Due to the rapidly-rising medical costs, every individual must obtain a well-rounded health insurance plan from a reputed insurer. While choosing a plan, one must consider factors like coverage limit, number of network hospitals, health insurance premiums, etc. Ideally, potential buyers should settle for a plan that comes with maximum coverage benefits at an affordable rate.
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The following section mentions some ways in which one can cut costs on health insurance policies.
Top ways to save money on your health insurance policy
Although insurance companies offer attractive deals on health insurance plans, some individuals might find it difficult to bear the premium amounts. To that end, it is essential to learn about some tips that can reduce the policy premiums without compromising on other benefits.
Here are some ways to save expenses on health plans:
• Make the most of group health insurance policy/employer’s policy
The employer of a company provides a group health insurance policy covering a group of employees. Such an insurance plan is affordable compared to individual plans as the organization bears the premium amount on an employee’s behalf. Additionally, such an insurance policy extends coverage to dependents of an employee like spouse and children. So, one does not require separate health insurance covers for family members and saves costs in the long run.
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• Buy a plan when young
With age, health risks can increase, resulting in higher health insurance premium prices. Thus, it is practical to obtain health plans at a younger age when an individual is fit and healthy. The eligibility of individuals obtaining insurance at an older age declines as they are prone to fall sick more often. To avoid this, they should consider insurance plans at an early stage and enjoy the coverage benefits for a longer period.
• Go for a family floater plan
Purchasing individual health policies for each member of a family means a potential buyer needs to bear more premiums for coverage. However, a family floater health insurance brings all the family members under a common umbrella for an affordable premium. Individuals looking to cover their entire family against medical contingencies should obtain a floater plan where all the members share the premium amount. Because of this, they can cut costs on health insurance policies.
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• Look for top-up plans
There might be scenarios when a health insurance policyholder looks for a higher sum insured. In that case, one need not require to purchase an additional policy by paying more premium. A top-up cover on health insurance plans provides additional coverage against a nominal charge and helps in saving premium costs. For instance, individuals can opt for a critical illness cover over and above their basic insurance plan and enjoy extended coverage benefits.
• Opt for long-term plans
Obtaining a health insurance plan with a longer tenure helps in reducing the cumulative premiums. It also allows a policy member to stay protected against inflation and save expenses in the process. Hence, one should purchase a health insurance plan that comes with a tenure of more than 2 years and boost his or her savings.
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• Adjust riders as per requirement
It is true that health insurance riders provide an overall coverage against exorbitant medical costs, but it comes with additional expenses. Therefore, one must select riders as per the requirement to avoid unnecessary costs.
• Consider a comprehensive health insurance plan
A comprehensive health insurance policy provides complete coverage against health contingencies, including hospitalization cover, ambulance cover, etc. One can purchase this plan and avoid purchasing separate covers at additional costs. Further, such an insurance plan covers high-cost procedures like alternative treatments, organ transplants, etc. Policyholders of comprehensive health plans can also include add-on covers for additional benefits against some charges. So, it is imperative to buy this plan other than purchasing separate health insurance plans for extensive coverage.
To conclude, health insurance plans are mandatory if individuals wish to avoid financial liability during a medical emergency. However, to ensure lower costs of premiums, following the aforementioned tips can be a good start.
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