Important Health Insurance Discounts that You Should Know About
Health Insurance is a necessary investment that one should make. It provides solid financial support in times of medical need. Yet, some people hesitate to invest in Health Insurance due to various reasons. One such reason is the question of affordability. The policy premium can fluctuate based on people’s age, health conditions, etc. It is understandable that it can seem a lot sometimes, but knowing about various discounts that Health Insurance offers helps people avail themselves of the right coverage without having to spend a lot.
There are different types of discounts that Health Insurance plans offer. Here are some of the important ones.
People can opt for a medical insurance policy for a certain period, let us say one, two or three years, which is known as the policy term. People usually opt for a policy with a term of one year. However, if the policy has opted for a term of more than one year, then they can avail discounts on premiums in certain policies. The discount level can also vary based on the opted policy term. For example, the discount on premium for a three-year term will be more than the discount on premium for a two-year term.
Opting for a policy for the long-term comes in handy for two reasons. One, with an ever-increasing inflation rate, purchasing a policy for a longer term will be cost-effective. Another reason is that the overall premium will come down as a result of the discount offered.
Purchasing a medical insurance policy online has many advantages including easy comparison, a clear understanding of terms and conditions, etc. It also offers monetary benefits as people can avail discounts on premiums on many Health Insurance plans if the policy is purchased online. Besides having access to all policy details and transparency of information, people can purchase the policy at a low premium as the operational cost of the insurer goes down.
Many Health Insurance policies offer a discount on premiums for adding family members to the existing policy. This brings down the premium of Family Health Insurance plans and facilitates wider coverage for them at an affordable premium. However, it is important to read the policy documents to know how this discount works. In most medical insurance plans, the family discount will be provided for adding a family member and not for adding each family member. This means, if a person gets a family discount for adding his/her spouse, that person cannot avail the same discount again for adding his/her children or parents.
Wellness program/activity is one of the attractive features offered by Health Insurance. It helps people to keep good track of their health and maintain a healthy lifestyle. Besides, it provides monetary benefits as well that reduce the premium. People can take part in wellness programs offered by the policy and earn discounts for keeping themselves healthy. For achieving health goals and milestones by taking part in wellness programs, people can earn reward points. These reward points can be later redeemed as discounts in premiums during renewals. People can avail discounts on their premium even up to 20% based on the opted policy and the insurance company.
Discount on Submitting Health Records
Healthy individuals are less likely to make claims during a policy year. This reduces the liability of the insurers, and as a result, they offer a premium discount for such people. This discount is mostly offered in Health Insurance for senior citizens. In general, some Health Insurance plans require people to undergo pre-medical check-ups before purchasing them. However, by submitting the required medical reports, which show that the individual is healthy, people can avail discounts on premiums. This discount is subject to the policy terms and conditions.
People can combine one or more discounts and avail themselves of Health Insurance coverage at a much more affordable premium. Moreover, the income tax deduction for paying Health Insurance premiums as per Section 80D of the Income Tax Act, 1961 makes Health Insurance a cost-effective investment instrument. This reinforces that securing one’s health and finances is no longer a costly business.
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