The rising medical costs have made people take health insurance seriously. Such insurance plans always come to the policyholder’s rescue during medical emergencies, ensuring the person gets timely and quality treatment. But to keep up with the rising inflation, even insurance providers are left with no option but to increase their insurance plan prices.
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This price rise is making it challenging for many to pick the right, affordable health insurance plan that offers standard coverage. If the rising health insurance prices have put you in a difficult situation, this guide is here to help. After talking to various industry experts, we found people can still access affordable health insurance plans without compromising the coverage by following the below-shared ways:
- Invest Early for Lower Premiums
When it comes to health insurance, it is advised that people invest in the right policy as early as possible. Even if you have little insurance knowledge, you would know that the person’s age significantly influences the premium. If you invest in health insurance during your 20s, you will have to pay lower premiums compared to what you would pay in your 30s.
- Look for Companies that Offer Group Health Insurance
If you’re tight on budget and cannot afford to invest in health insurance premiums, you can consider looking for a job in companies that provide group health insurance as part of employee benefits. A group medical insurance is a popular insurance plan in the corporate world wherein the employer pays the employees’ insurance premiums. If you get covered under group health insurance, you can enjoy standard health insurance benefits without even paying for it.
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- Choose Your Deductibles Wisely
A health insurance deductible refers to the fixed amount a policyholder must pay for his medical expenses. When you invest in a consumer-directed health insurance plan, you agree to pay some deductibles before the insurer pays anything. Hence, the higher deductibles you choose, the lower the premiums will be, and vice-versa.
- Learn the Difference Between Copayment & Deductibles
If you’re planning to invest in a health insurance plan that is affordable and offers standard coverage, you have to understand its terms and conditions clearly. Some insurance terminologies can be difficult to understand, creating difficulties when picking a health insurance plan. Copayment and deductible are common terms used in health insurance plans.
Deductible refers to the fixed amount a policyholder has to pay towards medical expenses. Whereas copayment refers to the percentage of the claim amount, a policyholder has to pay. Clauses related to copayment and deductible will determine your claim and premium value to a great extent, so make sure you take these into account while making any decision.
- Take Advantage of No Claim Bonus
If you don’t file claims for a few years at a stretch, you get rewarded by the insurer in the form of a No Claim Bonus. This bonus is often a premium discount that an insurer offers seeing your claim records. For example, if you don’t file claims for three years in a row, you can become eligible to get discounts on the premium you’re required to pay going forward, meaning less premium.
- Look for Affordable Insurance Plans
The Indian insurance market has various plans designed to meet the varied needs of different people. Whether you’re looking for health insurance that offers the best coverage or a budget-friendly option, you’re sure to find the insurance plan you’re looking for. If you’re searching for health insurance that offers standard coverage and is easy to understand, you should proceed with the Arogya Sanjeevani health insurance.
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This plan has been designed for people who want a straightforward policy with standard coverage and affordable premiums. You can look for similar other policies before making your decision. If you’re looking for some recommendations, you can join online communities and forums inviting unbiased health insurance recommendations.
- Compare Health Insurance Plans Online
One of the best things digitisation has done is that it has made it easier for people to compare different health insurance policies online. Since the market offers numerous options, picking one from the rest can be challenging. Luckily, now you can compare your shortlisted plans online. You can either individually visit the respective insurer’s website to know the coverage at a given premium or take the help of websites that share comparative reviews of multiple plans.
You can also use an online premium calculator to know how much premium you’ll have to pay for the type of coverage you need. Ultimately, you should pick an option that offers the best coverage at a competitive premium.
- Use Insurance to Claim Tax Benefits
In India, health insurance plans can also be used as a financial tool. Depending on your income and premiums paid, you can claim the amount paid towards your health insurance premium as a deduction while filing your Income Tax Returns (ITR) under Section 80D. There is a limit for a deduction, so ensure you get the latest limit checked by your financial advisor. If you could get a significant premium amount claimed as a deduction, you can eventually nullify the high premium charges.
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Enjoy Health Insurance Benefits at Competitive Prices
No one can avoid investing in health insurance plans for long because of the current medical inflation. Even though the health insurance prices are rising, it won’t make people rethink their decision to invest in one. But you can save some money on premiums by investing in a budget-friendly health insurance plan. Following all the tips or points discussed in this guide will increase your chances of finding a reliable health insurance plan at affordable premiums.
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