Many people have realised the importance of health insurance after the Covid pandemic and as the cost of medical facilities are skyrocketing health insurance is the only thing that has got our back during health emergency. As choosing the right health insurance at a lower premium is the preferred choice - Rahul M Mishra, Co-Founder & Director of Policy Ensure, shared insights and tips on various methods of maximising health coverage while minimising the premium in an exclusive interview with ZeeBiz.

Q: How can people minimise the premium on health insurance?

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A: To minimise the premium on health insurance one can opt for a high-deductible health insurance plan. A deductible basically is the amount you pay before the insurance coverage kicks in. Higher deductibles result in lower premiums.

Secondly, it is important to compare insurance providers. Compare the premiums, deductibles, coverage limits, waiting periods, and other terms and conditions before making a decision. Look for reputed insurance companies with a good claim settlement record.

Also, don’t forget to evaluate family floater plans as they can provide coverage for the entire family at a lower premium compared to individual policies. 

One other important thing is always to consult with health insurance experts or advisors who can assess your specific needs, analyze available options, and recommend the most suitable plan for maximum coverage with minimum premium.

Q: How can one increase their health coverage by keeping the premium lower? 

A: There are various options that can enhance one’s health coverage without having much impact on the premium.

One can consider top-up plans. Top-up plans provide additional coverage to your base health insurance and enhance your coverage at a lower cost. To put things into perspective, if you have a base policy with a sum insured of Rs 5 lakh and opt for a top-up plan with a deductible of Rs 3 lakh and a sum insured of Rs10 lakh, any expenses beyond Rs 3 lakh will be covered by the top-up plan.

Secondly, people can also explore the option of super top-up plans which are similar to top-up plans but provide coverage on an aggregate basis. These plans cover the total expenses in a policy year that exceed the chosen threshold. For instance, if you have a super top-up plan with a threshold of Rs 5 lakh and a sum insured of Rs 10 lakh, it will cover expenses beyond Rs 5 lakh in a policy year, even if they occur in multiple hospitalisations.

Another option can also be a no-claim bonus, where the sum insured increases for each claim-free year. Consider policies with such benefits as they can enhance your coverage without additional premiums.

Always remember, while minimizing premiums is essential, it's equally crucial to ensure that the coverage meets your healthcare needs adequately. Assess your requirements, compare plans, and choose wisely to strike a balance between coverage and affordability.

Q: How can a person with chronic health conditions get maximum coverage at minimum premium? 

A: I understand that individuals with chronic health conditions may face challenges in obtaining maximum coverage at minimum premiums. However, there are a few strategies that can help maximize coverage while keeping the premiums affordable:

One should look for health insurance plans that offer coverage for pre-existing conditions. While such plans may have waiting periods, they can provide coverage for chronic conditions after the waiting period is over.

Secondly, they should opt for disease-specific plans which may offer better coverage for the particular condition and can be beneficial for individuals with chronic health issues.

Thirdly, they can consider individual plans as in some cases, individual health insurance plans may offer more comprehensive coverage for chronic conditions compared to group plans.

Q: Should an individual opt for add-ons in a health cover to lower the premium? 

A: I would recommend considering add-ons or riders to enhance your health insurance coverage at a lower premium. Add-ons provide additional benefits and coverage beyond the standard health insurance policy. 

To get the full benefit of health coverage at a lower premium one should consider the cost of the add-ons in relation to the additional benefits they offer. Compare the premium, and increase with the potential coverage and benefits to determine if it aligns with your budget and provides value for money.

Secondly, it is generally advisable to opt for add-ons at the time of purchasing a health insurance policy. This ensures that you have comprehensive coverage from the beginning. However, if you didn't include add-ons initially, you can explore adding them during policy renewal. Keep in mind that any waiting periods associated with the add-ons will still apply.

It should be noted that one should carefully evaluate their requirements, compare available add-ons, consider the associated costs, and consult with an expert to make the best decision for maximum coverage within their desired premium range.

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