Today, everything from school fees to medical expenses is getting expensive. If you want to avoid rising medical expenses, then health insurance can be the best option. After taking health insurance, you do not have to worry about expenses. At the same time, sudden medical expenses do not affect your pocket.

Along with health insurance, you can also keep some amount of your salary in an emergency fund. If you are also planning to take health insurance for your parents, but are worried about the rising premium amount, then you can use some methods to reduce it.

Take insurance coverage till the age of 60

The younger you take health insurance, the more benefit you will get. If you take insurance at the age of 30, then it will be available at a lower premium as per the age of 60 years. Therefore, get insurance coverage as soon as possible.

Along with this, you can also take advantage of a 5 to 10 percent claim bonus every year. At the same time, you can get a discount of 15 percent on taking a three-year insurance plan.

The insured amount will also be reduced by these two methods.

You can also reduce the premium amount through deductible and co-pay. A deductible is the amount that you have to pay yourself before claiming. For example, if your total expenditure is 6 lakhs, then you will give 2 lakhs in deductible amount. You can claim the remaining amount of 4 lakh rupees through insurance cover.

Co-pay is the percentage of the amount which you pay yourself. Suppose your total expenditure is 10 lakh rupees. Whereas the co-pay amount is 20 percent. So 2 lakh rupees go from your pocket. The remaining amount is paid by the company. In this way, you can reduce the premium by increasing both amounts.

Compare different insurances

Along with this, you must compare the health insurance offered by different companies. This can benefit you a lot. By these methods, you can reduce the health premium amount to a great extent. By comparing, you will be able to know about the benefits you get on health insurance.

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