Affordable Health Insurance Plans

Type of Health Insurance

The types of health insurance policies also affect the premiums you pay. Some of the primary types are individual health insurance, family floater and senior citizen health plans. All these insurance plans have different premiums based on the number of people insured, add-on covers, age, and health factors.

Sum Insured

The sum insured value is the primary factor that decides whether your plan is affordable. If you choose a plan with a higher sum insured, you will have to pay a higher premium. Moreover, if you choose an affordable premium, then you might have to compromise on the insurance amount.

Coverage Type

The extent of coverage of your chosen plan also decides whether or not you will have an affordable health insurance policy. Suppose you opt for better coverage with add-ons like OPD cover, consumables cover, and maternity and newborn coverage. In that case, you will have to pay a higher premium, but remember that it also means greater coverage during emergencies.

Age

The cost of health insurance is generally lower for younger people. These costs begin to rise as the person ages. If you want to get an affordable health insurance policy, you should purchase a plan when you are young. The longer you wait to buy health insurance, the higher the premium will be.

Pre-Existing Conditions

Having a history of critical illness or pre-existing conditions like high blood pressure, diabetes or asthma can affect the policy price. People with pre-existing conditions must buy health insurance plans that cover their condition, and doing so means paying higher premiums.

Duration of Policy

You can also get affordable insurance by opting for longer-duration plans. Insurance companies often offer discounts or lower premiums to buyers who opt for 2- to 3-year plans. It is a good idea to opt for continued coverage over a longer duration rather than renewing the policy annually.

Geographical Location

Your geographical location can also affect your premium cost. A health insurance plan bought in a metropolitan region might cost you more than buying it in a suburban or rural region. The reason behind this is that the healthcare costs in metropolitan cities are much higher than in smaller towns.

Lifestyle Choices

Lifestyle habits also determine whether or not your premium will be affordable. Suppose you have bad lifestyle habits like smoking, drinking, poor diet and lack of physical activity. In that case, you will have to pay higher premium costs as your lifestyle choices make you more prone to diseases than the average person.

Also Read: Why Disclose Pre-existing Diseases to Your Insurer?

Family Health Insurance Plan

A family health insurance plan protects all members of a family, such as you, your spouse, dependent children, and dependent parents. These plans offer umbrella coverage to multiple people with a unified premium payment for everyone. A family floater plan is the most affordable insurance that you can opt for. It also offers protection for the whole family and can help you manage your financial responsibilities better.

Individual Health Insurance Plan

An individual health insurance plan is a policy that provides medical coverage to the policyholder only. It is a great plan for people who want customised and extensive coverage for themselves or someone in their family..

Buying individual health insurance is affordable, as you only have to pay for your coverage. Moreover, you can customise the plan to deduct or add optional covers as needed and within your budget.

Super Top-Up Health Insurance Plans

If you are looking to enhance your current insurance coverage without paying too much premium, then you must choose super top-up plans. This plan provides you with extra coverage in case you max out your base plan's coverage limit. Super top-up plans are a great way to ensure better coverage at affordable prices.

Know Your Healthcare Requirements

Before you jump into choosing the first health insurance you see, you need to know your coverage requirements. Thus, assess your age, pre-existing conditions, lifestyle and future healthcare requirements to choose the right plan, not just a budget-friendly plan.

Choose Right Sum Insured

It is essential to select the correct sum insured amount for your health insurance policy. If you choose a plan with an excessive sum insured than your actual coverage needs, you will have to pay a higher premium.

Buy Online Affordable Health Insurance

Buying health insurance online allows you to select the best and most affordable plan. When you explore and buy a plan online, you get the option to compare multiple insurance plans in one place and choose the one that suits your coverage needs and fits into your budget.

Select Valid Add-ons Only

Health insurance offers several add-on covers on its base plan. These add-ons are great for specific coverage, but they also increase your premium cost. Thus, you have to make smart decisions to choose add-ons that are relevant to your healthcare needs.

Select Co-payment and Deductibles

You can also make an affordable insurance plan by opting for co-payments or deductibles. With co-payments, you choose to cover a portion of your medical costs, while with deductibles, you are required to pay a specific medical cost before the insurer settles the rest of the expenses.

Opt For Long-Term Insurance Policy

Buying long-term health insurance also helps you make it affordable. Insurance companies provide good discounts when you opt for long-term insurance. Moreover, with long-term plans, you get continued coverage without any need for policy renewal.

Policy Inclusion and Exclusion

Affordable insurance plans have inclusion and exclusion policies that need to be known before buying them. Read all these inclusions and exclusions to avoid any inconvenience during the claim procedure.

Also Read: Long-Term Health Insurance Plans

Buying health insurance according to individual requirements and affordability is a point of concern for many. Therefore, by keeping things like age, insured members, chosen add-ons, coverage flexibility, etc., in mind, you can choose the best and most affordable plan for you.

With TATA AIG, you get the best health insurance policy at an affordable price as low as ₹17 per day*. Our policies include benefits such as critical illness coverage, pre- and post-hospitalisation coverage, outpatient department (OPD) coverage, and coverage for maternity costs and newborn babies.

*Disclaimer: Your policy price is subject to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.