Online Health Insurance
Due to inflation, the cost of nearly everything, including healthcare, is on the rise. Health insurance, however, remains a vital safety net, shielding your finances during medical emergencies. With comprehensive health insurance, your insurer covers your medical bills, allowing you to focus on recovery. But, like any good thing, this peace of mind comes at a price—the insurance premium. So, how much should you be prepared to pay for this kind of protection?
Shockingly, 52% of policyholders have paid 25% more for their health insurance premiums in the past year. Does this mean health insurance is out of reach for budget-conscious families? Certainly not. In this blog, we’ll share key tips on saving with the best online health insurance and still getting the maximum coverage you need, all while sticking to a budget.
Top Tips to Buy the Best Affordable Health Insurance
Everyone wanting to buy an insurance policy pays a different premium. Insurers assess the risk of insuring you in detail to arrive at a premium rate. You can get comprehensive health insurance at a lower premium by making smart decisions for coverage, add-on riders, and other policy options. Some of the tips are:
1. Buy Insurance When You Are Young
Young people have a lower health risk, and thus, insurers will offer a lower premium. A 20-year-old will pay a lower premium for a Rs. 10 lakh policy than a 30-year-old. As soon as you start getting your first salary, buy an insurance policy. This way, you can also ride out the standard waiting periods when you are young so that insurance coverage will be available when needed.
2. Purchase Insurance Online
The online platforms provide quick and easy access to different insurance policies. You can also use insurance platforms to compare various plans and make the right choice. There will be no intermediaries, and thus, administration costs will be lower when you buy insurance online. Also, several insurers offer digital discounts for those who prefer the flexibility of buying from anywhere at any time.
3. Opt for Longer Policy Term
Generally, insurance policies are issued for one year. You can make claims for medical expenses upto the sum insured for the policy term. For a longer policy term, such as 2 to 3 years, you are less likely to make claims that can exhaust your policy sooner. So, insurers offer discounts and lower premiums for policies with two or three-year term periods. If you are on a tight budget, you can stay protected for over a year at an affordable premium when you choose a longer term.
4. Opt for Family Floater Plan
If you buy health insurance for your family, consider purchasing a family floater plan instead of individual insurance for each family member. This way, you pay only one premium and get coverage for everyone under the same policy. The probability of everyone falling ill and exhausting the sum assured within the same policy term is low, and thus, it offers uncompromised security.
5. Preserve No Claim Bonus (NCB)
Almost all insurers offer NCB by increasing the sum assured for every claim-free year up to 100%. So, after two or three years of not claiming your insurance, you can double the coverage without any increase in the premium. To avail of this feature, restrict yourself from making smaller claims that can be easily managed out of your pocket.
6. Adopt a Healthier Lifestyle
Many insurance policies have bundled wellness programs that help you maintain and improve your health. Participating in such programs can earn you reward points, which you can use to claim premium discounts. Further, these wellness programs reduce your risk of life-threatening diseases and improve your risk assessment score.
Takeaway
Finding the right health insurance plan on a tight budget is possible if you carefully compare your options. Instead of purchasing insurance traditionally, choose online insurance providers and claim premium discounts. Comparing multiple policies and aligning coverage with your personal healthcare needs will help you control premiums against rising healthcare costs.
