Given the rapidly rising cost of medication and healthcare, it is essential to invest in a health insurance plan today. Many people do not invest in health insurance, as they cannot afford it. In addition, many do not invest in a health policy because they consider it is an unnecessary expenditure. However, this is not the truth. In reality, you can end up saving money with a health insurance policy.
Tips to save money with health insurance
Here are some tips that you must follow to save money with a health insurance plan.
- Start early
There are numerous benefits of buying a health insurance plan at an early age. The premium amount on an insurance plan will increase with age. The higher the age, the greater will be your premium. The number of illnesses increases with age. In addition, the cost of healthcare also rises with time. Moreover, at a later age, you might also not be eligible for an effective health cover. This is why it is important to buy health insurance early and save money on the amount of premium.
- Shop around
Do not be under the impression that a cheap insurance policy is the best plan. When buying a policy, do not choose the first option that comes your way. It is better to shop around and look for a plan that offers you a lower premium without compromising on the amount of sum insured. Compare different products in the market and choose the best general insurance company for your plan. You can easily make comparisons online and get all the information about the plan in order to make a decision.
- Understand about No-Claim Bonus (NCB)
No-Claim Bonus (NCB) is a discount given by insurance companies for staying healthy and filing no claims during the previous year. Reputed insurers provide you with an NCB that is up to 100% of the sum insured.
- Buy a separate cover for parents
In a family floater insurance plan, your premium amount will be estimated based on the age of the eldest person. In this case, you might be paying a high premium amount on the policy. Take a separate policy for your parents in order to achieve higher savings.
- Claim for tax benefit
The amount of premium paid on a health insurance policy is eligible as a deduction according to Section 80D of the Income Tax Act, 1961. You can claim INR 25,000 as a tax benefit for your policy in a year. In addition, if you are paying a premium for your parents, you can claim an amount up to INR 25,000 if they are below 60 and INR 50,000 if they are above 60.
With medical inflation on the rise, invest in a health insurance cover is the need of the hour today. Keep the aforementioned tips in mind to save money with a valuable health cover. For More Fisher Island Real Estate