How to Save on Health Insurance
There are multiple insurers and multiple health insurance plans in the country. When you compare these various plans, cost should not be the only factor that you look at when you choose your plan. You do not want a situation where you purchase a plan because it was the cheapest, and when the medical emergency arose, you found that the health insurance plan that you bought was not adequate. In the list below, you will find ways to save on your health insurance costs and also a list of the factors that you need to look at while choosing your health insurance plan.
1. Different insurance plans have different premiums, and thus it is very important to compare the price mentioned in the various quotes. Along with the quotes, also look at the various features that it offers. It is important that the coverage level is enough so that the costs associated with medical emergencies can be covered through the insurance plan. For example, a health insurance plan of Rs 1 Lakh, even if it is cheap might not be enough during a crisis, especially given the high medical costs these days.
2. Buy a family floater policy: Health insurance companies have a product called Family Floater, whereby you can cover all the family members under the same policy. For example, if you are a family of four- parents and two children- then you can buy a family floater plan for Rs 3 lakhs. What this means is that there is a total pool of insurance of Rs 3 lakhs, and any time there is a claim, the expenses are paid out of this pool of Rs 3 lakhs. The premium works out far less than what it would should all the members get themselves insured separately. The premium is most often determined by the age of the eldest member in the plan
3. Avail of the health insurance provided by your employer. The responsible employers typically provide medical insurance. Some employers also provide medical insurance for the spouse, children and dependant parents. Make sure that you enroll all the family members who are covered under the group medical insurance plan that your employer might be offering.
4. Buy a health insurance plan early on in life: The most important thing about a health insurance plan is that you should never be in a situation where you have got old, and have contracted a disease, and are not covered by a plan. It is very difficult and expensive to enter into a plan at this stage. The best solution is that you enter into a health insurance plan young, at an age when you do not have any pre existing diseases, and continue with the plan year on year . This is because if you are already under a plan, and you contract a disease, the insurance company cannot treat your disease as pre existing when you are renewing your policy. Also make sure that the health insurance company that you are enrolled with is a fair , ethical company. You do not want to be in a situation where they are ok with insuring you when you are claim free but refuse to renew your policy when you have contracted a disease