Because a health insurance plan handles your medical bills, having the optimal amount of coverage is very important. Compared to optimal coverage, premiums must also be affordable. You can't burn your pocket with a health insurance package. You can't, and that's why here are 6 tips for reducing your health insurance premium:
Tip # 1 - choose coverage based on your family's health needs
When you choose a health insurance package, it is very important to consider the coverage requirements that you and your family need. Then you should look for coverage features like that in a potential health plan. Because the premium charged by the health insurance package depends on the coverage extended, you must choose only the coverage features that you need so that you do not pay additional premiums for non-essential coverage features. A very general example is the maternity coverage feature available in several health plans. If you already have children and don't plan to have any more, a health plan with delivery coverage is not necessary for you. So, value your coverage needs and then choose a health plan.
Tip # 2 - lead a healthy lifestyle
Your lifestyle determines your health. If you live a healthy life, you are not too susceptible to illness and disease. This circumstance is recognized by many health insurance companies that offer special premium discounts if you maintain a healthy lifestyle. So, take off your running shoes, go to the gym, choose a balanced diet and enjoy premium discounts in your health insurance package. Doesn't this premium reduction method provide a double benefit? You can save money and also become fitter and healthier. A win-win situation.
Tip # 3 - buy young
In your opinion, what is the right age to buy a health insurance policy? Are they in their 30s or 40s? The fact that, the younger you buy, the preferable. Buying young people has a double advantage. One, you can get comprehensive coverage without restrictions. Two, you save on premium costs incurred. So, if you want to decrease your health insurance premiums, buy a policy when you are young.
Tip # 4 - make the most of the 80D tax benefits
The premium you pay for your health insurance package is tax-free under Sections 80D to Rs.25,000 (Rs.30,000 if you are a senior citizen). So, if you are in the 20% tax bracket and your health insurance premium is Rs.20,000, your effective premium will be Rs.20,000 minus the tax you saved, i.e. (20% of Rs.20,000) of Rs 16,000. What's more, if you pay a premium for your parents' policy, you can keep an additional Rs.25,000 (Rs.30,000 if they are retired person ) from your taxable income. So, take advantage of the provisions of Section 80D and save on your health insurance premiums.
Tip # 5 - look for discounts
Health insurance packages offer various types of premium discounts. For example, if you buy a system online, you can receive a discount. If you add 2 or more family members to the package, you can get a discount. If you buy a 2 or 3-year policy, you can get a discount. So look for this premium discount that lowers your health insurance premiums.
Tip # 6 - compare before you buy
Do you know how many health insurance packages are available in the market? Too many to count! Each health insurance package has different coverage options and is priced differently. That is why the comparison is very important. Go online, search for available health insurance packages that are related to your coverage requirements, compare premium offers and then buy the package. When you compare, you can get packages that offer the best premium rates and save money on premium fees.
Simple tips that, when followed, help you reduce your health insurance premiums. There is no selling season in the health insurance market, but these tips are a surefire way to reduce premiums. So, remember these steps and save your hard-earned money.