The spread of the pandemic and increasing medical costs have heightened the public’s awareness regarding Mediclaim. Mediclaim can be beneficial for those who don’t have money available to cover medical expenses, particularly those that are not planned. There is a way to cut down on the cost of premiums by keeping some things in mind. Learn more about how you can save money for Mediclaim insurance costs.
Buy a Mediclaim Policy When Young
The purchase of Mediclaim at a younger age may aid in saving on the cost by locking the policy into a time when one is in good health and is less susceptible to medical problems. This is because the risk of health insurance is usually in direct proportion to the age of the person who is insured. Insurance companies are more likely to accept lower claims in the case of a healthy young person. As one gets older Mediclaim premiums rise. Another motive to purchase medical insurance while young is the ability to sit out”the “waiting period” without any trouble.
Maintain a Healthy Lifestyle
Being healthy can help lower the cost of Mediclaim. People who don’t have diabetes, do not weigh more than and do not drink alcohol or smoke cigarettes can receive a lower cost of health insurance when compared with those with those conditions. Being healthy and active shows insurance companies that policyholders have a lower risk of getting or becoming ill and making claims.
Buy a Family Floater Plan
There are many types of Mediclaim policies in the market at present. The problem is that there is so many to choose from that it’s difficult to select the appropriate policy. If you have a family that includes a partner, children dependent on the other, and parents, every one of them will require insurance. Individual insurance could be quite costly. It is better to opt for the family floater Mediclaim plan to cover the whole family in one price. Senior citizens may require additional treatment and you can select an individual senior citizen’s plan to cater to their requirements.
Look for Top-Up Plans
Certain Top Insurance Companies offer a supplementary plan. It is recommended to back up the main Mediclaim policy with a second plan is a wise option. The top-up plan provides an additional amount assured in the event that the original amount assured is exhausted. This option is cheaper than purchasing a premium policy with greater coverage. However, keep in mind that the top-up plan is only activated when the initial sum assured has been exhausted.
Opt for Long-Term Plans
The majority of Mediclaim plans have an insurance term that is one calendar year. A long-term Mediclaim plan of 3 to 5 years can lower the cost of insurance because one will end up paying a yearly premium, and also ensure that one is safe from inflation.
Choose the Right Additional Covers
Covers that are added to the insurance policy, but have a cost. While picking the right additions could be advantageous, it is essential to eliminate riders useless. It is possible to save the additional premium for the riders.
Make Use of NCB
Insurance companies offer discounts, or the cumulative bonus, also known as the no-claim bonus. As the name suggests, in the event that one does not submit a claim within the duration of the policy the policyholder is entitled to discounts on the day of renewal. You can get discounts of up to 50% by claiming the NCB benefits.
When trying to cut down on the cost of insurance one should not sacrifice the coverage one needs. The cost of premium medical insurance is costly, but buying an insurance policy that has fewer benefits isn’t the best choice. It is essential to select a policy that is affordable and provides sufficient coverage. To find out more about Mediclaim policies, please click here.