With our lifestyles taking on a fast pace, it is our health that is taking a tool. Hence it is essential to take on health insurance, in order to give yourself the opportunity to stay financially viable, and yet get optimum protection in terms of your health.
However, many individuals view the premium costs of the health insurance policy with trepidation. It is a common assumption that the lower you pay, the lower coverage you will receive, as most of the premium costs are non – negotiable.
However, there are ways and means you can opt for, in order to reduce the costs. Some of them include:
Opt for a higher deductible: The deductible is the amount that you normally pay out of your pocket before your health insurance cover will start. A high deductible will lower your premium. Therefore, by paying a higher deductible, you will be able to reduce the pay for premium for your insurance coverage. You can check your insurance policies for voluntary deductible options, which allows you to pay a part of the medical bills himself, before claiming it from the insurer. This can also be a percentage of the bill amount. However, you must ensure that you choose carefully, as a high deductible will leave you with costs that you will be required to settle on your own.
Look out for top – ups for higher coverage: There are plenty of types of health insurance that offer different covers. However, purchasing an adequate cover is important especially with the rising costs. With a high coverage, you will normally get a high premium. In this case, it would be wise to split the required cover and opt for the top up plan. This top up will come into effect when the base sum is exhausted. In the end, you will be getting covered at a lower cost, for a considerable sum.
Opt for family floater plans: Amongst the various types of health insurance, the family floater plan is a popular choice. In this plan, if one or two individuals get covered under the same plan, the cost for health coverage for each individual will be reduced. This umbrella coverage is one of the biggest benefits of a family floater plan.
Opt for a multi – year premium payment: Most of the health plans come with certain discounts. One of the popular options is to choose to pay an upfront premium for two or more years instead of the annual yearly one. This will go a long way to reduce the premium as well as the policy in force for that duration.
Buy young and stay healthy: The premium you will be paying for your insurance will depend on the state of your health, age and medical history. With the increasing number of ailments in your profile, the more premium you will have to pay. Factors such as blood pressure, diabetes, recurring health issues or even any pre – existing conditions will lead to more premium.