Medical emergencies are unpredictable. This statement strengthened its roots even more during the pandemic thereby making everyone realise that health insurance is a prime part of your life. With the increasing awareness about rising medical inflation, it has become necessary to have a backup plan for these unexpected medical emergencies.
When shortlisting a suitable policy, health insurance prices are often known to be a deciding factor for many. For some, the last hurdle is the health insurance cost after selecting the coverage and other features. This article is an extensive guide on how you can get the right health insurance quotes for your coverage requirements.
How are health insurance quotes determined?
Health insurance cost varies for every individual based on his or her coverage choices. A comprehensive policy with more benefits will have higher health insurance quotes. Below mentioned are some of the factors based on which you can understand how quotes are set and also how they vary according to common modifications in health insurance plans
- Medical history: Some insurance companies base the health insurance quotes on the medical history of the applicant. In this process, you shall be required to undergo a health check-up after which the medical insurance quotes shall be issued. Here, a person who actively smokes shall be charged a higher premium as compared to a non-smoker.
- Entry age of the applicant: Your entry is also a determining factor on much are the health insurance prices for your choices. An individual with a lower entry age is comparatively charged a lower premium since they are not prone to illnesses, whereas an elderly individual has higher premiums.
- Tenure of the policy: Insurance plan can often be purchased for more than one year. Similarly, a plan with longer tenure costs comparatively lower than a single year policy.
How can you reduce the health insurance cost?
- Policy coverage: Medical insurance quotes are directly based on the policy coverage opted. Loading your policy with additional coverage like a maternity cover in case of family health insurance will increase the price. It is because these policies are add-on features and optional to the policyholder.
Now that you know how the health insurance prices are determined, here are few ways of how you can keep them in check.
#1 Opt for a higher deductible:
A deductible is an amount that you need to pay before the insurance coverage kicks in. Selecting higher deductible helps to lower the premiums since the out-of-pocket component increases at the time of claim.
#2 Opt for family floater policies:
A family floater policy is an extension of an individual plan where the coverage is available for the entire family or the beneficiaries under the policy. You can purchase online health insurance, quotes for which differ among different insurance companies. The only catch is that the entire sum assured is for all beneficiaries and not for each individual.
#3 Comparing the insurance quotes:
Since the premium varies among every insurance company, the quotations also differ. Using online health insurance quotes, you can compare to shortlist the best policy for you.
#4 Top-up plans:
Using the top-up covers, you can significantly enhance the scope of your policy while keeping the premiums at an affordable level.
Make use of the above guide to take maximum benefit from your health insurance policy. A health insurance premium calculator
is a nifty tool that can help you compare the different plans and make the best choice of insurance cover for you and your family.