Health insurance is a necessary tool to prevent sudden medical expenses from eating away into your life savings. Despite the safety net health insurance offers against rising medical costs, many people refrain from investing in a policy due to the premium’s impact on their overall expenses.

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However, there are many smart ways to address this problem. Take a look.

Get Employer-Provided Health Insurance

A group medical insurance policy provided by your organisation is the best way to be financially prepared for a medical crisis. You are not required to pay the premium for such policies but you get coverage for yourself, your spouse and your children. This is like getting the cake free with a cherry on top.

Purchase a Health Insurance Early

Premiums rise with age, since health issues also tend to increase as we get older. This means greater risk for the insurer, which they cover for with a rise in premium. This is why starting early is always advisable to take advantage of lower premiums.

Choose a Floater Policy

You can consider a family floater plan, instead of an individual policy. These plans are comparatively more affordable, since the sum assured is based on age group.

Buy the Policy

You can easily apply for the policy online and avoid having to pay high commission fees to an agent. When you compare policies, make sure to consider the sum assured, network of hospitals and other factors, apart from the premium.

Consider Basic Hospitalisation Cover

If a plan seems unaffordable, you can consider getting basic hospitalisation cover to provide security for your family. Basic cover can help you save money on premiums.

Get Separate Insurance Coverage for Parents

Consider a separate cover for your parents, rather than including everyone from spouse to children in one plan. This is because the premium is calculated based on the age of the oldest person in the group.

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