How to Save Money When Buying Health Insurance?

Health Insurance

There are some interesting ways in which you can save money when buying health insurance. From comparing to choosing what you need, there are some great tips mentioned below.

The health insurance sector in India has developed very well, and there are some excellent health plans available. When looking for the best health insurance in India, people often try to find a balance between the extent of coverage and the cost. Sadly, healthcare expenses have completely skyrocketed over the last few years, and it has become a challenge for most Indians to afford medical expenses. This is where health insurance comes in handy. You can buy an affordable health policy with the help of which you can afford to get treated at best and the most prominent hospitals. So, if you are looking to buy a new medical insurance policy, we have some great tips on how to make some pocket-friendly moves. Read on to know more.

Easy tips to save money when buying health insurance

When looking for the best health insurance in India, you should always keep your budget in mind. While it is understandable that you want the highest possible coverage for yourself and your loved ones, buying a plan that is too expensive may not be the best idea. If the premium is too high, you may struggle to pay it on time and even stand the risk of losing the entire cover. This is why you need to be practical and get a comprehensive economic plan. Here are some handy tips to help you save money when you look to get a health plan:

1. Opt for top-up insurance

If you are employed, in all probability, you will have group health insurance coverage. In that case, you may consider getting a top-up health plan rather than a standalone family floater policy. A top-up plan allows you to get the same benefits as a regular health plan, but you pay a much lower premium for it. You also get fewer clauses and restrictions, and no pre-policy screening is required. You can simply go online and make an instant purchase. The top-up plan comes into action when the sum insured from your basic health plan gets over. You can pay the remaining medical expenses all year round, with the top-up cover. Use a health Insurance calculator to see what the premium would be.

However, you cannot depend on your employer-provided health insurance plan. If for some reason, you lose your job, your family will be left without health insurance overnight, and that is extremely dangerous. This is why you should have a basic health plan and also a larger top-up policy to adequately keep everyone safe. Doing so will also help you to save a lot of money in the long run.

2. Compare

The advent of the digital age has made life very simple for everyone. Gone are the days when you had to go through all the different policy documents and read them to understand which is the best and the most economical health policy. Nowadays, all you have to do is go online and compare. All the leading insurance providers have modern websites where you can use the health Insurance calculator and see what the cost of your medical insurance coverage will be. You can also use the services of an insurance aggregator and compare all the plans at once. This will help you to find the best plan at the best rate.

Though it is important to make an affordable choice, never base your decision on buying a health insurance plan only because it is cheap. The cheapest plans are seldom the best plans. You need to also look at the features of the policy, and most importantly, the reputation of the insurance provider. Look for a good insurer like HDFC Ergo, which has a high claim settlement ratio and excellent customer support, among other things.

3. Look for basic coverage

If you can’t afford the add-on covers or any other enhancement to your plan, opt for the basic coverage, but do not hold back from getting health insurance. Health insurance is not a luxury. It is one of the biggest requirements and can potentially save lives. Do your research and see what the minimum amount of health coverage you need after counting your family members, their health conditions, etc. is. Riders are add-on covers that help make your plan more flexible, but they are available at an added cost. Hence you should be careful if you are looking to get health insurance on a budget.

4. Get health insurance early

Everyone needs health insurance, and anyone who tells you to wait till you are older is lying! A medical emergency can strike at any time and for any reason, and the only way to stay prepared is by getting health insurance. Do so when you are young. Apart from staying protected, you will also end up saving a lot of money as you get medical insurance coverage at a much lower rate at this time. A young person is healthier and at a lower risk of getting serious medical conditions, and this is precisely why the plans are offered at a lower rate. Get the plan now and stay protected for a long time. Add your family members to the policy as and when they enter your life. Making the smart and uncomplicated move of buying health insurance today can prove to be extremely profitable tomorrow.

5. Explore the different types of plans

There are different types of health insurance plans available in India these days. From the ever-popular family floater policies to the specialised covers such as the cancer plans, there are numerous covers to choose from. When you decide to get health insurance, do not be in a hurry. Understand what the requirements of your family are. If you have a family member who is at risk for a critical illness, invest in a critical illness health insurance policy for him or her. If you have a specific condition such as diabetes, opt for a diabetes cover. If there are no special requirements, look to invest in a family floater plan that can benefit all of you. Use a health Insurance calculator to see how much a plan would cost. This will give you a realistic idea about the expenses, and you will also know whether or not the option is economically viable for your family. If you feel it is, invest in it. And if needed, go for the special covers, along with the family mediclaim policy.

Conclusion

If you are looking to get the best health insurance in India at a good rate, all you have to do is follow the tips mentioned above. Remember, health insurance needs are very individualistic, and this is why you need to understand the health needs of your family, assess your budget, see what other types of health coverage you have and then choose the best policy. Once you follow the correct procedure, you will have the best coverage at the best rate, and that will keep your entire family safe and protected.

Disclaimer: This article is for illustrative purposes only. For further details, please refer to the policy wordings and prospectus before concluding the sales.

Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.

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