Smart ways to get health insurance premium rates lowered over the policy term

Planning

oi-Roshni

By Roshni Agarwal

Published: Tuesday, March 4, 2014, 13:20 [IST]

With increasing age, health care requirements are sure to increase and individuals in the course tend to get the health cover enhanced for themselves and their family. Know about ways to get your medical cover enhanced effectively. Nonetheless, premium which are to be serviced towards the health cover need to monitored continually as without it you would be required to shell out a significant chunk on an annual basis.

1. Do considerable research on insurer's policy in regard to premium policy rates specific to age group: The age factor that has a bearing on the premium rates for an insurance policy needs to be well understood to conclude with a insurer that offers the most cost-effective premium rates for the more or less similar health cover.

2. Bet on a family floater medical cover: As with other healthcare policies, such a policy plan has a waiting period of 2 years i.e. the policyholder can make the claim under the policy towards a particular medical exigency only after the completion of 2 policy years.. With a health cover for all the family members, such a plan entails lower premium as the amount has to be paid on an individual basis.

3. For better premium rates on health cover maintain a healthy lifestyle: For the similar healthcover, individuals with a poor lifestyle or smokers can be charged heftly, the premium rates can be 50% over and above the basic rates.

4. Medical cover with high deductibles come with lower premium: Deductibles in the health cover parlance refer to a fixed amount that is to be paid by the insured out of his pocket before the health plan begins to pay. The deductibles are not to be confused with the premium amount. And as stipulated, for any policy whether group or individual, higher the deductible amount, less shall be the premium payable towards the policy. And in such a case, only some of the cost has to be borne by the policyholder and the rest is disbursed by the insurer.

5. Re-evaluate your healthcare needs on a regular basis: For a fairly good health cover deal, that is infact apt and sufficient enough to take care of your health care needs, on a regular basis as what inclusions or exclusions you need to make in respect of your health cover plan. Else, you can be stranded with a plan that despite being highly priced fails to accommodate all your health care needs.

Also, it makes sense to end up with a healthcare plan that entails lower cost as many a times after the claims against the held policy are made by the insured, premium rates are increase in the successive policy year.

GoodReturns.in