Buy a policy from a company that offers treatment in network hospitals near you. Getting treatment in network hospitals gives you cashless facility, and sometimes it can also reduce the premium, often by around 15%.
Nowadays, the number of people taking health insurance is increasing rapidly, but the ever-increasing premium has troubled many people. Companies are charging very high premiums and now even changing the company (port) is not giving much benefit.
If you are also struggling with the increased premium and are looking for a solution, then there are some effective ways by which you can reduce the burden of your premium to a great extent. Let us know what these methods are.
1. Buy health insurance as early as possible
The best and most effective way to reduce health insurance premiums is to buy a policy at a young age. The premium depends on your age and health status. At a young age, you are generally healthier and less prone to diseases. For example, a 25-year-old has to pay a significantly lower premium than a 40-year-old. Buying a policy at a young age not only reduces the premium, but also allows you to enjoy coverage for a longer period of time.
2. Take advantage of network hospitals and bed-sharing
Buy a policy from a company that offers treatment at network hospitals near you. Getting treated at network hospitals gives you the convenience of going cashless, and can also reduce the premium, often by around 15%. This also reduces your out-of-pocket expenses. Also, you can further reduce the premium by opting for multi-bed sharing, as sharing beds costs less than a private single room.
3. Consider super top-up plans
An effective way to make your health insurance more affordable is to opt for top-up or super top-up plans. These plans enhance your existing basic health insurance coverage and help reduce the premium burden. After a certain ‘deductible’, these plans offer additional coverage, giving you more coverage at a lower premium.
4. Choose deductibles and co-payment options
This option may not appeal to everyone, but choosing deductibles and co-payment clauses can help you reduce your health insurance premium substantially.
Deductible: This is the amount you have to pay out of your pocket when making a claim, after which the insurance company pays the rest. Choosing a higher deductible reduces your premium.
Co-payment: In this, you have to pay a certain percentage (such as 10% or 20%) of the claimed amount yourself. Choosing a co-payment option also reduces the premium.
5. Buy online
Buying health insurance online is a great way to save money. Buying online eliminates the need for middlemen and additional charges, which simply means lower premiums. Also, you can easily compare different policies online, ensuring you get the most suitable plan at the most competitive rate. The process is convenient and transparent.
