Be it surgeries, medical treatments, the doctor’s consultation fees, intensive care costs, ambulance charges, or even medicines – everything is only getting expensive by the day. Although the reason behind the surge in health care costs is mainly inflation, life’s unpredictability surely doesn’t help either, making health insurance an essential need for everyone, young or old alike. Make the right choice with TD protection plans.
While health insurance makes medical expenses significantly economical, the question is, is there something you can do to make health insurance affordable? As it turns out, yes, you can. And get this, it isn’t complicated at all. You can easily find affordable health insurance by following some tips and factors, giving yourself much-needed financial security and peace of mind.
So, let’s get started. Here are some detailed points you must consider to find an affordable health insurance policy and plumbing insurance
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- Invest in Health Insurance While You’re Young
Many people wait until much later in life to invest in health care plans, but that’s how you lose access to affordable health insurance. If you purchase a health policy in your early 20s, you are likely to avail several benefits such as extensive/comprehensive coverage, longer renewability or policy duration, lower premiums, no waiting period, and the absence of proof of medical tests.
- Tax Exemption
Section 80 D of the Income Tax Act of India specifies that citizens can claim deductions on their income tax for the premium paid towards health care policies. The amount which can be exempted goes up to INR 25,000 and even INR 30,000 for senior citizens. So, it is crucial that you choose a plan with good tax returns, as it automatically makes the health insurance policy affordable.
- Go for Comprehensive Health Plans
Not all people realize this, but an affordable health insurance plan can also be comprehensive if you make the right choice. If you’re getting access to lower premiums, make sure you select a plan that offers the maximum benefits. For instance, besides expenses incurred during hospitalization, the policy should also cover pre & post-hospitalization charges plus other treatments and illnesses.
You can find the right plan by opting for insurance providers like Care Health Insurance that offer their customers numerous choices at economical rates. However, it is vital to assess your and your family’s medical and financial needs first.
- Buy a Policy with No Co-Pay
Co-pay refers to a percentage share of the total claim amount you need to pay out of your pocket whenever you wish to claim the policy. While co-payment is the key to affordable health insurance, selecting plans that do not include a co-pay clause is better. Even if you do choose a plan that requires co-payment, it is essential to understand the terms properly.
- Cumulative Bonuses are a Must
Even affordable health insurance plans offer several added benefits, and one such benefit is cumulative bonuses. A cumulative bonus has mainly two variations – No Claim Bonus or No Claim Discount. If you have a claim-free year, you are eligible to receive a No Claim Bonus from your insurance provider, as per which a bonus amount is added to your sum insured. On the other hand, a No Claim Discount is the discount provided to policyholders when they renew their policy.
- Lifetime Renewability is Essential
Since some health care policies have age limitations for renewal, investing in a plan offering lifetime renewal is crucial. This way, you don’t have to worry about any changes in your premium or buy a new plan later. In addition, as per instructions of the IRDAI, insurers are required to fully disclose the policy’s terms of renewal to enable customers to make an informed decision. So, it is important to ask your insurance company for these details.
While you carry out your search for affordable health insurance, make sure to consider all the points discussed above. Doing so will ensure you reap all the benefits of your health care policy and get the most out of it!
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