Health insurance plans that offer comprehensive coverage have become more expensive due to the increasing healthcare costs. Considering the high cost of hospitalisation, the amount of coverage that was sufficient for your family five years ago may not be enough now. Finding a balance between maximum benefits and affordability has become a challenge for most people seeking health insurance benefits. With technical innovations in healthcare and the rise of lifestyle diseases, it can be difficult to save money on healthcare expenses. However, it is possible to get the best mediclaim policy coverage within your budget.
If you are looking for the ways to maximise the benefits of your health insurance coverage then this article is for you. Stay tuned!
With the help of the following proven strategies, you can maximise the benefits of your budget medical insurance coverage:
The best way to get the lowest premium health insurance coverage is to purchase health insurance at a young age. Young people are considered fit and healthy and hence come in a low-risk category, therefore premiums are lower if you are young and healthy. You may not need expensive medical care. You have a low chance of having chronic conditions and lifestyle diseases. This way you can secure comprehensive coverage at low premiums, which remain low throughout the policy. Even at the time of policy renewal, the premium increase is marginal. At a young age, you will not need to undergo a pre-policy check-up.- The best part isthe waiting periods will also be over in case you need to file a claim.
You can utilise the option of copayment or a deductible to save money on premiums. Co-pay is a percentage of the total medical expense that you agree to pay if there is a claim. A deductible is a fixed amount that you pay for your medical expenses before your health insurance coverage is applicable. Both these options can help you lower the premium amount but will increase your out-of-pocket expenses. So weigh the pros and cons before opting for these options.
Always select a health insurance coverage that aligns with your healthcare needs and also fits your budget. Getting a family floater plan to cover all the members of your family under a single plan is cheaper than getting separate individual health insurance plan for everyone. A family floater is the best medical insurance for family of 3 to 4 members, as it provides a high sum insured which is shared by all members at an affordable premium. Similarly, if you are looking for critical illness coverage it is best to opt for an individual plan with a high sum insured that provides comprehensive coverage. If you have senior citizen parents, it is best to buy a separate senior citizen health insurance plan for them, which will better cover their medical needs. Hence, choosing appropriate coverage according to your family’s needs will give you adequate health insurance benefits and save your out-of-pocket medical expenses.
Most health insurers nowadays reward their policyholders for maintaining good health with discounts at fitness centres, renewal discounts, reward points for preventive check-ups, etc. It is done by offering wellness benefits like fitness tracking through apps, nutritional counselling, access to health portals and tele-consultation. Use these wellness benefits to stay fit and active and enjoy discounts on your premium.
If a premium health insurance plan is out of your budget, you can enhance coverage of your basic budget medical insurance plan using add-on covers. Let’s say Care Health Insurance plans offer add-ons like NCB super, co-payment waiver, PED waiting period waiver, OPD cover etc. This way you can get the best medical insurance for family with comprehensive coverage at a reasonable cost.
The premium you pay for a health insurance plan is eligible for tax deductions under section 80D. You can claim deductions up to ₹ 25,000 towards health insurance premiums for yourself, your spouse, dependent children and parents. In the case of senior citizen parents, the limit is ₹ 50,000. You can also claim a deduction of up to ₹ 5000 for preventive health check-ups.
Buying health insurance online is cheaper and much more convenient than buying offline. As the online mode saves operational costs for the insurer, they pass on the benefit in the form of discounts to their customers. Also, a multi-year policy is the best mediclaim policy that can get you a long-term discount.
By following these tips and strategies you can maximise your health insurance benefits at the most affordable costs. However, it is also crucial to keep in mind that your coverage is sufficient to meet the healthcare needs of your family. Care Health insurance offers many customisable health insurance plans for varying needs. You can consider one of our premium plans Care Supreme if you are looking for the best medical insurance for family within your budget. Let’s connect with our experts to know in detail.
>> Also Read: Long-Term Health Insurance
Disclaimers: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.
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