With the pandemic already in its second wave, having a medical insurance policy is a must. Despite the sky-high health care expenses, many people still do not feel the need of having the cover of a medical policy. Most people also consider health insurance to be expensive and thus, are apprehensive about investing in one.
If you too want to buy a health insurance policy but budget is a concern, here are some tips that can help:
1. Start Early, Save on Premium
The best time to buy medical insurance is when you do not need it at all, that is when you are young and healthy. You would be able to get a great deal as with growing age, the health insurance premiums also increase.
2. Surf for a Cheaper Basic Cover
Like all other things you buy make sure you do proper research before finalising the medical insurance. Compare the different plans offered by different companies, make use of the Premium Calculator and surf the internet for the best medical insurance policy available.
3. Employer’s Health Insurance
If your employer covers you with a medical policy, there’s nothing better. Even if you are being charged for this benefit, it would be much cheaper than what is available in the market. Ask if you could cover your family in this very policy too.
4. Top-Up is a Great Idea
Even with a low sum insured you can enhance the coverage with the help of a top-up or a super up. You would be able to save up to 15% on your premium as compared to a policy with a high sum insured.
5. Opt for a Family Floater
Individual medical insurance would prove to be more expensive as compared to a family floater policy. The sum insured would be available on a combined basis and you would be able to cover yourself, your spouse, dependent parents and children. You would be able to save a little more on your premium.
6. Avail Cumulative Bonus
When you do not make a claim in a policy year, you become eligible for a cumulative bonus that can go up to 50% of your sum insured. You pay the same premium amount but can avail of a better cover.
7. Special Cover for Seniors
In a family floater medical insurance, the eldest person’s age determines the premium amount. If you wish to cover your parents in the floater, opt for a separate medical insurance policy for them. You would not only save on the premium but would also get tax benefits.
8. Be Healthy
Though it is not entirely in your hand you can always try to have a healthy lifestyle by following healthy habits. Maintaining ideal body weight, being fit, exercising and eating healthy food go a long way.
Trimming your medical insurance premium without having to compromise on the benefits can be difficult, but it is not impossible at Mahindra Insurance brokers. Following the tips given above can surely help you balance the two.