I am sure this post will grab many eyeballs because of its title – considering how price sensitive we Indians are :).
On a more serious note, the objective of this article is not only to choose a health plan by paying lesser premium, but also to choose the best possible cover with maximum features at an optimum cost. Here are some ways you can do so.
- Opt for a family floater option instead of individual policies for family members. By doing so, you can safely opt for a lesser total sum assured compared to individual policies (since the possibility of all members making a claim in the same policy year is remote) thus reducing your premium amount.
- If you are going in for a high cover, instead of taking the standard health cover for the required sum assured, take a part of it as a separate critical illness cover; since a critical illness cover costs much lesser. Also, logically one is likely to exhaust such a high insurance cover only if he or she contracts some major illness! To put in simply, a 10 lakhs standard health cover would be more expensive than a 5 lakhs standard + 5 lakhs critical illness cover.
- If the individual is young and has a good health profile and is unwilling or he or she cannot afford to pay a higher premium, a cover with sub-limits for specific illnesses and limits on coverage will work out much cheaper.
- This is not a recommended option, but if you are unable to afford the regular premium, some health insurers offer policies with the co-sharing option at a much lower cost. Here, in the event of a claim, the insurer and the insured share the medical expenses in the pre-specified proportion.
- There are many health insurance providers who offer freebies like a free health check up after a specified number of years. The insured should be aware of such features and make use of them to maximize the benefits on his/her health insurance policy.