Home Insurance Medical Insurance Tricks That You Should Know to Save Money

Medical Insurance Tricks That You Should Know to Save Money

With medical inflation and healthcare costs rising steadily, it is important for you to plan for possible healthcare expenses ahead of time. This way you can provide for your and your family’s health sufficiently, without making compromises.

While availing a health insurance plan will definitely help you combat the effect of increasing medical costs and give you access to quality health treatment.

You can further save money with these medical insurance tricks:Health Insurance

Take care of your health

The obvious way of saving money on health insurance is by taking care of your health and wellbeing. However, there is no one-time solution that will ensure this permanently. So, do everything that is in your control. Sign-up for yoga, swimming and exercise classes to keep yourself fit and healthy. Keep an eye on your diet and monitor it according to your lifestyle and any pre-existing conditions that you may have. Also, note that certain health insurance policies offer discounted premiums if you join wellness programmes recognised by them, making it a smart way to stay fit and save a few pennies.

Shop for medical insurance with low premiums and high coverage

Availing insurance is not a decision that you should make in a day or two. It should be a well-informed choice that you make after evaluating your medical needs and comparing various medical insurance plans that have low premiums and offer good coverage at the same time.

For instance, consider Health Insurance Plans offered by leading NBFCs such as Bajaj Finserv that give you access to a significant sum of up to Rs.50 lakh at nominal premiums. This way you can get the best medical treatment without spending excessively. Furthermore, to save you the stress of arranging cash for medical treatment, Bajaj Finserv offers cashless settlement too.

Choose a medical insurance plan with a high deductible

Deductible is a clause that demands you pay a certain amount towards healthcare expenses before your policy starts paying. Typically, the higher the deductible, the lower are the premiums that you have to pay. Though choosing a high deductible may seem counterproductive, you can easily tackle this by building a separate fund for medical emergencies and saving regularly.


Sign up for policies that offer a no claim bonus

To encourage you to stay healthy and refrain from making a claim on your medical policy in a given year, insurers reward you with a no claim bonus. Here, the insurer adds a certain percentage to your sum assured every claim-free year. You can make the most of this option by taking charge of your health.

Consider top-up and super top-up plans

Top-up and super top-up plans are additional plans that enhance your basic health insurance policy’s coverage. A top-up plan comes into effect when you exhaust your basic policy’s sum assured in a single hospitalisation owing to a single illness and suffer a relapse within 45 days of discharge. Additionally, if you can afford to shell out a little extra, you can avail a super top-up plan to cover expenses arising out of multiple hospitalisations due to a single illness and relapses after 45 days. These add-ons save you from spending extensively in the long run.

Avail medical insurance early in life

Availing a medical insurance plan when you are young will save thousands of rupees on medical premiums. This is because insurers are of the opinion that the older you are, the higher is the possibility of you requiring healthcare. This has a direct impact on your premiums.

Check your medical bills

Finally, make sure that you check your hospital bills and ensure that they are accurate. You surely don’t want to pay more than you need to out of your pocket owing to an error.

With these health insurance tricks you are sure to be able to save considerably. However, remember that getting comprehensive coverage is absolutely essential, so don’t swap coverage for discounts. Look for the best medical insurance policy before deciding on one, consider factors like claim procedure, waiting period, the need for insurance preauthorization etc. If you choose to apply for Health Insurance policy via a Bajaj Finserv, check your pre-approved offer before you do so. It allows you to apply through a customised deal making buying insurance a smooth and quick process.

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