed a good idea for your health insurance premium
Choose a right sum insured
Owning a health insurance is a wise decision, but it is not only significant to purchase a health insurance, but also you have to choose health insurance with right sum insured. If you select any health insurance premium with high sum insured which is unnecessary for you means you have to pay higher sum insured. Being over insured means you are bound to pay a higher premium while being under insured means during any medical emergency you will have to pay money out
of your own pocket. Hence, you have to choose an effective health insurance premium with a right coverage.
Look for discounts
Many health insurers offer attractive discounts that help to lower your insurance premiums. If you purchase any health insurance plan that cover two or more family members under the same policy, you will get a premium discount. Besides, if you choose to buy the health policy online, you can avail attractive discounts.
Select a longer term policy
If you own a health insurance policy, you should be aware of policy renewal. Mediclaim policies need to be renewed every year. But most of you are unaware of the fact. So you need to choose long-term health insurance plan. There are various policies that offer you a policy term of 2 and 3 years.
Hence, always make your selection for health insurance cover very carefully; purchase only the coverage you require. Random selection of a health insurance might end you up paying out more than actually required.
Created on Sep 13th 2018 07:50. Viewed 543 times.
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