Health insurance is the blanket of cover that protects you and lends a helping hand in adverse health situations. It helps you meet the sudden medical expenses and hospital bills due to unforeseen health conditions that can crop up anytime. Hence, getting health insurance is mandatory! But many of us tend to worry about the costs involved in obtaining health insurance. If you are wondering how to get cheaper health insurance, then read on below for know-how!
Points To Be Noted!
Here are some of the critical points to be remembered while getting health insurance:
Health insurance policy, once taken, is for a lifetime! You can keep on renewing it.
After the insurance policy has been issued, no insurance company will levy the claims.
If the premiums to your health insurance have increased, then the insurance company will give three months prior to notification of the same.
The Earlier You Buy, The Lesser The Premiums!
This is one of the most commonly made mistakes. Never keep your health insurance for a later stage in your life. The older you get, the more will be chances of you getting sick. Hence, the risk elements increase with age. This will have an impact on your insurance premiums as well. If you wait for a later stage to take health insurance, then be prepared to pay higher premiums as well! Another factor is that the chances you will make a claim are more as you grow older. Hence, you might not get much any claim bonuses.
Whereas, if you take health insurance at a younger age when you are healthy and robust, you might not need to make any claims. This will help you get a ‘no claim bonus’. No claim bonus is the bonus that will help you reduce premiums if you do not make claims in a year. If you do not make claims in like five years, then your premiums also keep on decreasing. Later, when you are old and need to make claims, it will be much easier for you. You can save yourself less effort by getting the benefits of no claim bonus as you turn old.
Make Wiser Choices!
Never make the mistake of blindly choosing the cheapest insurance quote. The quote may be cheaper, but the coverages will be less. Hence, always enquire about the coverage the policy covers before making a decision. Similarly, the most expensive policy doesn’t mean that it is the best possible option for you. It may include many coverages you may not even need. What is the point in paying extra for something you don’t need? Hence, when the insurance provider offers you a quote, read it carefully and ask them if you have doubts. They will clear it out for you. Ensure that all the coverages you need are covered in the policy.
If you have any specific pre-existing health condition, then mention it to the insurance provider and select individual coverage plans that offer coverage for your medical condition. Choose health insurance that gives you the coverages you need at a price that fits your pockets.
Decide Your Budget And List Out Your Needs!
It is better to have a clear understanding of your budget before choosing health insurance. You can decide the budget by calculating the total expenses you will have in a month. Don’t forget to include the costs like paying salaries to house help, driver, payment of kid’s school fees, transportation charges, etc. Now, deduct the total expenses from your monthly income. That is your budget. Now, start looking for insurance quotes that will fit your budget. Detailed planning always helps in getting cheaper insurance.
After deciding on your budget, the next step you need to do is to list out your needs. What factors do you expect to be covered by your health insurance? List it down on a piece of paper. Mention special health conditions if any. Listing down help because sometimes we might forget the most important points when we get the quote and analyze it. If you already have a list of needs, it is easier to compare and choose the best option.
Enquire About The Discounts
There can be ways by which you can get discounts on the premium amounts. It is better to enquire to the insurance provider itself about the deductions you are entitled to receive. If you have not made any claims yet in your previous insurance, you can ask for a ‘no claim bonus’. Similarly, people who belong in the low-risk category also get discounts like lesser premiums. Your insurance provider can help you choose a quote that is moderately priced and fits in your budget.
These are some of the ways in which you can get cheap health insurance. An economical insurance quote that meets all your needs within your budget will be the ideal health insurance for you!