How to Plan Your Health Insurance Premiums Well in Advance?

Do you know what happens when we leave things till the last possible minute? We hurry, fret and scramble over completing them when the time finally draws near. In this whole melee, we make a mistake. Don’t wise men say haste creates waste? When it comes to buying a health insurance plan too we procrastinate till we no longer can. Buying late has many disadvantages, paying a higher premium being one of them. If you plan ahead, you can plan your health insurance premiums in advance and also save money. Isn’t saving what all of us desire?

With all this talk of planning your health insurance premium in advance, you might be wondering how you can go about it. Well, it is easy, actually. If you plan certain pointers ahead of buying your health insurance policy, you can plan your health insurance premium too. Want to know how? Read on:

·         Find out the plan most suitable for you

There are many health insurance plans available in the market today. Your first step should be finding out which plan suits your needs the best. Compare between the health insurance plans offered by the best health insurance companies and choose the most beneficial one. Then find out the amount of premium payable. Last minute searching of health plans does not allow you to compare and find the best policy. That is why you should find a plan and approximate the premium amount in advance.

·         Assess your savings and affordability

After you understand the amount of premium, ascertain whether the premium is affordable for you. This way, if not affordable, you can settle on a plan with a lower coverage amount and then buy a top-up plan to supplement your Sum Assured. This way, the premium would not put a strain on your savings. Furthermore, do not go overboard when buying a health plan. While an optimal Sum Assured is advised, buying a very high cover without requirement would result in an unnecessarily high premium outgo. Understand the coverage you require and then buy the plan to pay the optimal premium.

·         Search for discounts

Health insurance plans allow you different kinds of premium discounts. These discounts maybe for including more than two family members in the plan coverage, buying a plan online, for paying the premium of two or three years at once or for being healthy. Search out these discounts before you buy a plan and you could lower your premium outgo.

·         Consider the tax angle as well

The amount of premium you pay for your health plan is exempted from tax under Section 80D. While for normal individuals the exemption limit is Rs.25, 000 currently, for senior citizens the limit increases to Rs.30, 000. So, when planning your premium outgo, remember the tax implication. You would be able to claim exemptions only up to the maximum limit. Premiums higher than these limits would not be exempted from tax.

·         Use the grace period

A health insurance policy is a one year contract. After the expiry of a year you are required to renew your plan to enjoy continuous coverage and continuity benefits. If you do not renew the plan, the policy lapses and you lose the continuity benefits. If you fail to pay the premium before or on the due date, you are allowed a grace period of 30 days to pay the outstanding premium and renew your policy. Make use of this period. If you are in a financial crisis and unable to pay your renewal premium, do not let your policy lapse. Plan your premium payment in the grace period to enjoy uninterrupted coverage.

Your health insurance policy premium also requires proper and careful planning if you want to save the maximum. Go online to compare the plans available and find out their premium rate. Find the best health insurance company in India to buy a health plan from and plan your premiums in advance. 

Source: How to Plan Your Health Insurance Premiums Well in Advance?

How to Choose the Best Health Insurance Products for Senior Citizens?

Isn’t a health insurance plan important? If the rising incidence of diseases does not motivate you towards buying a health plan, the increasing cost of medical treatments would sure do. Most of us, being an average middle class individual, find it hard to afford the huge medical costs and so rely on a health insurance. Insurers too understand the requirement of a health plan and so provide plans which are great on features and affordable on pockets. Thanks to the constant innovations in the health insurance industry, today, health plans are also available for senior citizens. Yes, you heard me right. You can now buy a health insurance policy especially for your aged parents or for yourself if you are old and do not have a health insurance cover.

Senior citizen health plans are offered by many insurance companies. These plans are designed keeping in mind the needs of senior citizens. Thus, they have low or no waiting period and also provide a comprehensive cover. With the spate of senior citizen health plans available in the market today, do you know how to select the best one?

Look for these parameters when comparing senior citizen plans to choose the best one:

·         Coverage amount:

When you are old, you face a higher probability of seeking medical attention. Health insurance companies know this health risk and limit the coverage available. The plan’s coverage level should be an important consideration when you are buying a senior citizen plan. As the medical costs are high, you should, ideally, look for health plans which allow you a decent amount of cover.

·         Scope of coverage:

Not only is the coverage amount important. The scope of coverage is important too. While normal health plans might provide you with a comprehensive coverage option, senior citizen ones restrict the coverage because of the health risk you present. So, when choosing the best plan ensures that the plan has all the important coverage features. Some useful features include domiciliary coverage, day-care procedures coverage, low co-payment rate, organ donor cover, etc.

·         Waiting period:

Illnesses or ailments which you are affected with at the time of buying the health plans are called pre-existing illnesses. These illnesses are not covered by the plan for initial few years. This is called the waiting period. Senior citizen plans also have this waiting period clause albeit the tenure is low. To choose the best plan, go for the plan with the lowest waiting period so that your existing ailments are covered at the earliest.

·         Renewal age:

IRDA has allowed health insurance plans to be renewable lifelong. While most health insurance provide lifelong renewability, some senior citizen plans do not. When you choose a plan, make sure that the plan has lifelong renewability so that you can enjoy continuous coverage.

·         Premium rate:

This is very important, isn’t it? Since senior citizen health plans cover older individuals who have a higher health risk, the premium is, obviously, a bit high compared to normal health insurance plans. However, to appeal to an average customer, insurance companies charge reasonable premiums. Compare the premium rates of the plans you are considering and settle for one which has the lowest rate without compromising on coverage.

·         Discounts:

Yes, you can avail discounts too in your health insurance. Senior citizen plans allow discounts for including your spouse in the cover, for buying the policy online and also for paying a two or three year premium at once. The rate of discounts varies across different plans and the best one is the plan with the highest discounts. After all, good discounts are good for your pockets too, isn’t it?

A senior citizen health insurance plan is a good option for covering you or your parents in older ages. Bear the above-mentioned points in mind when comparing the available plans so that you buy the best one among the rest. Go online, compare the best family floater health insurance in India for yourself and your spouse and buy a senior citizen plan today.

Source: How to Choose the Best Health Insurance Products for Senior Citizens?