With the cost of living ever on the increase, so is the rise in medical costs. In today’s world, we fear to fall ill and be hospitalized. It is very advisable to invest in a health insurance plan so that we might not burn our pockets to stay healthy.
Health Insurance plans do not come cheap and if this is the reason why you are not investing in them, here are some tips to make sure the cost of your health insurance plans gets reduced.
- Lower health cover:
Financial status for every individual does not always remain the same. As the cost of living increases so does our earnings. Initially however having a basic cover with no frills could work and as and when you can spare more finance, frills could be added.
- Early Insurance:
Insurance companies charge lower premiums for a younger you. When you are young and healthy, you hardly fall sick or get hospitalized. Hence the risk is lower for the insurance company, which results in lower insurance premiums. The same health insurance plan purchased by an individual below 35 years of age as compared to an individual above 35 years of age will vary in their premium amounts for the same health insurance benefits.
- Opt for a deductable:
The insurance company takes under its wings the medical expenses that exceed a certain limit under the deductable clause. Along with your corporate insurance you can opt to get a personal insurance with a high deductable to lower your expenses from your pocket or using your corporate insurance while the bigger expenses can be claimed from the insurer. The difference in the insurer’s costs are offered back to you as a reduction or discount in the yearly premium.
- Choose voluntary co – payment:
Splitting your medical cost with your insurer helps to lower your expenses. So if you opt for a certain percentage as co-payment there is a likely hood that the insurance company will offer a discount on the premium. Since you would be voluntarily sharing a certain percentage of the medical expenses under the co payment clause, it results in reducing the chances of an unnecessary claim or discount fetching on the premium.
- Buy Health Insurance Online:
With the lockdown in place at different phases it is advisable not to venture out. The best option is to go online to shop for health insurance and compare the different health insurance benefits. Even if the situation returns to normal, scouting online at your pace, peace and time gets you better deals. There are many insurance companies that offer discounts on premiums if purchased online.
- Choose for longer tenure policies:
Many insurances companies offer discounts ranging from 5% to 15% on policies with long tenures.
The longer you pay your premiums, the more benefit the insurer has financially, hence affording the range of discounts.
Let’s not focus on lowering the premiums to reduce costs on your health insurance, rather hit a balance between enough protection, health insurance benefits and easy premiums.