October 8, 2022

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Tips to Save Money on Mediclaim Policy Premium

Tips to Save Money on Mediclaim Policy Premium
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The pandemic and rising medical care costs have increased the awareness of health insurance. Health insurance is helpful when one doesn’t have cash at hand to pay for medical expenses, especially those that are unplanned. It is possible to save on premiums if one keeps a few points in mind. Read further to understand how to save money on Mediclaim policy premiums.

Buy Mediclaim Policy When Young

Buying health insurance at a younger age can help one save on premium amount by locking policy in at a stage when one is healthier and at lower risk for medical issues. This is because health insurance risk is often directly proportional to the age of the policyholder. Insurance companies anticipate lesser claims when one is young and fit. As one grows older, health insurance premiums also increase. Another important reason to buy health insurance when young is that one can afford to wait out the “waiting period” without any hassle

 

Maintain a Healthy Lifestyle

Maintaining one’s health can lower the health insurance premium rate. Those who do not have diabetes, are not obese, do not smoke or drink can get a cheaper health insurance premium compared to those who have these conditions. Maintaining a healthy lifestyle shows insurers that policyholders are less likely to fall ill and raise claims.

 

Buy a Family Floater Plan

There are several types of Mediclaim policies available today. The issue is that there is so much available that it is difficult to choose the right policy. If one has a family with a spouse, dependent children, and parents, each member of the family would require insurance and individual insurance can work out to be very expensive. Instead, one can choose a family floater health insurance plan to cover the entire family under one premium. Old people might need extra care and one can choose a separate senior citizens’ plan to take care of their needs.

 

Look for Top-Up Plans

Some Top Insurance Companies offer a top-up plan. Backing up the primary Mediclaim plan with a top-up plan is a wise choice. A top-up plan offers an added sum assured in case the initial sum assured is exhausted. This method is cheaper than buying a premium plan with a higher coverage but remember that the top-up plan can be activated only when the primary sum assured is exhausted.

 

Opt for Long-Term Plans

Most health insurance plans have a policy tenure of one year. Buying long-term Mediclaim insurance of 2-3 years will reduce the premium rate since one will end up paying a cumulative premium and will also keep one protected from inflation.

 

Choose Right Additional Covers

Add-on covers enhance the insurance policy, but they come with an added cost. While choosing the right add-ons can be beneficial, it is important to drop riders that are of no use. One can save on paying the extra premium for riders.

 

Make Use of NCB

Insurance companies offer discounts or a cumulative bonus known as a No Claim Bonus. As the name suggests, when one does not make a claim during the policy tenure, they are eligible for a discount at the time of policy renewal. One can avail of up to 50% discount by saving NCB benefit.

While trying to lower the insurance premium, one must not compromise on the coverage that one requires. Seeking premium medical care can be expensive but purchasing a policy with lesser benefits is also not wise. It is important to choose a policy that is both affordable and offers adequate coverage. To know more about Mediclaim policies available.