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Health insurance is an essential aspect in today’s world of rising medical costs. While medical advances have ensured that life expectancies have increased, it has also led to medical costs that are not comparable to what they were a few years back. And with medical costs, health insurance premiums have also been growing, due to inflation and other upward pressures. So, how can you keep rising health insurance premium in check? Get into shape: That is not just about the way you look, but also the way you feel. Health insurance premium could be lowered if you are susceptible to fewer diseases and have lesser complications. Give more importance to health, pay attention to your lifestyle, change your eating habits and sleeping habits for the better, and get some exercise. That should work towards a better health policy. Quit smoking: That would work both for your health as well as towards your mediclaim. When you smoke, the value of your sum assured gets diluted through the higher health insurance premium that you pay. Raise your deductibles: Another important factor that you need to consider with regard to your health policy is the way deductibles work. Deductibles are amounts that you would have to pay yourself, the amounts that are deducted from what you would be compensated for by mediclaim. The higher the deductibles in your health insurance, the lower would be your health insurance premium. You should keep a tab on your deductibles to keep rising health insurance premiums in check. Corporate Wellness Programmes: While people tend to focus on sum assured and health insurance premiums when it comes to the cost of health policy, a change in attitude towards health issues should also include an inclination towards corporate wellness programmes. This helps both ways – if your company has been sponsoring health insurance, it would help in keeping rising health insurance premium in check with healthy employees. Further, it also develops a sense of wellbeing and awareness towards health issues among employees, effectively lowering costs of health policy. Evaluate your coverage: Again, with all the focus on sum assured and coverage, there is not much focus on what is covered for. Keep evaluating the kind of coverage associated with your health policy – when you are covered for what you do not need, you would be paying more for health insurance premium.
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