With the second wave of the ill-fated Covid-19 paralyzing healthcare systems significantly, medical insurance claims are sure to rise up in the months to come. Consequently this will also result in an increase in insurance premiums if you’re looking to invest in a new policy or renew an existing one.

With the number of insurance companies growing each day, choosing a policy that is affordable as well as most suitable to your financial goals can be quite a task.

If you are somebody facing this dilemma, here are 3 ways in which you can reduce your mediclaim costs in a jiffy:

1. Purchase a family floater policy:

Most insurance companies provide a considerable discount on premiums if you add 2 or more people to the same insurance cover. Utilizing this feature will enable you to insure more people in your family at a more economical value.

Additional Read: 5 Reasons to Buy Health Insurance if you don’t have one

2. Use wellness initiatives

Due to the rise of health issues in individuals triggered by general lifestyle habits, a lot of insurance companies have now devised wellness initiatives to benefit purchasers. These wellness initiatives are basically offers that result in a cashback or lower premium if you are adhering to conditions like maintaining an ideal weight or working towards a healthier lifestyle.

Participating in these wellness initiatives will not only help you lead a healthier life, but also save you quite a few bucks in the form of incentives – sometimes up to 100% of the premium amount.

3. Combine a basic plan with super top up

To make your insurance policy relatively more cost-effective, you can also club a basic plan with a top up plan. This means that over and above your basic plan if you are looking for an additional coverage – instead of purchasing a new policy and paying a higher premium, you can simply buy a booster or top up plan. This may be a little expensive, but substantially cheaper than purchasing a new policy.

Additional Read: All You Need to Know about Different Types of Insurance and Their Uses

An insurance policy is one of the most underrated but crucial components of a well-balanced financial portfolio that has positive implications – often when the insurer least expects it. Lastly, to make the policy more reasonable, it is also prudent to stay away from any life threatening bad habits and purchase one when you are at a young age.

Saurav Basu
Head – Tata Capital Wealth

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