Healthcare is one of the largest expenses that people have to take care of when medical emergencies or diseases arise. Over the past few years, the cost of private healthcare in India has inflated at very high rates, making good healthcare unaffordable for millions in the country. Moreover, the COVID-19 pandemic further contributed to an increase in medical costs across the nation. One of the best ways to protect yourself against these rising healthcare costs is by getting a good insurance plan. However, the cost of health insurance has also risen over years due to the increasing medical costs. So, we have compiled a handy guide with useful tips that you can use to get affordable health insurance for yourself and your family.
Tips to Reduce Health Insurance Premiums
The best way to get affordable health insurance is to lower your premium costs. Here are some valuable tips you can use to do exactly that:
- Analyse Different Health Insurance Plans Available Online
There are dozens of established insurance companies in India that offer a large variety of health insurance plans with unique costs, benefits, features, and limitations. If you wish to find the most affordable health policy that still offers all the coverage you need, you will have to compare the health insurance plans offered by different insurance companies online by visiting their official websites. Most insurers provide all the price and coverage details about their plans online.
Check out Government Health Schemes
The Central and State Governments in India have launched several low-cost or completely free health schemes for the citizens such as the PMJAY plan. If you are in a financial crunch and cannot afford private health insurance, the best choice for you would be to look into which health schemes you are eligible for. However, the coverage offered by the government health schemes is very limited so you should also get your own health plan whenever your financial situation allows.
Buy Health Insurance Online
When you buy any insurance plan online, you can save on costs such as agent commission fees and administrative fees. Many insurers also offer discounts when you buy insurance plans from their websites. Moreover, the process of buying insurance online is a much more simplistic and swift process compared to buying insurance offline.
Choose Your Add-Ons Carefully
When you buy your health policy, the insurance provider will also offer you several add-on covers that you can buy with your policy. While some health insurance add-ons like critical illness cover may be extremely useful, you will most likely not need all of them. Carefully consider your unique health needs and then decide if you wish to get any add-ons or just skip buying them.
Buy Health Insurance Early in Life
If you buy health insurance when you are young, i.e. in your 20s, the insurance company will offer you much lower premiums compared to the premiums for middle-aged and elderly people. Moreover, when you keep renewing your plan with the same insurer, you can keep enjoying your affordable insurance premiums along with the increased sum insured through the accumulated No Claim Bonus.
- Choose a Family Floater Plan if you Have Dependents
If you have a spouse and children who also need health coverage, you should buy a health insurance plan for your family, rather than buying individual health plans for each member. This will allow you to save money and get unique benefits that are not offered under individual plans.
The tips above can help you find the right health insurance plan for your needs based on your budget. If you wish to get more coverage, you can also choose to buy top-up health insurance on top of your existing plan in the future. More importantly, before you buy any plan, make sure you read and understand all the inclusions and exclusions as well as terms and conditions.