Beating the Game: Hacks to Finding Affordable Health Insurance Plans in 2024

The upward trajectory of medical inflation has led to the soaring prices of health insurance.

This has made it difficult to secure quality healthcare services within budget. Read ahead to equip yourself with the much-needed knowledge to navigate the affordable healthcare maze. Also, learn how to find Health Insurance plans within budget. 

Finding Balance Between Insurance Cost and Healthcare Protection

First and foremost, you don’t have to compromise on coverage in order to make Health Insurance affordable for you or your family. The key lies in striking the right balance between medical coverage and insurance cost. Here’s how it can be achieved.

• It is important to gauge your needs right. It is vital to take factors like age and health status into consideration. For example, younger individuals can go with lower premiums, while comprehensive Health Insurance plans are a must for older adults. Also, one must take into account the family size. If you have dependents, then it is suggested to go with family plans instead of considering individual Health Insurance. Besides, it is important to be realistic about what you can afford every month or year as a premium. But, skimping on premiums is not a good idea. It can make you pay more from out of pocket later.

• Always be open to exploring other options. Evaluate what’s best for you and your loved ones. Remember that individual health coverage plans are flexible but they are costlier. On the other hand, family health plans form an economical option when you have dependents in the family. In addition, you can check out government schemes or employer-sponsored plans that not only offer good coverage but are also significantly cheaper.

• In order to make an informed decision, it is important to compare your options against each other. While performing this task, do consider the claim settlement ratio, network hospitals, coverage details and renewal options. To ease your burden, many reputable insurers like ACKO offer online health insurance calculators to help you estimate the premium amount and compare different plans available in no time. If you have any doubts, then you can either reach out to customer care executives about inclusions, exclusions and claim processes or seek advice from certified professionals.

• To get the best plan at affordable prices, you must also pay attention to what extras are on the plate. These days, many Health Insurance plans cover annual check-ups and vaccination coverage. This helps you save money in the long run. Further, you must consider adding critical illness coverage if you have any special needs.

How to Find Affordable Health Insurance Plans? 

Nowadays, many low-sum-insured plans are available that offer a good value. Not only do they suit your pocket but also offer decent medical coverage. Here are some tips that can help you identify the most affordable Health Insurance plans for you. 

• Check coverage details, including inclusions, exclusions, waiting period, critical illness coverage, and hospitalisation expenses, meticulously. 

• Compare premiums considering the level of coverage offered. Notably, the cheapest option may leave you with out-of-pocket expenses in the long run.

• Go with insurers that have a wide network of hospitals. It will be great if some of them are located in your area, ensuring accessibility to quality healthcare.

• Look for a higher claim settlement ratio (CSR). Anything above 95% is considered good CSR, indicating a good track record of not just settling claims promptly, but efficiently as well.

• Health Insurance plans with lifetime renewability save you from the trouble of securing coverage later in life.

Some Pro Tips

Let’s read ahead to learn about some tips that can help save money on Health Insurance policy premiums.

• It is a good idea to start early in life because Health Insurance premiums are lower for young people as they pose a lower risk to insurance providers. 

• Go for health insurance plans that reward you for staying healthy or offer wellness benefits for not making any claims. Some insurers also provide discounts for getting regular health check-ups done or participating in wellness programmes. 

Conclusion

By and large, choosing affordable Health Insurance plans depends on your income and the level of coverage needed. While making this decision, it is also important to consider the hospital network, prescription drug coverage and claim settlement ratio, amongst other things. Reach out to ACKO for all your Health Insurance needs and beat the game.