With the increasing life expectancy, the rate of investment in health insurance plans has also increased. A health insurance plan comes in handy during the times when the policyholder is critically ill and is unable to pay his medical bills. However, purchasing health insurance can be an expensive affair due to its provision for extensive coverage. So if you’re wondering how to reduce the health insurance cost, then go through the tips mentioned below:
List of tips for the reduction of health insurance cost:
- Invest in an insurance plan early
While a majority of people may prefer investing in health insurance plans
in their late 30s, it is advisable to opt for health insurance while you’re young. The younger you are, the better deal you crack. It allows you with dual benefits which are the provision of comprehensive coverage and saving on the cost of the premium.
- Cumulative Bonus
A life with constant illness is exhausting as well as stressing. Therefore, see to it that you lead a healthy lifestyle in order to stay away from the diseases as well as unwanted expenses of hospitalization. A claim free year would provide you with benefits in the form of Cumulative Bonus (CB).
- Select coverage as per family needs
Coverage offered by your insurance company should benefit you and your family. Therefore, see to it that you choose a coverage keeping in mind you and your family needs. For instance, in case you already have kids and do not plan on extending your family, then opt out of the maternity feature from the coverage. That way, you’ll save up extra costs of your policy and only utilize those that you are in need of.
- Take advantage of tax benefits
Tax saving benefits are the major way to reduce health insurance costs. Under section 80C of the Income Tax Act, 1961, the premiums are deductible up to 1.5 Lakhs of your health insurance policies.
- Opt for higher deductibles
Opting for high deductibles will eventually tone down the cost of premium of the policy. A higher deductible will help you in times when you’re severely ill but also when you want to save up more than you pay. You can find this provision in the Bajaj Allianz ‘Extra Care’ or ‘Extra Care Plus’ policy. Please note that you would be required to pay initial deductibles as agreed upon in your contract while you avail coinsurance
- Opt for cashless settlement
Another way to reduce the cost of health insurance is by opting for network hospitals since they provides cashless benefits. When a policyholder opts for cashless settlement, the expenses of hospitalization are covered by the insurance company. All he has to do is inform the insurance company about the hospitalization and the rest will be taken care of by them up to a certain extent. Therefore, invest in Bajaj Allianz General Insurance in order to utilize the benefits of cashless settlement to the fullest.
We hope that you are now aware of what is health insurance
, how to choose the right policy and health insurance costs while you’re at it. We, at Bajaj Allianz General Insurance, provide you with a smooth and hassle-free process of health insurance plan. Our plans will not only financially support you in times of medical exigencies but also maximize your savings in the due course of the plan.