Tips to reduce your health cover premium over a period of time

Feb 25 2014, 13:52 IST
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Rising health insurance policy premiums could be devastating because you would end up spending a big part of your income in paying them. Reuters Rising health insurance policy premiums could be devastating because you would end up spending a big part of your income in paying them. Reuters
SummaryIt is essential for you to go through the policy premium rates from time to time.

can acquire an insurance coverage at a much affordable rate than an older one. So, try and understand how much the age factor influences a company’s plan to hike the premiums from time to time. Consider the insurer’s policy of hiking premium rates in a particular age group. Once your insurance provider decides to hike the premium rates in a specific age group of the insured clients and you observe that you too are falling in the same group, then things can get really frustrating. This happens quite often and you can’t do anything about it as you’ll have to bear with the increased rates. However, one thing that you can do is to study the extent of the rise so that you can manage your funds accordingly.

* The writer is CEO, BankBazaar.com

Points to note

* Opt for a family floater policy. They are much cheaper as the premiums are divided and you have to pay on an individual basis

* Opt for a policy with high top-up/deductible. Here, you just have to pay a certain amount of medical cost before your insurance provider reimburses the remaining amount on your behalf

* Always conduct research on the company’s policy regarding age of the client. Try and understand how much the age factor influences a company’s plan to hike the premiums from time to time

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