With the increasing trend of lifestyle-related diseases, high stress, and soaring medical costs, it is essential for everyone to take out health insurance. Perhaps it is even more important in the post-pandemic world, where perceptions of life uncertainty are more serious than ever. This is why there has been a growing awareness of the importance of health insurance over the last few years. In addition, the number of purchases and the guaranteed amount are also on the rise.
Many people want to get health insurance to protect themselves and their families, but with rising inflation, they are looking for ways to save even more. Here are some smart ways to reduce your health insurance premiums and make them affordable.
Buy early: One of the factors that has the greatest impact on health insurance premiums is age. Many plans also offer discounts on early purchases. For example, Star Health Insurance’s Young Star plan offers a lifetime discount of 5% on early purchases. In addition, health insurance premiums are higher for people with a history of illness. As you age, your vulnerabilities and your chances of getting illnesses such as diabetes and high blood pressure increase, so when you’re healthy and at the height of your life, it’s best to fix a low premium rate for your health protection plan. is. Therefore, the first decision you need to make to get a lower premium is to get it now.
Select a family floater plan. Health insurance needs vary from person to person, but family floater plans are often designed to fit members of a single family. In contrast to personal insurance, which protects only one person, the Family Floater Plan covers the medical costs of the entire family. However, it is much lower than if you purchased a separate plan for each family. The amount guaranteed by the plan can be used by any family member who needs it for emergency medical care.
Proceed to multi-year plan: Many insurance companies these days offer two to three years of health insurance, and after taking out one year of insurance, you get a discount on your premium instead of renewing it. Apart from the discount, you will also be protected from next year’s premium increase. It is always wise to make a long-term plan if options are available. If you choose 2-year health insurance, you will get a discount of up to 10%, and if you choose 3-year insurance, you will get a discount of up to 15%. You are in a position to save more on your insurance premiums.
Use no claim bonus: NCB, or No Claim Bonus, is a great way to get a higher insurance amount with a discount. If you do not claim insurance during the insurance period, you can use the additional insurance amount as part of the insurance for the next insurance year without paying the additional premium. Nowadays, most insurance companies offer NCB. This can be about the same as the insurance amount you chose for the basic policy. For example, if you buy insurance with 10 rupees and do not make consecutive claims, you may be able to receive an additional 8-10 rupees in addition to the basic insurance. Of course, this depends on the policy. It is recommended to check the type of NCB provided by the policy in advance.
Buy on the internet: Another underrated way to get more value for your money is to buy your policy online. Online delivery models are usually more cost effective than offline channels. Therefore, a portion of this profit is passed on to policyholders, thus reducing their annual premium liability.
By following these tips, you can easily save more on your insurance premiums while ensuring sufficient compensation for yourself and your family. Use them wisely and get the most out of your health insurance policy.
(Amit Chhabra, Health & Travel Insurance, Policybazaar.com)
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