Health insurance plays an important role in ensuring financial security, especially for the elderly. Moreover, since medical expenses are likely to increase during old age, it is necessary to have adequate health insurance.
how can you reduce health insurance premiums
With many people in India not having the necessary financial resources for retirement, managing medical expenses can be a challenge. The increase in policy premiums with age can also create additional problems. Some ways to reduce insurance premiums are:
Initial insurance: It is best to take out a health insurance policy at an early stage and maintain it continuously. The premium will be lower when you take out a policy in your 30s or 40s than when you take out a policy at the age of 60. You can also get benefits like bonuses by continuing the policy.
Additional benefits: Insurance companies can also offer various incentives to long-term customers. Similarly, you can reduce the premium by paying the premium on an annual basis or by taking a three-year policy.
Family Plan: Senior citizens can also consider a family policy. Since the policy provides coverage to the family, they can share the legal responsibility with the younger ones and get insurance coverage. These policies also offer benefits.
Other features: Senior citizens can reduce the premium by paying a higher deductible upfront. A certain fixed amount paid before the insurance starts is considered a deductible. Similarly, you can consider the option of co-paying a part of the medical expenses.
Check-up benefits: You can seek medical services like “pre-arrival protection”. You can ensure your health through annual check-ups or health eligibility plans and get benefits for this. You can take the basic policy and seek the necessary top-ups.
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