Health Insurance 3657 views December 27, 2019

Best Health Insurance Plan with Low Premium

Health insurance is also known as medical insurance which offers coverage to pays the expenses for any unexpected surgical or medical expenses to the policyholder. A medical insurance plan is one of the safest, easy and secure ways to provide financial help and coverage to the insured and it’s family. Health insurance offers coverage for medical expenses when the insured is hospitalised. A health insurance policy either provides the policyholder with the benefit of cashless hospitalization at the insurer’s network hospital or provides the insured reimbursement for the expenses incurred. Health insurance plans reimburse the insured for the medical and healthcare expenses which include surgeries, injuries, treatments, hospitalization, or a direct pay-out of the certain pre-determined amount to the insured individual. Health Insurance Plans provides coverage at network hospitals for cashless hospitalisation of the insured during the policy term. Health Insurance premium cost is exempted under section 80D of the Income Tax Act, 1961.

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Features and Advantages of Health Insurance Plans

The healthcare cost is increasing at a high rate in the modern days while earnings do not seem to match up the level of increasing healthcare cost. A patient who is looking forward to avail health check-ups frequently then he may not be able to bear the expenses which are incurred for such frequent health check-ups. Comprehensive health insurance provides expenses on medical emergencies as well as preventive healthcare. The following features and benefits of Health Insurance Plans can make it easier for you to choose the best one for yourself.

1. Cashless Treatment

Every health insurance company has tie-ups with various hospitals and nursing homes across the country called network hospitals. If you get admitted to any of the networked hospitals, you will not have to pay anything if you have an insurance policy with such insurance company. However, cashless treatment is not available if you get treatment at a non-network hospital. In such a case, the insurance company will reimburse your hospitalisation expenses.

2. Pre and Post-Hospitalization expense coverage

Health insurance plan takes care of pre as well as post-hospitalisation fees of the insured.

3. Free Health Check-Ups

A Health plan entitles the policyholder to receive regular health check-ups.

4. Room Rent in Sub-limits

A health insurance plan may also have numerous sub-limits associated with the plan. Room rent is one such sub-limit. The insurance companies provide maximum coverage up to the total sum assured in the insurance policy. However, the insurance company can trim down their liability by introducing the sub-limit clause in the hospital room rent coverage. Sub-limit on room rent works on per day basis in case of hospitalisation.

5. Ambulance Fee

Health Insurance Plan provides free transportation to the insurer by the insurance company. Ambulance fee is an add-on benefit. This add-on benefit can be brought by you while purchasing a health insurance policy.

6. No Claim Bonus

No Claim Bonus or NCB is a bonus or a discount which is provided to the insured if the insured has not filed any claim for any treatment in the previous policy year. The bonus reward can be offered to the insured either as a percentage increment in the sum assured of the policy or as a discount in the cost of the premium. This advantage can be availed by you at the time of renewal of the health insurance policy.

7. Tax Benefits under the Income Tax Act, 1961

Health insurance plans entitle the insured to receive tax benefits under section 80D of Income Tax. The premium paid by you towards insurance policy will get you a tax rebate. The tax benefit which is offered is subjected to the insured’s age there is also a cap on the maximum benefit you can avail which is up to Rs. 25, 000 in a year unless you are above 60 years of age. If you are above 60 years of age, then maximum tax benefit you can avail increases up to Rs. 50,000.

8. Co-Payment Facility

As per the co-payment facility, you can lower your health insurance cost. Health insurance plans offer the insured or the policyholder an option of co-payment that pre-defines the deductibles which the insured will have to bear in case of any healthcare expense. Therefore, in the event of any medical emergency, some amount will be paid by the insured and the rest will be paid by the insurance provider. Co-payment is a convenient and cost-sharing requirement in a health insurance policy which states that the insurance company or organization or the insured will bear a certain percentage of share of the total admissible cost. However, the co-payment option in the policy does not affect the sum assured in the insurance policy. It allows the insured to reduce the premium to a certain extent which is subject to the insurance policy and the insured.

