Given the unpredictable scenario due to lifestyle and other concerns, health insurance is now a must-have in one's financial planning portfolio. As without it you may be left in a lurch in case of an uncalled for healthcare emergency situation due to ever-increasing health care cost.
So, while choosing on the best health care deal for you as insurance plan here are suggested some ways to reduce your total outgo amount as premium charges.
1. Purchase health plans early in life: With health insurance there comes a disadvantage of waiting period and hence to avail its benefit when the crisis falls, you need to ensure that it is active as well. More so early purchase of a suitable plan reduces the premium payment as then the chances of you meeting any health ailment are less.
2. Sum insured should be just apt: Here as against the sum assured that is assured in case of life insurance, sum insured value applies. The concept of sum insured in an insurance policy works on the principle of indemnity that works to provide a cover or compensation for the damage or loss. This said such policies do not provide any monetary benefit to the policyholder and the damage is covered up to the extent of insured value.
So, an apt sum insured value considering your health condition, age, life-style, income and inflation rate shall be the best choice entailing lesser cost as premium amount.
3. Insurance bought online will be cheaper: If you keep yourself upbeat with all the requisite information to make the best deal on health insurance nothing can be better as you can secure the insurance plan at a much cheaper rate. All the more, the cover note and other formalities to have a policy will be more hassle free.
4. Follow a healthy lifestyle: Nowadays even younger people are asked to go through some medical check-ups before they are issued a policy and in case you lead a healthy lifestyle some of the insurers provide you an edge with substantial discounts.
5. Longer term health insurance policy: While it is known that a health insurance policy has to be renewed every year, there are some of the policies which can be availed for a longer span of say two to three years and on it issued individuals can avail huge discounts.
6. Choose a family floater policy: You need to consider your family's health care need and while doing so you can save immensely. More so, here in the amount will be distributed amongst all the family members.
7. Voluntary co-payment decision: This co-payment decision wherein you first pay the claim amount in case of an exigency and ask for a higher voluntary amount also reduces the premium amount significantly and this goes well when you are young in age and less susceptible to health ailments.
8. No claim bonus can be used to enhance health care coverage: This facility if not availed in the previous policy year can be used by asking the insurer to increase the coverage without paying an additional amount.