Postesy

Post for all Platform

Health insurance is one of the most significant necessities in our lives. While everyone wants to buy the best possible plan with the highest cover, it is not always possible, however, to fit the same into their budgets. If you are looking at prospects that can save you money on health insurance, have a look at this article for practical and useful tips on how to save money when buying health insurance.

  1. Consult a Tax Professional 

Health insurance premiums are allowed as a tax deduction from your taxable income under certain circumstances. If you pay for it with your after-tax money then there is a  higher chance for medical premium counted for tax deductions. The health insurance premium paid at one go allows tax benefits for the number of years of insurance cover. However, tax benefits are subject to changes in tax laws. You can visit the relevant tax website to check the amount of deduction applicable for assessee for a particular assessment year.

  1. Start Early

There are various benefits to purchasing a health cover at a young age. Therefore, you should try to start as early as possible because health insurance premiums tend to increase with age. The older you are, the higher the premium.

In fact, insurance procured during the younger years is affordable. However, as one gets older, acquiring the same insurance becomes a costly affair as the premiums are higher, and the chances of falling sick are increased.

  1. No Claim Bonuses

There are a lot of insurance plans that offer great discounts on the renewal premium if you don’t make a claim during the policy year. This is called a no claim bonus. If you have not used your insurance, you can opt for no claim bonus, that ensures that you are rewarded for staying healthy and for having a claim-free year. With an increase of 33.33% in the base insurance for every claim-free year, health insurance policies reward their healthy users to the fullest.

  1. Maintain Your Health

You can save money by being healthy. Ever heard the saying – Health is Wealth. This saying is literally true when it comes to health insurance plans. If you maintain a healthy lifestyle, you end up paying less premium than individuals who have a health ailment. A person who does not smoke is not obese, and does not have diabetes usually gets his health insurance policy at a lower rate.

So, maintain a proper lifestyle and keep yourself healthy. Some health insurance plans also offer specially designed health trackers that monitor your health and allow premium discounts if you lead a healthy life.

  1. Buy a Family Floater Plan

Buying a group policy is always more economical than buying an individual plan. This is very useful and beneficial, especially if you are looking to buy a health cover for more than one family member. This brings all your family members under a common health insurance umbrella, allowing you to pay an affordable insurance premium.

This is one of the smartest ways in which you can save on medical insurance. Also, an umbrella coverage for your family will provide more flexibility with higher coverage options at a lower price.

  1. Choose a Higher Tenure 

Nowadays, health insurance companies are offering plans that provide continuous coverage for two and three years instead of the usual one year. To opt for a longer tenure, you have to pay the premium for two or three years in the beginning, and the coverage will continue for the chosen tenure without requiring annual renewals. Longer tenure plans offer good savings on the premium cost. Health plans offer a premium discount, ranging from 5% to 15%, for choosing a higher tenure.

Wrapping Up

Diseases and ailments are commonplace today. And health insurance is a good way to get around it. We all know that medical expenses can very quickly spiral out of control. Health insurance can be your only savior during such dire times. Therefore, go through the aforementioned tips properly to ensure that the insurance package you choose is the right one. For further assistance, you can always visit Rais Insurance Services. Rais provides the best health insurance in California and is widely regarded as a premier health insurance exchange in the area.

Leave a Reply

Your email address will not be published. Required fields are marked *