Factors Which Affect Health Insurance Premiums

With the advancement in healthcare and medical facilities, the health-care costs have also increased. The primary benefit of a health insurance policy or plan is that the health insurance plan takes care of the healthcare expenses of the insured. The offers stability and financial security to you as well as your family at times of emergency and in the event of any serious illness and also in case of any accidental injuries which can drain your all savings. Whereas the premiums paid annually or on a specified interval is an easy option which later will help you to save your hard-earned money. Insurance premiums are generally affected by the following factor, which if kept in check will lower your amount of premium on the policy.

1. Medical History

Your medical history is a major factor which determines the health insurance premium. Most of the insurance companies in India have made pre-medical tests compulsory if you have attained a certain age before you buy a health insurance policy. Whereas some insurance companies do not make the pre-medical test mandatory but consider and give more importance to your current medical conditions, your health risk, lifestyle-related risks on health and also the medical background of members of your family. Medical Insurance premium for smokers is generally higher than any other people.

2. Term of the Policy

The premium amount for a 2-year health insurance plan will be generally higher than a 1-year insurance plan. However, most of the insurance companies offer a discount on the premium on long-term health insurance plans.

3. Type of Health Insurance Plan

The type of plan you choose also affects the premium cost. The higher is the risks involved then the higher will be your premium and vice-versa. You can compare the premium amount for different plans using online health insurance premium calculator.

4. Age and Gender of the Insured

Age is another important factor in determining the premium on the medical insurance plan. The premium varies according to the age of the insured person. Hence, it is recommended to buy an insurance policy at a young age so that the cost of the premium will be low for young applicants. Elderly people are subjected to cardiovascular and other critical illnesses like kidney problems, heart attack, cancer, etc. which makes senior citizen health insurance premium usually on a higher rate. The premium cost for women health insurance is generally lower in comparison to male applicants due to lower risk involved such as stroke, heart attack etc.

5. No-Claim Discount or No-Claim Bonus

If you do not make any claim during the term of your policy, then you can earn No-claim discount which ranges from 20% to 50%. No-Claim Bonus is one of the most essential factors that is considered while calculating the premium cost.

6. Lifestyle

If you smoke or drink regularly, then there are high chances of being charged a higher premium amount. In such a case, some insurer may also reject the insurance policy request.

Top Health Insurance Plan with low premium

1. Religare Health Insurance- Care Plan

Provides coverage for 4 members of the family which includes two adults and two children.

2. Max Bupa Health Insurance

Health Companion Plan: Max Bupa Health Insurance Provides coverage for 4 members of the family which includes two adults and two children.

3. Star Health Insurance

Health Optima Plan: Star Health Insurance is India’s first standalone health insurance company. The initial focus was on personal accident plan, Health Insurance, and overseas mediclaim policy but it has now been expanded. Today, Star Health Insurance is counted among the best health insurance companies in India.

4. Apollo Munich Health Insurance

Optima Restore Plan: Apollo Munich Insurance provides various insurance services in India which includes a range of health insurance plans. The insurance company merges the corporate healthcare competencies of the Group of Apollo Hospitals with the global insurance and expertise reinsurance of Munich Health.

5. HDFC ERGO Health Insurance

Health Suraksha Silver Smart Plan: HDFC ERGO health insurance Provides coverage for 4 members of the family which includes two adults and two children.

6. Aditya Birla Health Insurance

Active Assure Diamond Plan: Aditya Birla Health insurance Provides coverage for 6 members of the family which includes two adults and four children.

Conclusion

Health Insurance plans provide numerous benefits. These benefits can be availed with the low premium cost if you keep the factors that affect the premium cost in check. You can lower your premium amount on your insurance policies if you keep the factors that affect the premium amount in check like you can opt for an insurance policy at a younger age which are provided at lower premiums, you can take advantage of no-claim bonus by not making claim for less or insignificant amounts to enable yourself for discount on premium at the time of renewal of policy, avoid drinking or smoking habits which attract higher premium cost or may choose an insurance policy which has low premium cost. Before you choose a health insurance policy you should compare various insurance policies so that you can opt for the best one as per your needs and requirements.

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