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Tips To Save On Health Insurance Premium - Greyfont


Tips to Save on Health Insurance Premium?

 

With the kind of lifestyle we tend to live in and skyrocketing medical costs, owning a health insurance plan has become an absolute must have. When purchasing a health insurance plan, you often opt for the plan that offers you low premium. But being greedy can land you in trouble if you don’t have enough coverage to finance the cost of your hospitalization expenses. There are other ways too by which you can save on health insurance premium. If you are well aware of the ways by which you can save on premium, then you can reap more benefits out of your health insurance policy.

 

Read below about the tips to save on health insurance premium.

 

  • Opt for a higher deductible: A deductible is an amount that a policyholder agrees to pay before his health insurance plan covers the cost. If you opt for a higher deductible, you will end up paying less premium, no matter the type of health insurance policy you opt for.

 

  • Opt for a family floater plan: As the name suggests, a family floater plan is a type of health insurance plan that provides coverage to all the members of the family. Opting for a family floater plan attracts less premium than buying individual health plans for covering family members separately. However, it is important to note that the premium of a family floater health plan is calculated on the basis of the age of the eldest family member.

 

Always compare and buy the health plan online: Instead of visiting a bank or an insurance company’s office, you can always insure your health from the comfort of your home. Insurance brokers today let you compare health insurance plans online and also gives you details on its exclusions and inclusions. Online health insurance plans also give you information on coverage, riders and premium quotes. This makes it easy for you to get the best deal and coverage.

 

  • Opt for co-pay: Co-pay is nothing but the cost sharing requirement that states the expenses of the treatment will be borne by the policyholder and the insurer. This means that the policyholder will pay a specified amount of the covered expenses. For example: If your medical bill is Rs. 80,000 and if you have a deductible of Rs. 25,000 then the insurer is liable to pay Rs. 55,000 and you will have to pay the rest. This reduces the burden of unnecessary claims on the insurance company and hence increases your chances of fetching discounts on the premium.

 

  • Opt for a super top up or a top up plan:

 

A super top-up/ top-up plan comes to the rescue when the sum insured of your health policy is exhausted. One of the benefits of having a super top-up plan is that you don’t have to shell out extra premium and can always have an additional cover to secure yourself.

 

Stay healthy, stay strong: Remember, the premium of your health insurance policy is also dependent on your current health status. You are likely to pay more if you have any pre-existing diseases such as blood pressure, cholesterol, sinus, etc.

 

So it’s always advisable to eat healthy and stay young and buy a policy when you are young so that you will have to pay less premium as compared to when you are old and have pre-existing medical conditions.




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