Simple tips to save big on your health insurance plan

19 Nov 2020

The importance of having a health insurance policy has never been this paramount. Health insurance policy is a type of insurance policy that offers coverage to the policy holder for medical expenses in case of a health emergency. There are many ways by which you can save money on your health insurance policy premiums and here are some of those.

Start early

The best way to save money on your health insurance is by starting young. Starting early with an investment in a health insurance policy offers you many benefits like lower premiums, more coverage, longer coverage and no waiting period if you don't have any pre-existing diseases.

Make a wise decision of deductibles

Deductible is the fixed amount that you pay for your medical expenses before your insurance company pays you when you file for a claim. When you opt for a high deductible amount, then the cost of your health insurance premium reduces.

Understand the difference between deductible and co-pay

Deductible is the fixed amount that you agree to pay for your medical costs, whereas co-pay is the fixed percentage of the claim amount that you choose to pay. While both can help you save money on health insurance, you should choose these options wisely after having a discussion with your insurance broker. Understanding these subtleties would help you tweak your health insurance policy and make it more affordable.

Make the most of cumulative bonus

This is an insurance policy designed to protect employees from lost wages and medical expenses that result from job-related injuries. It also helps protect a company from lawsuits related to those injuries.

A cumulative bonus is the monetary advantage given to you as a reward for not making any claims in one policy year. It allows you to choose a higher sum insured without the increasing the premium amount during annual policy renewal.

Tax Benefit

In India, buying a health insurance policy allows you to save tax under section 80 D of the Income Tax Act.This makes a health insurance policy a beneficial tax-planning tool which is definitely a wise investment to make for your future.

Consider Mediclaim and Critical Illness insurances

Mediclaim insurance policy is a type of health insurance policy which covers your medical expenses up to the sum insured, whereas critical illness insurance policy provides additional coverage for medical emergencies like heart attack, stroke, or cancer. Since these emergencies or illnesses often incur greater than average medical costs, these policies pay out cash to help cover those overruns where traditional health insurance may fall short.

Health insurance is policy is an imperative investment in today's life. We at Unison have a dedicated team of experts with a wealth of experience in health insurance, who will help you choose the policy which suits you the best, while protecting you against any unforeseen risks.