health insurance policy premium
If you are troubled by the increasing health insurance premiums year after year, then we are telling you a great saving idea. By adopting this idea, you can easily save 20% to 25% in health insurance premium. You might be wondering what that idea is, then it is the option of co-pay. By choosing this option you can easily save a good amount of money. Insurance experts say that although it is beneficial for everyone, it is more beneficial for senior citizens as their premiums are quite high due to health risks. Apart from this, there is another option to reduce the policy premium, that is deductible. By using this also you can reduce the premium.
Let’s understand with example
Let us assume that you have taken a family floater health plan for yourself and your family from an insurance company. Its annual premium is Rs 20 thousand. Now if you choose 20% co-pay, you will easily be able to save Rs 5,000. Apart from this, many health insurance companies offer the option of deductible. In deductible, you pay a fixed amount up front. After this the insurance company pays the claim amount. If you opt for deductible, the premium amount reduces.
Difference between deductible and co-pay
The amount your health insurance company pays before a claim is called a deductible. Whereas, in co-pay, you pay a fixed portion of the claim amount. It could be 10% to 20%.
How does the deductible work?
Suppose you have a health insurance policy worth ₹10 lakh, with a deductible amount of ₹50,000. Anytime you file a claim of ₹4 lakh, your health insurance company will only cover ₹3.5 lakh. You will have to pay Rs 50 thousand first. In other words, your health insurance provider is only liable to pay those medical expenses that exceed the deductible amount.
Why choose Deductb?
Lower Premiums – Opting for a deductible helps lower your health insurance premiums. No Claim Bonus Protection – Choosing a deductible can help you build your no claim bonus as you will avoid filing claims for small expenses. Coverage Amount – Deductibles can also help protect your insurance money in times of real need. Since you will not make claims frequently, your sum insured will remain intact.
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