pays for your hospital bills for diagnostics, surgery etc.
To get an ideal health cover, many resort to a high Health Insurance premium. In reality however, a high Premium may not offer better cover. On the contrary, it may be because of unplanned selection of health insurance, unhealthy lifestyle, or immature financial planning that one may give huge premium without getting the corresponding benefit in return.
Even in the days of inflation, one can still opt for the best health insurance Policy without spending a hefty premium. Although some options keep premiums low, you may not get the effective cover or compensation you require. Don’t forget about hidden clauses and Loading option in plans which may increase premium rate. Here are some tips from experts that would help you to keep your premium low.
Insurance firms provide a no-claim benefit each year when no claims are made by the policy holder. If you have not claimed in a particular year, you should avail it to reduce the premium or increase the sum Assured when renewing the policy. So, it is sensible not to Claim for small expenses from the insurance company. Each insurance company has its own way of awarding the no-claim benefit. For instance,
Premium may be lowered each year while sum-assured would remain unchanged. In other words, you pay low premium even though health risks increase with age.
Premium may not be lowered but Sum Assured is increased.
Take a note on loading option however. Once a claim has been made, many health insurance firms load premium or increase premium rate. Loading also occur if the Insurer assesses a high-risk life of the claimant.
In India, top insurance companies sell affordable health insurance policies on the net where policy buyers can simply log into to a site, check various insurance quotes, and buy a health insurance policy from the net without any involvement of the insurance agents. As no commission, administrative costs, and paperwork are necessary in the process, online health insurance policies have low premium rates.
If people increase their deductibles that is specify a specific amount that they will pay before the insurance provider steps in, they get the benefit of lower premium. After one pays maximum-out-of-pocket deductibles, the insurance firm would reimburse the rest of the treatment subsequently. The copayment amount is the partial payment of the medical mills to be paid by the Insured and depends on one’s insurance provider which is a given amount kept aside for expenses, Remember however, copayment or higher deductibles may reduce premium payment but these would also reduce the effective health cover in your health plan.
Family Floaters or Individual Health Insurance Plans
Family floaters are just the one you need if you and your family have low health-risk life. The premium is low and generally used only for a major claim. Some insurance companies are also offering Family Floater Plan that include aged members of the extended family, such as parents or parents-in law.
Premiums are higher for individual plans no doubt. However, individuals can consider individual health insurance if they fall under the upper age groups or those who have a high-risk lifestyle.
Health insurance premium are often based on your health. A non-smoker or a healthy person would be eligible for many facilities and pay less premium rate compared to a smoker or those having diseases. Check online health insurance quotes before buying a health insurance policy to calculate the ideal policy which provides useful cover, yet has a low premium.