Medical care has become an expensive proposition indeed, particularly over the last few years with health care inflation touching upto 18%. This has led to rise in health insurance premiums as well. Moreover, rising medical treatment costs also eat into the real value of your sum assured.
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Says Arun Balakrishnan, CEO, BerkshireInsurance, “There are certain steps that one must take to protect the sum assured and ensure that there is sufficient coverage for the insured. The first step is to start early. As one grows older and more susceptible to ill health, the associated risk and therefore the premium rises. The benefits available under the policy also get restricted. Invest in a health policy at a young age to save on premiums in the long runâ€
Some policies hike the premium for the following year if you have made a claim in a particular year. This makes it important to do one`s research, comprehend the policy terms and select a product with a transparent pricing structure.
Adds Mr. Balakrishnan, “Insurers offer a No Claim Bonus on claim free years. Ask for this benefit to get lower renewal premiums in lieu of claim free years. You can also consider changing your voluntary deductible. This is the threshold amount you pay out of your own pocket before the insurer settles the claim. Raising your voluntary deductible can lead to lower premiums. However, before doing so, take into account your ability to pay up the amount without facing major financial difficultyâ€
Lifestyle changes like quitting smoking too can have a significant impact on the premium one pays.
Finally, one should do a thorough research and make an apt selection as per one`s needs. Once the selection is made, many websites offer the facility of purchasing a policy online most conveniently at the click of a button.
