10 Tips to Find Affordable Health Insurance

Updated on: 01 Feb 2024 // 3 min read // Health Insurance
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The maxim ‘health is wealth’ holds ground in a scenario where lifestyle diseases are humdrum and healthcare costs have skyrocketed. You may be insured for health by your employer. But that isn’t sufficient. Come a medical emergency and your years of savings will be gone in seconds! Health Insurance can keep you worry-free financially during health emergencies. Buy a comprehensive Health Insurance for yourself and your family.

You will certainly want to buy the best, which is also affordable. You may come across a cheap health insurance plan with low premiums but the copays may be higher. Consider all other costs involved. Besides, there are several factors which you should take into consideration so that you do not regret later. Here are 10 tips to find affordable Health Insurance that is also the best.

1. When choosing premium, first consider your health requirements. Do you often visit the doctor and regularly take prescription medicines? Do you suffer from any lifestyle diseases? If yes, you should opt for a higher premium and vice versa.

2. Conduct research to understand the latest and upcoming trends in healthcare and medical insurance. Insurers accordingly bring a variety of changes in their policies year after year.

3. Choose a mediclaim policy that comes with a high-deductible and low premium. But in case of health emergencies more than once a year, you may end up paying from your wallet. Choose this option based on your health condition.

4. Your set of requirements may not match with another person. Hence, the medical policy that may suit your friend or neighbor may not suit you and your family. Choose a comprehensive plan that best suits you and your family.

5. Compare different health insurance policies online. Visit mymoneymantra.com, one-stop trusted online financial services marketplace that hosts leading Health Insurance providers and their products.

6. Premiums are low for the young compared to the old. Lower the age, lower the premium and vice versa.

7. If you are buying a family floater plan ensure that you consider the health criteria of every member. For example, if a family member aged 50 plus years suffers from a particular illness that requires constant medical attention, it is advisable to buy for him/her a separate plan. Including a ‘high risk’ family member in family floater may deprive other members of the policy’s medical benefits.

8. Almost all insurance companies provide cashless hospitalization benefits. Ensure that your policy includes this facility.

9. Comparing Health Insurance policies, you may come across a plan that comes with a low premium and a wealth of features. Do not ignore the sum assured. Healthcare costs are higher in the city compared to a town. If sum assured is not adequate, you will end up paying from your pocket. Note that higher the sum assured, higher is the premium.

10. A low priced health insurance policy may not cover hospitals in your area. Before finalizing a plan, ensure that the chosen insurance company is networked with hospitals in your area.

Consider all above factors into consideration before you select a plan. Because, sometimes, what is cheap may not be the best in terms of benefits covered. Get insured for your health and stay worry-free.