The premiums of health insurance plans are increasing year by year. In case of any illness, a huge amount has to be paid as premium. In such a situation, buying health insurance at a low price is a big challenge for everyone. Today in this article we will tell how you can reduce your health insurance premium.
Health insurance is very important in today’s time. It helps you financially to meet sudden medical expenses, but the most problematic part is that health insurance premiums keep on increasing over time. For this reason, a large number of people hesitate to take health insurance.
Today, in this article, we will tell you how you can reduce the rising premium of your health insurance. Let’s know.
Why does the premium of health insurance increase?
The biggest reason behind the increase in the premium of health insurance is your age and diseases. The higher the age, the higher the premium. At the same time, companies charge separate premiums to cover diseases like diabetes, asthma and BP.
How can you reduce the premium of Health Insurance?
While taking health insurance, many options are given by the company, by adopting which you can easily reduce the premium of your health insurance. This includes co-payments, deductibles, and room rent limits. Including all these in health insurance reduces the claim liability of the company, due to which your insurance premium comes down.
What is co-payment?
As it is clear from its name. You will have to pay some of the claimed portion on your behalf. For example co-payments in your health insurance is 10 percent, then on making a claim of 10 lakhs, the insurance company will pay you only 9 lakhs. You will have to give the remaining one lakh yourself.
What are Deductibles?
Deductibles are a limit. If your claim falls below this limit, it will not be paid by the insurance company. For example, if your deductible is 10000, then the claim coming up to this limit will be paid by the insurance company.
What is Room Rent Limit?
Some insurance companies offer room rent limits. On the other hand, if there is no limit on the room rent limit in your insurance. So you can include it in your plan. This will help you keep your premiums low.
