Health insurance is important for you and your family. The cost of health care in India is rising given the high quality and state-of-the-art technologies that are used by doctors today. This directly increases the cost of a health insurance policy too. Due to this reason many people avert from buying a policy, this is a crucial mistake as the actual cost of treating an illness will be way more higher than the health insurance premium. On the flip-side you need to educate yourself about health insurance through which you can save money on the premium and also cover critical health care needs of you and your family. Following are some pointers that will guide you in reducing your health insurance costs –
- Begin early
The key to reduce health insurance cost is to begin at an early age. The premium of any health insurance policy depends on the age insured. As you grow old you’re more susceptible to illnesses and hence the premium rate is high. A 40 year old person will have to pay almost double the premium compared to a 30 year old. Therefore age matters when it comes to reducing Mediclaim policy costs.
- Opt for no-claim bonuses
In certain health insurance policies, if you don’t opt for a claim during a policy term, you get a no-claim bonus (NCB). You as the buyer of the medical insurance policy should check whether your plan has a NCB feature.
- Opt for 2 year Mediclaim policies
The rate of a one year policy is higher compared to a two year policy. Most insurance companies offer a 2 year mediclaim policy; try choosing the best mediclaim policy to reduce your health insurance cost.
- Choose co-payment plans
If you’re young and healthy and never had any major medical conditions then you can opt for a co-payment plan. In this plan the insured pays only a percentage towards the insurance claim, the percentage generally ranges from 10-25 and the overall premium will be lower. However, if there’s a case of hospitalization then the insured will have to pay the co-pay amount which will incur higher expenses.
- Compare Mediclaim plans
There are more than 25 insurance companies selling an array of health insurance policies. These plans have a wide range of features, premiums and limits. So ensure that you buy a health insurance policy after researching thoroughly and comparing each other. If you don’t take these precautionary steps you may end purchasing an expensive policy and beating the entire purpose of reducing cost of your Mediclaim.
