So, educate yourself about health insurance and save on costs.
Given below are some ways to reduce health insurance premiums:
Buy health insurance at a young age
Customers should know that the mediclaim premium is based on the age of the insurer. With the increasing age, health risk also increases and so do the health insurance premiums.
Purchasing healthcare plans early has huge benefits to offer from the insurer's perspective.
Avail no claim bonuses
If a policyholder does not make a claim during a policy year, then the insured is entitled to avail a no-claim bonus. Before buying a policy, do not forget to check if your health insurance gives a no-claim bonus. You can also use this bonus to increase the coverage without paying any additional cost.
Opt for co-payments plans
When the insured opts for a co-payment plan, he agrees to pay a certain percentage of the health insurance claim. In general, the range of co-pay is between 10-25%. Mediclaim premium will decrease if you opt for a co-payment option. If you are healthy and young, then the co-payment option could best fits your needs.
Use topups to increase coverage
If your existing mediclaim coverage does not fulfill your needs, then purchase a top-up plan that best fits your needs. Such a plan gets activated when you have exhausted your basic coverage. It not only cuts premium amount, but also ensures that you have sufficient health insurance coverage.
Buying health insurance helps you meet your family’s critical healthcare needs. As it is a complex financial product, understand policy features, terms and conditions before finalizing a plan helps save a good amount on premium.