How Can You Make Your Health Insurance Cover Affordable?

Published on 05-Apr-2023

In Today's modern era, health insurance is an essential aspect of having financial security for the future. It is a proactive step for maintaining financial goals & stress free life in the near future. As it helps in protecting an insured person & their family financially from unforeseen events such as injuries, medical emergencies, chronic diseases & health issues etc.

Nowadays, it becomes difficult to pay off the high expenses of medical treatment, healthcare & checkups. Unpredicted medical emergencies can put a person at risk to pay a heavy amount of medical bills. Sometimes, it may cost more than a person's savings. From ambulance to medicine, all you need to have a high quality treatment during the time of emergency. This may sadden you & your family to raise an amount for daily household expenses & medical care.

Fortunately, there are several ways to make your health insurance affordable without degrading the quality of coverage. Let us discuss various strategies that can help you to get the most out of your health insurance policy while keeping the premium amount manageable.

Don't Often Search For The Policy Of Lower Premiums

Policy with lower premiums seems to be direct saving. There is a probability that a policy that starts with a lower premiums might not exclusively offer a suitable coverage. This sort of policy might devoid several health insurance benefits. In this case, if any medical emergency arises you may have to pay for your treatment from your own pocket. This may cause a heavy financial burden onto you. And these stringencies can hamper your treatment as well as livelihood.

So, it is necessary to not get diverted by the lower premium policy and choose the suitable policy that offers you a large coverage and includes every insurance benefit.

To find the best coverage at an affordable cost, start with a basic idea of your needs and then search for insurers that offer the necessary coverage while providing excellent service. It's crucial to compare health insurance policies holistically, rather than just focusing on the health insurance premium. This way, you can make an informed decision and ensure that you have the coverage you need during any unforeseen event.

Add More Coverage With A Top-Up Health Insurance Plans

Several employers and companies offer health insurance plans to their employees. These plans sometimes cover the employee and their family members as well. It acts as a comprehensive health insurance coverage for the whole family.

If you are covered under such plans then you may also buy a health insurance policy for individuals. It may help you as a complete insurance by adding an add-on on your base plan. These top-up plans offer additional benefits and prioritizes your individual health needs.

Determine Your Risk Appetite

Risk appetite is an essential factor to consider when buying a health insurance policy. If you have a high-risk appetite, you can choose a health insurance with a higher deductible or co-payment amount, which will reduce the amount of premiums. However, if you have a low-risk appetite, you may prefer a policy with a lower deductible or co-payment amount, even if it means paying a higher premium.

Choose Plans That Offer Tax Benefits

Health insurance plans come with various tax benefits that can make them more affordable. Under Section 80C of the Income Tax Act, you can claim a tax deduction for premiums paid towards a life insurance policy, including health insurance. Even premiums paid for critical illness and disability coverage are also tax-deductible under Section 80D of the Income Tax Act.

Compare The Health Policies of Different Insurers

It is always recommended to compare the plans of various insurance companies. You need to obtain quotes and purchase your policy accordingly. This will help you to ensure the right plan at affordable premiums that suit your pocket. You should look for the policies that offer comprehensive coverage for your specific requirements including the coverage for pre-existing diseases, hospitalization expenses & critical illnesses.

In conclusion, health insurance is a crucial aspect of financial security for the future, and it is essential to find affordable coverage that meets your needs. By considering the aforementioned points, such as determining risk appetite, taking advantage of tax benefits, and comparing policies from different insurers, you can make your health insurance cover affordable while still ensuring that you are well secured against unforeseen medical expenses.