How to Save Money with Health Insurance?

The ever-increasing cost of medical treatment is putting a big dent in everyone’s pocket. The awareness to have a health care policy is rising by the day, but not everyone is aware of all the benefits that come with the plan. Those benefits can really help you save money with health insurance to shield yourself against sky-touching medical costs. There are a lot of benefits in your Health policy document that you need to go through to make the most of your insurance plan. All these benefits if considered separately without a Health Plan will be difficult to afford for a normal person. Health plans save us from all such gigantic figures to be spent.

List of Ways to Save Money with Health Insurance 

with the list of benefits that come with your health plan which you might have overlooked while reading your policy documents:

Family Expenses 

Besides the hospitalization expenses of the insured, there are other expenses incurred by the family-like visitation expenses, and food or refreshment expenses. A lot of companies provide you with a cash allowance, for example, Rs. 250/- per day, for such daily expenses on a pre-fixed basis, and that too without asking you for bills.

Medical Treatment 

If it comes to surgeries, the cost of medical treatment goes even further. For example, a head and neck cancer surgery can cost upwards of Rs. 2,00,000/- approx. Add to it the cost of medication and you can imagine where the final figure might go. Regular cancer treatment may cost anywhere between Rs. 10 lakhs to Rs. 20 lakhs which might look impossible for most of us without a health insurance plan.

 Cost of hospitalization

The above-mentioned example didn’t talk about the cost of hospitalization. If we only consider the room rentals, an average shared A/C room in a private establishment will cost a minimum of Rs. 2000/- per day. If you want to have a private room of your own, the cost almost doubles up. With a health plan, you can afford a decent, comfortable room for you, if not quite the equivalent of a 5-star hotel.

Recovery Amount 

After any surgery or hospitalization, the patient needs time to recover and come back to routine life. A lot of insurance companies provide a lump sum amount to help you cover up for the loss in income during that period. The amount of such benefit and the period for which it is defined in a medical health insurance policy might differ from company to company.

Chemotherapy 

An insured might not need hospitalization all the time and some medical procedures like chemotherapy or dialysis need only a few hours of visit to the hospital. Chemotherapy over a period of time can set you back by almost Rs. 2-3 lakhs in a private hospital. In addition to that, a lot of policies cover you for critical illnesses and you don’t have to buy a separate health insurance policy for the same. With these plans, you can be assured of a lump sum amount coming your way to rescue at the time of detection of the illness.

Pre-Fixed daily expenses 

If a child is in hospital, he may require an attendant from the family to be around. That means additional expenses and to help you with that, certain insurance providers provide you with a pre-fixed daily allowance for a fixed period of time.

Organ Donar 

Organ transplant is a very expensive treatment in our country. Conservative figures put the total process of a kidney transplant from the screening of the organ to a final surgery at a humungous cost of Rs. 8-10 lakhs at the minimum. Thankfully, as per the latest regulations, the expenses happen by organ donors for surgery and harvesting the organ are covered under your health care policy. Can you imagine the financial burden on you without having a health plan?

Start early 

Till now, a lot of people suggest that if anyone wants to buy a policy then he/she should start early. There is a certain reason behind it, buying a policy at an early age means much more beneficial than usual. If we say that young people are favorites to cover with the policy because the younger person never diagnosed with the disease just because they are fresh and their body is quite helpful to fight any kind of disease. Apart from it, if you are buying the policy at an early age then you will get a lower premium than everybody looking for. Insurance companies provide almost every coverage that a person looking for and some extra benefits. There is a saying that “the more age you will get the higher premium ”, so, that’s why everyone suggests you buy the policy at an early age.

Go for the top-up plan 

Many times it happens that you already bought a health policy but you feel like this coverage is less for you and you are thinking of extra coverage or you are looking for more sum insured, then you should Along with your policy, a top-up plan should also be taken.

After doing this you get extra coverage, see us, or you no one knows what will happen next moment but we guess the coverage of the base plan is not enough to cover you and you need extra coverage.

The top-up plan has been prepared for such a time, it is not necessary that you take the top-up plan from the same insurance company as the base plan. If you want, you can take the top-up plan from any other insurance company, and with this plan, you will also get covered for critical illness. Get Quote 

Conclusion

Saving money is an art, but talking about health policy is an alternative to saving money,   Health policy ensures that it’ll help you financially but still,

there are some ways to save money and every possible way to save money saying in this article. Just read the terms and conditions carefully before buying a medical health insurance plan to be aware of all such benefits. Invest smartly and then save money with health insurance on your investments!

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FAQs

Q-1 What are the benefits of health insurance?

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