How to Save Money on Health Insurance Policy?
For urban Indians challenged by an increasingly sedentary way of life and growing diseases, getting health insurance is no more an option. No matter what the insurance agents say, getting a Mediclaim Policy at the right premium is often a difficult task.
Thankfully, health insurance in India has come a long way over the years. Queues at insurance offices have disappeared and insurance policies now come neatly arrayed on websites set up expressly to offer you the widest possible choices.
In the marketing frenzy that has taken over the health insurance segment, it is often too easy to lose sight of your biggest priorities in terms of coverage. The cheapest plans are not necessarily the best health insurance plans in terms of coverage. The key lays in finding the middle ground between both.
Here’s how you can potentially save thousands of rupees while buying a health insurance policy:
Port your cover to another provider
Over a period of time, you may find that your health cover has become expensive for the benefits it provides. A change in job status, new arrival in the family or the prolonged illness of a family member may alter your health insurance needs.
Switching your health insurance provider can help you take advantage of lower deductibles, access to a wider network of hospitals and, of course, discounts on premiums.
Opt for family coverage
On a pound for pound basis, family health insurance or floater plans are better value for money. If you are a young couple with one or two children, your outgo in terms of premium could reduce by one-third with a family floater cover. Another plus is the higher sum insured relative to individual health insurance plans.
Factor in your employee health insurance plan
Look for synergies with any existing employee health insurance plan you may have. Supplement it with fixed benefit plans that provide a lump sum payout on diagnosis. Ideal for covering a number of critical illnesses such as heart disease, kidney ailments etc, these plans provide wider coverage and can cover any gaps in the health coverage provided by your employer. In terms of claim settlement, a fixed benefit plan can deliver much faster.
Get a plan with higher deductible
One of the simplest ways to cut down on premium is to opt for a higher deductible. This is especially handy if you are healthy and have no addictions. Insurance companies can even be persuaded to offer better terms of coverage given that you may be regarded as less of a risk compared to someone older. Also, you can even choose a higher co-pay ratio if you do not expect to make a claim during the year.
Discounts and Bonuses
Going easy on claims lets you save a sizeable amount of money on renewing your health insurance policy. Your No-Claim Bonus (NCB) corpus can be put to good use during this time. With a little negotiation, you may also be able to convince your insurer to raise your base coverage by a significant amount over and above the standard slabs.
Some health insurance companies also offer EMI options on premiums making your health cover easier on the pocket. Premium payments can be staggered over four installments helping you manage multiple health insurance policies quite comfortably.
Another way to get a health coverage in an affordable fashion is to opt for a health insurance policy from Bajaj Finserv. These plans are designed to address the specific needs of the policy-buyers. You can browse across a range of health insurance plans and choose the ones that are best suited to your requirements.