How to Save Money on Your Health Insurance Plan?
Updated On Dec 24, 2020
Due to the ever rising healthcare expenses, today health insurance has become an important aspect of financial planning. However, many people even today don’t prefer buying health insurance as they believe that it is not budget-friendly. But, the catch here is that there are various ways to reduce the expenses on health insurance. Therefore, if you are looking for feasible options, then read on below.
Tips to Save Money on Your Health Insurance Plan
Given below are some ways to save money on your health insurance plan:
1. Insurance Provided by Your Employer
The ideal method to save money on a health insurance plan is to make use of the plan given by your employer. When you are insured under the health insurance provider by your employer, it generally is free of cost or in case you are charged an amount, it is usually cheaper than the individual or private plans you purchase. Mostly, the health plan offered by employers involves group health insurance that offers coverage to the spouse and children of the employee as well.
2. Purchase Insurance Plan at a Young Age
Buying a health insurance plan early involves various benefits. Hence, you should purchase a health cover at a young age as the premium on the plan tends to increase with age-----more age means a higher premium amount. Health cover at an early age is much more economical as the health conditions with the progression of age is likely to deteriorate for many individuals. Hence, resulting in a higher premium amount at an older age.
3. Top Up Cover
If insurance cover is offered to you by your employer or you already have individual health insurance, but seek a higher sum insured, you are not required to buy an additional health cover. You can instead opt for a top up cover, which would give you an extra coverage with savings on the premium. Also, it can be done with a critical illness plan as well.
4. Cumulative Bonus
On-time health insurance renewal of your claim free health insurance plan, you may receive cumulative bonus on the cost of the same premium amount. However, if you opt for a new health insurance plan for this amount, you are needed to pay an additional premium amount. For example, In case a policyholder keeps their policy of Rs 2 lakhs claim free and gets it renewed timely, you can receive 2.5 lakhs coverage at the cost of the same premium amount.
5. Opt for a Family Floater Plan
You should consider purchasing a family floater plan instead of an individual health insurance plan. A family floater plan offers cover for the entire family consisting of spouse, children, parents and self at the cost of a single premium. Also, the sum insured will be provided jointly for all the insured members of the family, which would further assist you in saving money paid on premium.
A health insurance plan is an ideal investment option and a protection cover to safeguard you against the unforeseen medical emergencies that could possibly arise. Many people are of the view that a health insurance plan would cost them highly, however, that is not true. Also, by considering the afore-mentioned tips you can definitely save your money on health insurance plans.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.