6 Tips to Save Money on Your Medical Insurance Policy

Posted by Future Generali on March 7th, 2019

Taking a medical insurance has become a necessity for every common man given the ever-rising healthcare costs. In such a scenario, you would definitely like to keep the cost of your insurance plan at the lowest. How do you do so? Let us introduce you to a few tips to keep the policy premium amount at the lowest, and get the best out of the health plan.

1. Shop Around

When it comes to healthcare plans, you must do your research and compare the policies, before settling for one. Study the coverage features and benefits, additional riders, premium amount, individual and floater plans, limits and sub-limits, and pick the policy that is suited for your needs.

2. Hospital Tie-Ups

Get treated at one of the hospitals that have a tie-up with the insurance company. Doing so will help you make cashless claims where the medical bills get settled directly with the health insurance company. You may even get additional facilities, such as pick-and-drop services, 24x7 assistance, and nurse-on-call.

3. Choose an Affordable Caregiver

You should compare treatment cost for a specific condition across hospitals and clinics, and settle for one that is most affordable. However, make sure the caregiver is reputable. You must not compromise on your care because of the expense. Always recheck the medical bills for any discrepancies s and reconfirm about the given medical tests.

If a recognized hospital is able to offer services at a lower cost than its competitor, then you should choose the former. This way, you will reduce the claim amount, and perhaps earn discounts during policy’s renewal due to being less of liability to the insurance-provider.

4. Do Not Miss the Payments

To avoid suspension of your medical insurance policy, you have to pay the premium at the right time. A grace period of 90 days is usually provided to clear the dues, after which the company will end the coverage. Lapse of policy means withdrawal of its benefits, and any healthcare expense henceforth will have to come from your own pockets.

5. Go for a Higher Deductible

If you are relatively healthy and think you will not require frequent doctor visits in a year, then you can opt for a higher deductible and a lower premium, which saves a lot of money.

6. Follow a Healthy Lifestyle

If you take care of your health, you will be less prone to diseases and ailments. Go for timely check-ups, take necessary medications, and follow the guidelines of your doctor. By following a healthy lifestyle you keep away health conditions that could inflict in the future like coronary heart diseases, diabetes, hypertension, etc, and possibility or urgent medical attention.

But, you may say, what is the point of taking a medical insurance, if you cannot use it? If you do not raise a claim, you earn No Claim Bonus, which can avail you discount on the premium the next year.

Apart from the above-given tips, you must take benefit of any discounts on premiums offered by the health insurance company. Negotiate the premium amount at your best and do not forget to re-evaluate your medical needs every year, so that you can receive optimal benefits out of your health plan.