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Tips And Tricks to Get Health Insurance At Affordable Premiums

by Melanie Peterson

With ever-increasing healthcare-related expenses in the country, having health insurance can prove a great asset. It can provide much-needed financial security for all medical costs in medical emergencies.

Do you know you can save on the premiums paid towards health insurance? All you need to do is keep a few things in mind while selecting a health care plan.

Here, we discuss seven tricks to buy health insurance at an affordable price.

1. Buy at an early age

It is best advised that one starts investing in the Aditya Birla Health Insurance policy from an early age. Apart from the medical cover that health insurance provides, beginning sooner has additional benefits like:

  • The low amount of premiums for the young compared to the old
  • No medical tests are required before purchasing the policy
  • The insurance companies offer more coverage
  • No waiting period for the insurer at an early age (if there are no diseases)

2. Choosing proactively

Even if your employer provides a group insurance policy, one should invest in personal health insurance. The group insurance policies do not cover many diseases. Thus, one should invest in individual policies. Choose the health insurance that suits your requirements and opt for one only after deliberation.

One can also choose a family medical insurance plan, which covers all the family members at an affordable premium. Under this plan, the premium is low, but the total Sum Insured (SI) is shared among all the family members.

The family floater health family insurance policy is one such plan that covers the entire family under one policy.

3. Choose deductibles wisely

A health insurance deductible is an expenditure you pay out of your pocket before filing a claim with the insurance company. The higher the number of deductibles, the lower the premium for the health policy. Thus, choosing deductibles wisely as per your needs can save you on premiums.

4. Co-payment clause

Many insurance companies provide health policy plans with a co-payment clause. This provides for a certain amount of expenses to be paid by the user and the rest by insurance companies. This amount can vary from company to company. So, it is advised to look into details, especially for the co-payment clause, before finalizing the policy.

5. Look for bonus

At the time of renewal of the health policy, you are eligible for the bonus if you have not made any claim with the insurance company. The insurance companies offer cumulative benefits to them in the form of monetary benefits or increased sums insured.

For instance, Aditya Birla Health Insurance provides Health Returns to the users in the form of up to 30% discounts on premiums.

6. Compare

In India, many insurance companies provide health policies to the people. Thus, before finalizing any health policy, compare what suits you best and which is the most affordable. Look out for coverage areas, inclusions, a network of hospitals, premiums to be paid, bonus amounts, discounts and other features. One can easily compare the price online and choose wisely.

One can use the feature of a premium calculator offered by insurance companies for customers. One can easily calculate health insurance premium after filling in their required details like age, medical record, health status etc.

7. Check for discounts

With several players in the insurance market eyeing the same customer, the companies provide several discounts for the users. Thus, before buying the policy, one should look for discounts offered by the company on buying more than a year’s policy, covering more family members, following a healthier lifestyle etc. You’ll save a significant amount on insurance premiums with discounts in place.

8. Tax benefits

Purchasing a health policy in India provides additional tax benefits. As per section 80D of the Income Tax Act, a taxpayer can deduct tax on premiums paid towards medical insurance for self, spouse, parents and children. Thus, one can make use of this tax-saving provision.

Before purchasing a medical policy, one should look out for income slabs covered under the Income Tax Act, and it can save you on the tax liability to the government.

Every health insurance policy in the market is different from one another. As a result, one should look into the details of the policy before making any decision. The different aspects of the policy should be discussed in detail with the company.

Also, you should give correct and complete details to the company so that there are no grounds for claim rejection from the company. At the same time, you should not hide your medical history from the insurance company and thoroughly read the policy details before making any decision.

Keeping the above tips in mind can help you avail of an affordable health insurance plan in no time.

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