With the rising pollution, inflation, and sky-high medical expenses, it is very difficult for an individual to provide proper treatment in case of any emergency. A health insurance policy is the only possible solution for middle and lower-class families. But, not everyone can afford to buy health insurance, as the premiums are too high. Here is How To Optimize Your Health Insurance With 5 Smart Tips:
- Use no claim bonus: If a person has previously bought a health insurance plan but has not claimed it once in the policy period, he/she can also opt for a no claim bonus reward. The insurance companies provide a bonus for such individuals.
- Buy a Family Floater plan: A family floater policy covers you, your spouse, your dependent children, and your parents. It provides an overall coverage to the whole family rather than buying different policies for different persons. It provides medical coverage to the younger children who are always at a risk of catching diseases. Since, a family floater policy covers the entire family, the premium of the policy decreases.
- Opt for a long-term policy: The premium of a long-term policy will be higher than that of a low term. But, there is another point to be considered. If you buy an insurance plan for the long term, the insurance company is willing to provide you a discount on the premium. While the premium may seem to be higher, it will be much lower considering the long term.
- Buy your policy online: When you buy a policy offline or through an agent there are various hidden charges that you might not know at that time. You will also not be able to know if the insurance agent is charging genuinely or not. There are several health insurance benefits when buying online. You’ll be able to know about the premium of a policy before buying it, and that too without any hidden charges. you might also be able to get some discount if there is one at that time.
- Get a super top-up plan: Many policyholders do not know about a super top-up plan. With the help of a super top-up plan, you can boost your coverage on your existing plan by paying a little extra cost. It also covers the treatment of coronavirus. For example, if a person has an insurance policy with a coverage of 5 lakh. If his treatment expenses cross the insured amount, he has to pay all the extra costs from his pocket. But, he has bought a super top-up plan of 10 lakh with a deductible of 5 lakhs, the extra cost would have been covered by the insurer.
Various other factors come into play when you buy an insurance policy. They can change according to your needs, for whom are you buying the policy, age of the individual, etc. These are some basic tips that should be considered to make your insurance policy as cost-effective as possible.