Tips to SAVE Health Insurance Premium -

1. Define your Health Insurance Coverage
Define what you want to cover yourself against – is you are looking for just critical illness, or injuries resulting from an accident, hospitalization expenses or OPD expenses as well. There are different types of health insurance policies available depending on your requirement and your budget.


2. Decide which members of your family need to be part of the health insurance policy – you might find splitting policies to be beneficial.When buying for a family check multiple options. Sometimes its beneficial from a cost perspective for the oldest member of the family to have a separate policy. Usually all insurance companies offer policies for coverage of you or spouse; and up to three children under one policy. Some policies also give coverage for dependent parents in the same policy.


3. Plans provided by the employer are cheaper in premium and also cover pre existing disease. Decide the total amount of health coverage needed.


4. Check coverage needed -
The total amount of coverage needs to be determined by the number of people that you want the policy to cover, your estimate of the health care costs and the existing coverage that you might have from other sources like employee provided group insurance.


5. Check the network coverage of the Third Party Administrator (TPA) being employed by the health insurance company.
Ensure that the hospitals near your residence which might be used in case of an emergency as well as the hospital where you seek regular or specialist treatment is part of the TPA (Third Party Administrator) hospital network


6. Shop around and compare prices and coverage. Compare the premium by online comparing sites like - policybazar.com, insurancemall.in, Insurancepandit.com etc..And buy the cheapestoption (Please take care that all the coverage is there, so discuss with your insurance adviser first, before buying online). Get at least three quotes on comparable policies, and ask questions about the policy's renewal and surrender provisions. Don't just compare the prices of travel insurance products, compare also the benefits of the cover, the exclusions on the cover and other product features.


7. Use Insurance Reminder services offered by some websites like ICICI lombard, HDFC Ergo etc. It will help you in filing your premium in time or regularly and also saves the cost of late fee or reinstatement cost.


8. Buy additional riders, which are optional forms of coverage, only if you need them.

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