Over the last few years, health costs have risen substantially and are continuing to rise in such a scenario the need for Health Insurance in India becomes inevitable. Premiums on your health care insurance plan are a lifetime costs you should not leave any stone unturned to check if there is way for you to save on the Premium payment, without compromising on the potential benefits.
Below are some ways for you to drive savings on your health care insurance plan.
Get Health Insurance Plan Early in Life
Starting early as far as health insurance is concerned is the best way to generate savings on your premium amount. Insurance providers are willing to provide you the lowest premium rates when you are young. As you age, the premium value shoots up. Apart from higher premium payment, you also stand the Risk of being rejected for a health insurance policy.
Prefer a Floater Plan
If you are looking to get your entire family covered for health insurance, it will cost you less to buy one single floater Policy that covers all your family members instead of purchasing individual insurance policy for each of the family member. Especially, if the eldest member in the family is not too old, it pays to go for a floater plan.
Choose a Basic or Vanilla Health Insurance Plan
If your savings from your annual income do not leave you with enough money to spend on an expensive health insurance plan
, you can look to get covered under a cheap health insurance plan that offers basic benefits so that you do not have to compromise on the treatment of your condition when required. A basic health plan would cover you for the room costs (ceiling), the treatment costs and other associated medical costs.
Employee Sponsored Health Insurance
These either come free to you or if the employee wants you to pay for them, it is still better to choose these over buying it individually on your own. An employee sponsored health insurance will always cost you much less than a health plan brought as an individual. The employee sponsored plan can also cover your family (spouse and children).
Go for a Top-Up if you are Looking for Additional Cover
If you believe the cover offered under your existing employee sponsored plan or your floater policy is inadequate and you need additional cover, it is best that you opt for a top up cover, rather than buying a separate health insurance policy.
If you are a middle aged person, and your employee sponsored plan offers just basic Hospitalization cover, you can look forward to buy a pure Critical Illness cover, which will cost you less.
Shop Around - Do an Online Comparison before You Buy Health Insurance
There are many insurance providers hence it is fair to expect price differences among them. Once you have fixed your requirements, go for an online comparison, and you would be able to isolate the best health plans which give you your desired features at the lowest cost.