How to control your health insurance expenses? : BerkshireInsurance.com

One of the foremost steps to ensure lower premiums and better coverage is to get a health policy at a young age.

April 17, 2013 8:41 IST | India Infoline News Service
Health care inflation has gone up to 18% leading to significant rise in medical care costs and making health insurance premiums expensive as well. Also, as healthcare expenses rise, the real value of the sum assured decreases. It is important to take necessary measures to protect the sum assured as well as to keep the soaring premiums in check.
Says Arun Balakrishnan, CEO, BerkshireInsurance.com, “The first step is to review your plan at periodic intervals and assess whether any changes are needed. For instance, a single professional may need to include cover for his spouse and children after marriage. Changing health conditions of the family also need to be taken into account.”
One of the foremost steps to ensure lower premiums and better coverage is to get a health policy at a young age.
Says Balakrishnan, “At a young age, while one is healthy, it is common to ignore health insurance. However, with advancing age one becomes more prone to medical problems. This, coupled with a poor medical history makes the premiums on new policies more expensive. Policies taken at a young age when one has a good medical record are usually cheaper.”
Lifestyle habits like smoking can have an impact on your premium. Changing your lifestyle can bring you benefits in terms of reduced health insurance premiums. Smokers usually have to pay more as face higher risk of health problems.  Moreover, if you are a smoker, it is crucial to disclose this information as non-disclosure may lead to claim rejection. Corporates can avail reduction on group health plans by implementing corporate wellness programmes for their employees.

You can also reduce your premiums by means of the No-Claim Bonus, a discount given on the premium for having a claim free record.

One cannot emphasize enough the need for thorough research before selecting a policy. This will ensure you get the best deal and also avoid forking out extra due to terms and conditions of which you are unaware. For instance, some policies have a clause for increase in renewal premium if a claim is made in the previous year. If you do not understand the terms beforehand, this can come as a rude shock.

Source: BerkshireInsurance.com

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