Healthcare and medical facilities are no exception in these days of inflation-ridden sectors, primary healthcare is enough to put a strain on a person’s finances. When a patient requires advanced healthcare or extended hospitalization, this burden becomes enormous, and the finances set aside for a family’s future are spent on the patient’s treatment. In modern times, having a specific health insurance plan is not only necessary but also required. A health insurance plan provides total coverage in the event of any medical emergency and also protects your savings corpus.
However, depending on your demands and requirements, a health insurance plan may charge a considerable premium and, in the absence of any backup, you may have to pay out hard-earned money as a contribution towards maintaining a health insurance plan. As a result, you must learn how to save money on health insurance premiums, where every domain of financial activity has been touched by rising costs of healthcare, especially due to the Covid-19 pandemic.
The following are eight strategies compiled by Coverfox, that will help you to save money on your health insurance plans:
Health Insurance Checklist:
Source: californiahealthline.org
1. Invest early
Here are some of the advantages of purchasing health insurance at a young age. As a result, you should begin as soon as possible because health insurance premiums tend to rise with age – the older you are, the greater the price.
Insurance is more affordable at younger ages, and young people’s health problems qualify them to get health insurance. However, “as people get older, more and more people in the insured group are likely to get sick, and health-care costs rise.” At advanced ages, the cost of insurance becomes too expensive, and eligibility to obtain insurance drops dramatically.
As a result, buying health insurance at a younger age can result in significant savings on premiums.
2. Employer’s health insurance
The greatest approach to save money on health insurance is to use the plan supplied by your work. There’s no need to mention that if you’re covered by your employer’s health insurance, there’s nothing like that because it’s usually free. Even if your employer charges you for health insurance, it must be less expensive than individual or private coverage. In most situations, group health insurance also covers employees’ dependents, such as spouses and children. Consider yourself fortunate if you are protected by a group health insurance policy; if you do not have one, simply urge your employer to enroll you and your dependents in a group health plan. You can save money on the premium this way.
Source. calmatters.org
3. Stop and compare
There are numerous health insurance policies available on the market. You should not purchase the first plan you come across. It is critical to first assess your needs before purchasing insurance. These days, health insurance policies have a plethora of bells and whistles that not everyone requires. All of these extras add up to a big price tag. Filter them out and make a list of only the characteristics you require. Then, compare the health insurance plans with similar features and choose the cheapest one. There are numerous internet forums and premium calculators that can assist you with this.
4. Choose a basic cover
You do not require all of the benefits of a health plan. There are designs with additional built-in amenities that cost more but serve no use other than to attract customers. If you are unable to purchase such coverage, opt for a basic hospitalization plan. Even minimal coverage can help you financially if you become unwell and need to be hospitalized. Because basic covers are less expensive, you can save money on their premiums.
Source: chatttennsports.com
5. Family floater plans
Family floater plans provide shared healthcare coverage for you, your dependent spouse, and your dependent children. The coverage points are also extensive, and the monthly premiums are inexpensive in comparison to direct, individual protection. Thus, you will be able to save lot of money on premiums.
6. Choose top-up options
If you believe that the coverage provided by the plan is insufficient or have exhausted the existing limit on your health insurance, you must select the top-up options rather than getting a new policy. This means that you will just pay for the additional features and not for a completely new health plan. You can do this by taking critical illness cover as well. For instance, if you have opted for the basic hospitalisation cover, then you can add a top-up cover for critical illness. Since senior citizens are more prone to life-threatening diseases or major ailments with expensive treatments, critical illness cover is best suited for them.
Source: etmoney.com
7. Choosing No-Claim Bonus
Many health insurance companies now provide you with the benefit to get no-claim bonus. If you haven’t made any insurance claims for the given year, you are eligible for no-claim bonus. This no-claim bonus cover helps you reduce the premium price for the coming year while renewing your insurance policy.
8. Healthy lifestyle
Finally, it all comes down to your level of fitness. You can become in shape by giving up bad habits and embracing a healthy lifestyle. Quitting smoking and drinking, as well as decreasing weight, regularly exercising, eating healthy food, getting proper sleep etc. can help you stay healthy, save money on hospital visits, and lower your health insurance costs. As a result, it is a win-win situation.
Source: dnaindia.com
Keep in mind that in today’s society, health insurance is a requirement rather than an option. Not buying a health insurance can also come with a lot of consequences which is why you should purchase health insurance as soon as possible. It not only relieves financial stress, but it can also help you receive access to great healthcare facilities when you become ill, without having to worry about expensive medical expenditures for you and your family.
