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Keep a tab on your health insurance policy’s increasing premiums

Apr 18 2014, 14:55 IST
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Insurance firms are known to charge a huge amount of premium in order to cover the client, considering it is going to cover the entire cost if the policy benefits are claimed. Reuters Insurance firms are known to charge a huge amount of premium in order to cover the client, considering it is going to cover the entire cost if the policy benefits are claimed. Reuters
SummaryThe effects of the increasing health insurance policy premiums can be devastating for an investor...

Avinash, a businessman, knows how to deal with all kinds of clients. However, his inexperience in finding good health insurance policies has landed him in trouble a couple of times. In the recent past, he hasn’t been able to keep an eye on the rising premiums of his health coverage and ended up spending much more than he should have. It is a fact that insurance companies can sometimes lead you into big trouble. Therefore, it is essential for you to think for your own benefit and go through the policy premium rates from time to time. Several strategies too can be adopted for reducing the premium over a period of time.

The effects of the increasing health insurance policy premiums can be devastating for an investor mainly because he’d end up spending a big part of their monthly income in paying these premiums. Well, the most important question you need to ask yourself is, why do you take a health insurance policy? The answer is fairly simple - We buy a policy to secure our future in case of an emergency.

Moreover, even if you cannot control expenses with respect to sickness and health management, you can definitely control the rising health insurance premiums.

Avoid a Health Insurance Policy with a Claim Holding

Insurance firms are known to charge a huge amount of premium in order to cover the client, considering it is going to cover the entire cost if the policy benefits are claimed. Sometimes, when you claim the policy benefits, your insurance provider hikes the premiums for the next year. So, it becomes imperative to go for an insurance policy that offers fewer burdens and helps you keep your pocket full.

Special Family Floater Insurance Policies

For keeping a tab on premiums, it is recommended to opt for a family floater policy. These coverage policies can be taken up for all your family members. They are much cheaper as the premiums are divided and you have to pay on an individual basis. Family floater insurance policies come with a 2 year waiting period and the following diseases/disorders are covered during that time:

All kinds of duodenal or gastric ulcers

* Sinuses

* Hemorrhoids

* Fibromyoma

* Hysterectomy

* Cataracts

* Endometriosis

* Dysfunctional uterine bleeding

* Benign prostatic hypertrophy

* Surgery on tonsils and ears

* Hernia

* Fissure

* Fistulae

* Skin ailment surgery

* External and internal tumors

Opt for a Policy with High Top-up/Deductible

People often go for policies with low deductibles

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