Sign In

How To Buy An Affordable Mediclaim Policy

Medical care expenses are sky-rocketing and the costs are unaffordable for the common man. The only savior in such as scenario is a Health Insurance policy which covers the insured against any financial trouble because of any sickness or injury. Unfortunately, Health Insurance premium rates are also on the rise and the common man needs to find a way to reduce his premiums.  Go through the following tips to reduce your Health Insurance premiums:

1. Purchase a mediclaim policy for family​: As the name suggests, a family health insurance covers the entire family against health expenses. So basically, the sum insured is shared between a family.  It is highly unlikely that you utilize your entire sum insured for the year. A family floater health insurance gives you an opportunity to utilize the entire sum insured as someone from your family is highly probable to fall sick in the year. This way you save money on purchasing individual health insurance as well.

2. Increase your voluntary deductible: A deductible is the amount which you have to pay whenever there is a claim. There are two types of deductibles viz. mandatory and voluntary. Mandatory deductible is a fixed amount which you are entitled to pay during a claim. A voluntary deductible is the extra amount which you are willing to pay in case of a hospitalization.  Simply put, the greater your voluntary deductible is the lower your medical insurance premium will be. However, you are playing with fire here as you will have to pay a higher amount from your own pocket during a hospitalization.

3. Buy health insurance online in India: Buying your Health Insurance online is much cheaper than buying it from other sources as it eliminates the agent charges from the equation. Hence, compare health insurance plans online and then make a payment online to get the best deal.

So, next time you buy your Health Insurance policy pay attention to these tips to minimize your premium costs.