Outlook Money
As per reports, health insurance companies are not making a profit and as a result, it is making the costs higher. Health insurance premiums are thus also on the rise.
1. Higher Deductible with a top-up plan- Choosing a higher deductible in base policy with a top-up is one of the ways to lower premiums. It gives coverage above a predetermined amount.
For a family, a floater plan is a good option. It ensures coverage in areas like strikes the risk evenly and in this way has a lower overall premium compared to keeping separate policies.
There are discounts in premiums for a two-year or three-year policy instead of yearly renewals. Lower premiums save from being exposed to yearly hikes in premiums.
Restoration benefits restore the sum insured in case it got exhausted during that year. This is beneficial for families or individuals who make multiple claims.