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How to Save Money on Health Insurance?

By Finserv MARKETS - Jul 25,2019
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Tips To Save Money On Health Insurance

Health insurance is one of the best ways to financially protect ourselves from unexpected medical expenses. However, nothing in life comes free. The same applies to our health insurance coverage, for which we have to pay monthly or annual health insurance premium. Depending on the extent of the medical coverage and the sum assured, the premium amount increases. The premium amounts are even higher for high-value health insurances. While it is not wise to put a price on our health, there is definitely a way we can cut back on the expensive insurance premiums.

Below discussed are some tips on how to save money on your health insurance-

  1. Find the best medical plan: Before buying a medical insurance, make sure you research on all the health insurance options available in the market. Some insurance policies might be charging high premiums but that does not necessarily mean that they offer better medical coverage. Thus, make sure that you go through the features and benefits offered by different health insurance providers and make your decision after carefully weighing all their pros and cons.

  2. Employer’s insurance: Perhaps one of the best ways to save money on your health insurance is to use a health insurance plan provided by your employer. Today, a lot of MNCs offer employer health coverage benefit. The premium for this coverage is minimal and is deducted directly from the salary. As a result, you do not have to buy a separate health insurance policy. Employer insurance also extends its benefit to cover spouse or parents in its health insurance policy.

  3. Be on the look out for add-on services: Apart from the usual medical coverage offered under a health insurance, some insurance policies also offer add-on benefits such as indemnity covers, top-up plans, defined benefit coverage, etc. under the same premium amount. Make sure you inquire about such add-on covers at the time of buying a medical insurance.

  4. Watch out for floater policy: A floater policy is a family healthcare cover that ensures coverage for an entire family of four. You can include yourself, your spouse, dependent children or parents under a floater health insurance policy. A floater insurance helps save a lot on the premium amount, rather than paying for individual health insurance policies for your family members.

  5. Gather cumulative bonus: Some insurance providers offer rewards for the timely renewal of your claim-free online medical insurance. This reward is in the form of a cumulative bonus that offers extra sum coverage under the same premium for the next insurance cycle.

  6. Avail disease-specific insurance plans: In case you do not wish to pay the premium for comprehensive insurance coverage, you can even opt for disease-specific insurance coverage. Such policies are especially helpful if you have a predisposition for a particular disease. For instance, you will find several online medical insurance plans that offer coverage for specific diseases like cancer, diabetes, hypertension, cardiac issues, etc.

To know more about how you can save on your health insurance, contact the insurance experts at Finserv MARKETS. Finserv MARKETS is a one-stop destination for all your insurance needs. You can browse through individual, family, and top-up plans by health insurance available on Finserv MARKETS. Apply for a Health Insurance plan today and enjoy insurance benefits such as instant in-house claim settlement, cashless facilities across 6000+ hospitals and attractive add-on covers. For more details, visit Finserv MARKETS today!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522