Health insurance is essential for safeguarding both your physical health and financial stability. It’s wise to factor in unexpected medical expenses while creating your budget. With rising medical costs, comprehensive health insurance is a wise choice. Fortunately, it is possible to secure quality coverage while paying lower premiums. By actively seeking ways to reduce your insurance costs, you can retain more of your income while ensuring you have the necessary coverage. Maintaining your health through regular check-ups and a healthy lifestyle can also lead to long-term savings.
Tips to Save on Health Insurance Premiums:
Buy health insurance as early as possible:
Purchasing health insurance at a young age can lead to significant savings on premiums. By starting early, you are more likely to have fewer health issues, as premiums typically increase with age and changes in health status. Moreover, healthy individuals often benefit from no waiting periods for coverage, while those with pre-existing conditions may face waiting periods before obtaining complete coverage. For example, if you buy health insurance but already have a health problem before getting the policy, you might have to wait a few months or even a year before the insurance will pay for that treatment. If you get insured earlier, you can skip these long waiting times and be covered when you need help. Overall, buying health insurance early helps you save money and gives you essential protection when it counts the most.
Cumulative Bonus:
A Cumulative Bonus is a loyalty reward from your healthinsurance company for not filing a claim during the policy period. Each year you go without making a claim, your coverage amount increases, and you might also receive a discount on your premium when it’s time to renew. For example, if your health insurance policy provides coverage of ₹5,00,000 and you don’t file any claims for a year, your insurer might increase your coverage to ₹5,50,000 for the next year without raising your premium. This means you get more protection at the same cost, giving you peace of mind that your insurance is growing with your health needs.
Top-up and super-top-up plans:
Top-up and super top-up plans are smart ways to save money on healthinsurance by giving you extra coverage for medical expenses. A top-up plan offers additional coverage after you reach a certain amount of cost, known as a deductible. The deductible is the amount of money you have to pay for healthcare before your insurance starts to pay. For example, if your primary insurance covers up to ₹5 lakh, a top-up plan can help with expenses beyond that after you pay the deductible. Super top-up plan works similarly, but they cover multiple claims within a year as long as your total expenses exceed the deductible. These plans benefit people who want to save on premiums while having extra financial protection against high medical costs. Choosing the right top-up or super top-up plan protects you from unexpected health expenses without spending too much on insurance.
Choose a Family Floater Plan:
If one family member needs more medical care, the shared coverage can be used to pay for their expenses. It can be beneficial when needed, ensuring everyone is protected. A family floater plan provides one total amount of coverage that can be shared among all family members instead of having separate plans for each person. It often leads to lower overall costs. For example, if you have a family of four, a family floater plan lets you combine coverage under one policy instead of buying individual policies for each person. It usually results in significant savings.
Saving on your health insurance premium is crucial for maintaining financial stability while ensuring access to necessary medical care. Choosing the right health insurance plan safeguards your finances and guarantees that healthcare is accessible when you need it most. This balance helps you feel secure, so you can focus on what really counts: your health and your family’s happiness.
By Bhaskar Nerurkar, Head – Health Administration Team, Bajaj Allianz General Insurance
