Health Insurance: Nowadays the number of people taking health insurance is increasing rapidly, but the ever-increasing premium has troubled many people. Companies are charging very high premiums and now even changing the company is not giving much benefit.
If you too are struggling with the increased premium and are looking for a solution, then there are some effective ways by which you can reduce the burden of your premium to a great extent. These methods will not only reduce the load on your pocket but will also ensure proper coverage. Let us know about these methods in detail.
Buy health insurance as early as possible
The best and most effective way to reduce health insurance premiums is to buy a policy at a young age. The premium depends on your age and health condition. In youth, you are generally healthy and have a lower risk of diseases.
For example, a 25-year-old person has to pay a much lower premium than a 40-year-old person. Buying a policy at a young age not only reduces the premium but also lets you reap the benefits of coverage for a long time. This is long-term financial wisdom.
Take advantage of network hospitals and bed-sharing
Buy a policy from a company that offers treatment at network hospitals near you. Getting treated at network hospitals gives you a cashless facility, and can also reduce the premium, often by around 15%. This also reduces your out-of-pocket expenses. Also, you can reduce the premium further by opting for multi-bed sharing, as sharing beds costs less than a private single room. This will help effectively reduce your expenses.
Consider super top-up plans
An effective way to make your health insurance more affordable is to take a top-up or super top-up plan. These plans enhance your existing basic health insurance coverage and help reduce the premium burden. After a certain deductible, these plans offer additional coverage, giving you more coverage at a lower premium. This makes you prepared for major medical emergencies.
Choose Deductibles and Co-payment options
This option may not appeal to everyone, but opting for deductibles and co-payment clauses can help reduce your health insurance premium substantially.
Deductible: This is the amount you have to pay out of your pocket when making a claim, after which the insurance company pays the rest. Choosing a higher deductible reduces your premium.
Co-payment: This involves paying a certain percentage (like 10% or 20%) of the claimed amount yourself. Choosing the co-payment option also reduces the premium.
This is a smart financial strategy for those who are confident and planned about their healthcare needs.
Buy Online
Buying health insurance online is a great way to save money. Buying online eliminates the need for middlemen and additional charges, which simply means lower premiums. Also, you can easily compare different policies online, ensuring that you get the most suitable plan at the most competitive rate. The process is convenient and transparent. It allows you to take advantage of the best deals available in the market.