Did you know? The health expenditure currently at Rs. 6 Lakh Crore of the overall Private Final Consumption Expenditure (PFCE) could increase by at least 11%. Healthcare inflation in India continues to rise, making citizens deal with a constant uphill battle of managing medical expenses through savings. But with financial solutions like health insurance, this gets a lot easier.
In light of this, there has been a marked increase in health insurance claims recently. The insurance sector is also seeing growing demand for health insurance plans, which is why health insurance premiums are on a rise. But you need not worry! If you are interested in buying a health insurance plan for yourself or your loved ones, or if your health plan is up for renewal, don’t let this rise in premiums hold you back. Read on as we discuss some of the ways you can reduce the premium on your health plan.
5 Ideas that Can Help You Enjoy a Health Cover at an Affordable Cost
1. Choose a Family Floater Plan
A family floater plan is a health insurance plan that covers the needs of your entire family. In addition to buying coverage for yourself, you can also include your spouse and your children under the same plan. Some family floater health insurance plans also extend the coverage to your parents. From a financial point of view, a family floater plan is more cost-effective than buying individual health insurance plans for each family member.
Since the plan covers multiple people, the overall premium automatically comes down. Your children may be another reason the premiums for family floater plans are more affordable. Since they are young and come with lower health risks, health insurance providers reduce the premium for the comprehensive cover offered.
2. Make Use of Your No Claim Bonus
This tip can help you bring down the premiums when your health insurance cover is up for renewal. Generally, the premium for your health plan may be revised at the time of renewal, based on various factors like your increased age, any new health issues you may have developed, or the health insurance landscape, in general.
You can counter the effect of this to a large extent by making use of your No Claim Bonus (NCB). If you do not make any claim during the previous year, your insurer rewards you with this benefit. You can then make use of this bonus to enjoy discounts on renewal premiums, or to buy additional coverage without any steep increase in your premiums.
3. Opt for a Higher Voluntary Deductible
A deductible is the amount of money that the policyholder needs to pay, before the health insurer steps in to cover the excess costs. For instance, if the deductible in a health insurance plan is Rs. 50,000, it means that the insurer will only cover claims exceeding Rs. 50,000.
Deductibles are of two types – mandatory and voluntary. The mandatory deductible is predetermined by the insurer. Over and above that, you can opt for a voluntary deductible. This effectively reduces the insurer’s risk and therefore, brings your premium down. If you are young and healthy, your medical expenses are likely to be minimal. So, you can choose a higher voluntary deductible to reduce your health insurance premium.
4. Buy Your Health Insurance Online
Buying any insurance plan online is one of the most effective ways to bring down the premium further. By getting your health insurance plan online, you reduce the paperwork involved. The insurance company also saves on a lot of other charges. The benefits of these savings are passed on to you in the form of lower premiums.
You can also renew your health insurance plan online and enjoy the advantage of lower premiums. In addition, online purchase and renewal are also more convenient, time-saving and generally easier.
5. Stay Healthy
Last but not the least, staying healthy is the key. In the long run, maintaining a healthy lifestyle is one of the best ways to keep your health insurance premiums from becoming too expensive. Remaining active, eating a balanced diet and exercising regularly can help keep many illnesses at bay. And ultimately, this ensures that you do not raise too many claims on your health plan, leading to a better no-claim bonus that reduces the cost of health insurance for you.
Additionally, at the time of your health insurance renewal, you may need to take a medical test, so your insurer can decide if the premiums need to be increased. If you maintain a healthy lifestyle, your results will reflect your healthy choices and help keep your premium down.
The Bottom Line
Go on and use these tips and ensure that your health insurance premium costs are affordable, so you need not compromise on quality healthcare, come what may. If you are looking for a suitable health insurance plan online, just head on to convenient & quick online platforms. Make your choice from the multiple offerings by multiple partners. Check out a host of benefits by these plans which include extensive coverage, hassle-free claim settlement and an easy online purchase and renewal experience.