Today, the healthcare costs are going out of the roof and most of the people, especially the middle class, end up spending most of their savings on healthcare issues. This is why health insurance is a big relief for all those people who understand the risk of losing all the savings to a disease. A health insurance policy, regardless of how big or small, can help you pass through the difficult phase in life and secure your future. Obtaining a health insurance policy can safeguard financial security but at the same time, if there are budget constraints, you can opt for affordable health insurance. Affordability depends on your income, your spending and the value of an insurance policy in your life.
- Thanks to the internet, now you can study and compare the cost of so many different insurance policies from so many different companies easily. Getting information online is the first step towards getting a health insurance on a shoestring budget. Now you can learn more about the features and limitations of different policies and make an informed decision.
- An ideal health insurance plan is the one that gives you maximum cover within your budget range. And one of the biggest factors that impact the cost of an insurance policy is the age of the applicant. The younger you are, the lesser is the cost of insurance. So, if you want to get health insurance with low costs, you should opt for it, as early as possible.
- All the insurance companies offer multiple plans for the different quantum of sum insured. You can check out the inclusions and exclusions for each plan type and see which one fits well in your requirement as well as your budget?
- Another important factor is the extent of insurance cover. You can opt for a basic plan that has low premium and go for deductibles. This is the perfect formula for how you can save big on premiums and stay insured. Because later on, you can always get another policy with a better coverage, and bigger budget. So, if you are looking for cost-effective options as of now, you can go for the basic policy.
- But considering just the cost of premium as the cost of insurance would not be correct. You must also study the insurance policy thoroughly to see if there are any hidden costs/ clauses that limits the benefits drastically.
Also, there are provisions for tax savings up to INR 55,000 as per Section 80 D of the income tax act which also should be taken into consideration. Hence, there are plans that perfectly balance the cost and savings equation with respect to the health insurance policy. Another big advantage that a health insurance policy gives you is the cashless hospitalization and treatments. This is a very important factor as when you are thinking about affordability and budget constraints, you must acknowledge that any emergency situation will require upfront payment for the medical and healthcare services. An insurance policy can safeguard you there through cashless treatments.
Tip: If you are planning to buy a health insurance on shoestring budget check all available options available online &get a right insurance policy from right insurance provider like Bharti AXA.