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Health Insurance Plans buying tips to save on premiums

by Eric

When you think of securing your future, do not neglect health. Your financial planning efforts are beneficial only if your health allows them. Hence, take adequate measures to safeguard your well-being. People consider Mediclaim when they age. This is because old age is often gets associated with poor health. However, a sedentary lifestyle and poor diet make you vulnerable regardless of age.

Therefore, thinking of health safety when you get old is no longer practical. You need a proactive approach to safeguard medical expenses. Buying Health Insurance in your 20s or 30s let you do this. It might seem like an expense at the forefront but proves pocket-friendly in the long run. However, most people neglect it due to the high premium cost. If you are concerned about it, follow these practical saving tips:

Compare plans

Digitization has made it economical to get General Insurance Plans. Almost all policy providers have an established online presence, so you get competitive offers. This makes it easier to compare their quotes digitally. You get to browse through the different options from your home’s comfort. Moreover, the internet provides an abundance of additional information. This includes customer ratings and reviews, which let you make an informed selection.

Get basic cover

A Health Insurance Policy is often affordable if you make the right choice. This involves opting for a minimum coverage based on your requirements. You need not go all out with an extensive plan if your budget is limited. Assess your needs to avoid buying excess coverage. Use the premium calculator available on insurers’ websites to get clarity. As you reduce the coverage, the premium cost decreases substantially.

Stay healthy

Getting your health insured does not mean you treat your well-being lightly. Contrarily, you must maintain a healthy lifestyle before considering Health Insurance Plans. This way, you enjoy the advantage of a lower premium. Insurers prefer candidates who have no pre-existing conditions and unhealthy habits. Hence, they offer the best coverage at a reasonable premium when you are healthy. Read more about Step-by-Step Guide To Buying Car Insurance Online.

Opt for long term

Typically, Health Insurance in India comes with one-year validity. But you also get plans with a term of two to three years. They are comparatively economical as you get to save on the cumulative premium. Also, due to the fixed premium for the entire term, you remain protected from the inflating Insurance cost. You need not worry about a premium hike that comes with an annual renewal.

Consider Family Floater Policy

As you browse through online Health Insurance types, you find several varieties. If you want a holistic option, a Family Floater Plan is ideal. It covers the medical expenses of all your family members under a single policy. This serves as a better alternative than having separate Individual Health insurance Plans. You pay a single premium amount to secure the medical expenses of multiple members.

Use cumulative bonus

If you want extensive coverage but want to save on the premium, no claim bonus helps. It increases your sum insured by a fixed percentage. Meanwhile, you pay no extra premium. NCB is a reward for not raising claims during the policy term. Insurers let you use it based on discretion without affecting the premium amount during renewals.

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