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5 Ways To Keep Your Health Insurance Affordable

Team AckoNov 7, 2024

Savings, Sale, Discount, Offer, etc. are words that are dear to every customer. Nothing works better than an old-fashioned discount to pacify the inner miser, and encourage the shopaholic within. However, splurging has no tangible benefits, especially when it comes to a health insurance policy.

Purchasing an extensive health insurance policy can be a bit tricky. Primarily, because you do not want to leave any stone unturned to cover risks but also do not want to spend unnecessarily. Thus, it becomes imperative to find the right balance. Read ahead to know 5 ways to keep your health insurance policy affordable.

Contents

1. Don’t be swept away by just lower premiums
2. Does your employer provide health insurance?
3. Think about going for a floater policy
4. Don’t fall for non-productive frills
5. Be Proactive

1. Don’t be swept away by just lower premiums

Lower premiums mean direct saving. Yes, that’s correct in an absolute sense. However, there’s high probability that a health policy with a lower premium might not offer extensive coverage. This way, you might end up paying a lot of money from your pocket to treat a health hazard, in spite of a health insurance policy. This, in a way, defies the basic idea of availing health insurance. Thus, don’t be swept away by lower premiums. Instead, pick a policy that covers your risks.

You can have a basic idea of your coverage in mind and then go about looking for insurers that provide the best service and offer the needed coverage at a lower cost. Compare health insurance policies holistically.

2. Does your employer provide health insurance?

Some multinational companies and other corporate entities cover their employees under a medical insurance cover. Such policies, often extend the benefits of a health insurance plan to the insured employee’s family members as well.

If your employer covers you under such a health insurance plan, you can search for your individual health insurance plan accordingly. Insurance companies do offer the option of a ‘top-up plan’ wherein your employer’s plan is considered as a base and an added cover is placed on top of it to strengthen your health insurance policy.

3. Think about going for a floater policy

Just as your employer, you can also opt for a group policy. This group has to be of your family members. Such a policy is known as a floater policy. Here, the sum insured is shared among the family members.

This might not be as beneficial as an individual policy but if you are a bit worried on the cost front and the choice is between a floater policy or no policy, then going for a floater policy is the more productive option.

4. Don’t fall for non-productive frills

Non-productive frills are extra services that are often bundled with a basic product and exhibit no direct value to the consumer. You end up purchasing the frills just because they are available at a cheaper rate. In hindsight, you realize they were not needed at all!

Some insurance companies offer frills at an extra cost. They offer benefits that you may not need. Various Add-ons and Riders are added to your base policy as a part of the packaged product. Do not fall for such frills if you are cost conscious. Make an informed choice and go for only those Add-ons and Riders that add value to your health insurance plan.

5. Be Proactive

Proactiveness; is the essence of insurance. Insurance is an act wherein you minimize your financial losses because of acknowledging the possibility of an unfortunate event and taking measures to soften the financial blow in case of the occurrence of the event.

When it comes to health insurance, it is better to be proactive and purchase a suitable health insurance policy at a young age. As the body ages, the chances of medical complications increase. Today’s stressful lifestyle also plays a role in acquiring diseases that were unheard of a decade ago. If a same policy, with same coverage is purchased by two individuals, one younger and one older, the older person will have to pay a higher premium. Age matters in health insurance.

Get your doubts cleared

Take your time to analyze your requirements and compare health insurance. There is no harm in calling up insurance company’s executives and quizzing them about inclusions and exclusions. Get your doubts cleared before purchasing the policy.

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