Health Insurance : In the current time everything from school fees to medical expenses is getting expensive. If you want to avoid rising medical expenses, then health insurance can be a great option. After taking health insurance, you do not have to worry about expenses. At the same time, sudden medical expenses do not affect your pocket.
Along with health insurance, you can also keep some amount of your salary in emergency fund. If you are also planning to get health insurance for your parents but are worried about the increasing premium amount, then you can use some methods to reduce it.
Take insurance cover till the age of 60
The younger you buy health insurance, the more benefits you will get. If you buy insurance at the age of 30, you will get it at a lower premium than if you were 60 years old. So, get insurance cover as soon as possible.
Along with this, you can also avail the benefit of 5 to 10 percent claim bonus every year. On the other hand, you can get a discount of 15 percent on taking a three-year insurance plan. You can also reduce the premium amount through deductible and co-pay. Deductible is the amount that you have to pay yourself before making a claim. For example, if your total expense is Rs 6 lakh, then you will pay Rs 2 lakh as deductible amount. You can claim the remaining amount of Rs 4 lakh through insurance cover.
Co-pay is the percentage of the amount that you pay yourself. Suppose your total expenditure is Rs 10 lakh. The co-pay amount is 20 percent. Then Rs 2 lakh goes out of your pocket. The remaining amount is paid by the company. In this way, you can reduce the premium by increasing both the amounts.
Compare different insurances
Along with this, you must compare the health insurance offered by different companies. This can be very beneficial for you. Through these methods, you can reduce the health premium amount to a great extent. By comparing, you will be able to know about the benefits you get on health insurance.