Health insurance is still a luxury for many. Although people are beginning to understand that it should be their first investment of any kind, they still refrain from buying a policy due to the inflation in Medical Insurance plans. The need for medical insurance is now greater than ever, given the lifestyle of people and how much stress they deal with on a regular basis.
Especially in this post-pandemic era, we have all understood the importance of prioritizing our health. Money should be the last thing you worry about in any unfortunate circumstance. A medical insurance policy makes sure that you can be fully present for your loved ones, or they do not worry about the expenses in case something bad happens. Getting health insurance is a necessity, and here’s how you can reduce your Mediclaim while still enjoying the benefits.
Here’s how you can lower your Mediclaim:
The following is a list of ways through which you can lower your medical insurance:
1) How long-term plans can help:
Opting for a long-term medical insurance policy may result in lower premiums. Conventional insurance includes premiums to be paid at the end of each year. Paying your premium yearly can come with hefty prices. You can now find options wherein you will be required to pay the premium for 2-3 years at once. Since you are paying the sum amount at once, you can get discounts on the prices. You can look for one such plan that lets you pay a multi-year premium. This can be discussed with the insurer and can help you lower your mediclaim by a significant amount.
2) Opt for a family floater policy:
A family floater plan is a brilliant choice if you wish to save some money on your Mediclaim. Along with insuring your health, the family floater policy insures the health of your spouse and even children. You will come across various family floater plans at a comparatively lower price. There are family plans available these days that cover your parents too. With some thorough market research, you will be able to find the best medical insurance plan for you. You can benefit from a family plan since it covers children, wherein the chances of needing hospitalization are lower. Moreover, since it is a combined plan, your Mediclaim will be reduced on its own.
3) Before investing, compare the plans online:
With the increase in competition, there are numerous policies available in the market. With some research, you will be able to find a plan that caters to your specific needs and is the best mediclaim policy for you. It is suggested to make a list of all the plans along with the approximate premium you will be liable to pay and pick the lowest one available. Also, make sure that the policy you pick covers all the necessary aspects you want it to cover, depending on your medical history. Avoid making the mistake of missing out on crucial services by picking up the cheapest plan, and always pay attention to what it has to offer.
4) Pay a higher deductible:
A deductible is an amount that you are required to pay at the time of purchasing insurance. This amount is chosen by the policyholder. If you pick a large sum to be paid as the voluntary deductible, the charges of your mediclaim will automatically be lower. A great way to pick the policy that you like and make it the best mediclaim policy for you is to pay a decent amount as a deductible. However, make sure that you pick an amount that does not disturb any other budget that you may have. It is advisable to pay off a large sum as a deductible if you do not have any other immediate expenses at hand.
5) Top-ups may help:
A top-up plan is an addition to your ongoing policy that makes you eligible to avail of more benefits. Instead of purchasing a new policy, which can cost you a lot of money, a great way to lower the expense of your mediclaim is to get a top-up on your existing plan. The best Indian health insurance company would be the one that gives you the maximum number of benefits without digging a hole in your pocket. You will be required to pay a comparatively lower premium if you get a top-up on your old policy in place of getting a brand new one.
6) Buying the plan at a young age:
The best time to invest in health insurance is as early as you can. The earlier you purchase the plan, the more benefits you will be able to get out of it, including a reduced premium. All healthcare insurance providers consider things like your medical history and your age when you go to purchase a policy. Mediclaim is also increased in cases where age-related diseases such as cardiac problems and diabetes can be a part of the picture. The younger and fitter you go to take a plan, the lesser premium you will be required to pay for it.
7) Utilize your no-claim bonus:
The best health insurance companies provide no-claim bonuses. A no-claim bonus is a sort of incentive or reward a policyholder gets if they do not make any claim against their policy in a long time. This is done to encourage policyholders not to make unnecessary claims. You can speak with your insurance provider and ask them to adjust your no-claim bonus into the premium amount hence, lowering the cost of your premium. If the insurer agrees to adjust the amount, you will end up saving a significant amount on your mediclaim.
Wanting to reduce your mediclaim makes sense with the increase in prices of everything. While health insurance is a necessity, it is not on the priority list for everyone. It is best to pick an insurance plan that is not only inexpensive but also provides you with the maximum number of benefits. There are many medical Insurance plans available in today’s competitive market. You can pick the one that is satisfactory to your needs and save on premiums by picking a long-term plan or a family plan, comparing different policies online, etc.