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Strategies to Manage Rising Health Insurance Premiums
If you ever feel like your health insurance premium is slowly eating up a sizeable chunk of your pay stub every year, you are definitely not alone. With the rising costs of medical procedures and insurance companies adjusting to increasing claims and inflation, even basic health insurance coverage can start to feel like a financial burden.
Top 7 Tips to Manage your Health Insurance premium
Top 7 Tips to Manage your Health Insurance premium from rising:
But it does not have to be this way. You can use these smart strategies to help you manage the rising health insurance premium amounts without sacrificing your insurance coverage.
1. Check your Ongoing Plan
Your first step would be to reassess your current health insurance plan. Are you paying for features and riders you no longer require? Sometimes, trimming unnecessary add-ons can prove to be a big difference.
2. Compare Before You Renew
You should never auto-renew your health insurance plan without comparing. For this, you can use platforms like Paybima to get expert recommendations and know more about the benefits, network hospitals, and, of course, premiums. You might find a better deal than your ongoing policy.
3. Choose a Higher Deductible
The deductible is the part you pay out of pocket before your insurance kicks in. Picking a higher deductible can seriously bring down your monthly premium. Just make sure it’s an amount you’re comfortable covering if things suddenly go south.
4. Use Top-Up Plans
Instead of choosing a high-value-based health insurance plan, you can look for a top-up or a super top-up plan. They kick in once a set threshold is crossed, making them ideal for unexpected large expenses. Make sure you check these plans before making your decision.
5. Embrace Preventive Care
Insurance companies often offer wellness incentives in the form of discounts on premiums to policyholders who maintain a healthy lifestyle. By getting routine annual checkups, tracking steps, and making lifestyle choices, you can save a decent amount on your premium amounts.
6. Opt for a Family Floater Plan
Instead of getting individual insurance plans for your spouse, parents, or even children, you can consider getting a family floater plan. These plans offer better value and a lower insurance premium, especially if the covered members are younger and healthier.
Oping for a family floater plan could be a good idea as it is an umbrella plan. Click here to learn more about Family Floater Plans.
7. Making the Most of No-Claim Bonuses
NCB or No-Claim Bonuses are an annual discount you get on your yearly premium amount every claim-free year, depending on your health insurance plan. You can save quite an amount by getting small treatments and check-ups done without leaning on your health insurance plan.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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Jan 08, 2025
Health Insurance
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Having health insurance is now a top priority among potential policyholders, who are increasingly aware of the importance of accessing quality healthcare at an affordable cost. Not only does it handle finances, but it also gives peace of mind during medical emergencies. Getting coverage without dealing with cash or documentation makes the cashless claim process an attractive feature of the health insurance.
Rather than making an advance payment and waiting for reimbursement, policyholders can receive healthcare from network hospitals without incurring out-of-pocket expenses. With its support, worrying about finances becomes less of a concern, and managing healthcare bills becomes simpler. For emergencies, where time and money are of concern, using cashless claims is very helpful for individuals and their families.
If you are planning to buy two-wheeler insurance and are seeking answers to some frequently asked questions, look no further. Read on to know the two wheeler insurance FAQs related to bike insurance policy in this post.
Choudhary is a privately employed person in Bangalore, and he uses a car to commute to his office daily. While driving his vehicle one day, he met with an accident that resulted in major damages and rendered his car useless. Since he had a car insurance plan, he claimed total loss and that helped him manage expenses without causing any financial burden on him.
Buying two-wheeler insurance online can be a bit overwhelming for first-time buyers and even for policyholders with prior experience. While it is recommended to compare insurance plans before buying them, having some basic understanding will help you extract the most out of them.
If you think lifestyle-related health issues only show up after 40, think again. Youth no longer guarantees immunity. Today’s 25 - 35 age group is increasingly facing medical issues that only plague older adults. The reason? Long working hours at the desk, deliveries on speed dial, and a social life that rarely includes a decent amount of sleep are some of the reasons for the early onset of medical conditions like diabetes, anxiety, and hypertension.
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