Today, the price of medical services, health examinations, medications, pathology tests, and doctor’s fees is rising quickly. Thus, getting a quality health insurance plan becomes even more crucial. There are many methods that you can use for health insurance low premium. If you are in a stressful position, such as undergoing a significant procedure, dealing with a medical emergency, or being hospitalised, this can relieve the burden of paying in cash. Health insurance enables you to utilise the cashless payment option at network hospitals, providing you with the necessary financial stability and peace of mind in the event of a medical emergency.*
Here are seven quick strategies to find low-cost health insurance plans:
- Begin early
The optimal time to purchase a health insurance policy is when you are a young adult. The following advantages result from purchasing health insurance early on:
- reduced premiums
- higher coverage
- Longer coverage
- There is no waiting period (if there are no pre-existing diseases)
- No medical examinations are required before acquiring health insurance.*
- Make sensible deductible selections.
The fixed amount you must pay toward medical costs before your insurance provider begins to cover you when you make a claim is known as a health insurance deductible. When you choose a consumer-directed health insurance plan, you consent to paying a portion of your medical expenses out of your own money. Thus, you may get a health insurance low premium if you choose a large deductible amount.*
- Recognise the distinction between a deductible and a copay.
A copay is a set proportion of the claim amount you decide to pay, whereas a health insurance deductible is the fixed amount you agree to pay for your medical expenses. Adjust your coverage and lower the cost of your health insurance by being aware of these intricacies.
- Pick an active health insurance plan.
Many of you could have access to group health insurance through your work. While this coverage covers a few medical situations, you should choose a personal health plan to cover the other conditions. You can check for online health insurance.
- Invest in family health insurance.
If you want to cover everyone in your family under a single medical policy, you can pick an economical family health insurance plan. Although this policy has a lower premium cost, all members covered by it must share in the Sum Insured (SI).
- Benefit from the cumulative bonus.
If a customer has not filed a claim throughout the insurance year, the insurer may provide them with a cumulative bonus. With the help of this benefit, you can choose a higher SI at the time of your yearly policy renewal without having to pay a higher premium. The cumulative bonus ranges from 5% to 50% and rises with each year that a policy is maintained without a claim.*
- Use a health insurance premium calculator.
A health insurance premium calculator could help you shortlist plans based on your needs. It can give you affordable options depending on your requirements.
- 8. Examine different health insurance plans.
There are several health insurance companies in India, and they give a wide variety of low-cost health insurance plans. It is usually preferable to research different health insurance plans’ coverages, inclusions, perks, and premium costs (offline or online health insurance) before making an educated choice.
- Tax advantage.
Under section 80 D of the Income Tax Act, purchasing a health insurance coverage entitles you to a tax break in India. The income tax brackets for health insurance savings are detailed in our blog post. **
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.