Life is hectic for most of us and in the race against time, health often takes a backseat. Having the support of a health insurance policy will ensure there are no damages to our hard-earned savings in times of medical emergency.
Financial planning is of utmost importance for families with high medical expenses. Paying for the monthly or annual health insurance premium is an essential expenditure that should be met in order to avail the benefits of a health cover. Premium amounts can be quite high, depending on the coverage amount.
This implies that anyone who is setting a household budget has to keep in mind the cost of medical insurance. However, this need not be a difficult task. Policyholders have the option of paying premium on monthly, quarterly, biannual or annual basis. Little planning is all one needs to do for ensuring that premium get paid on time without any worry.
Here’s an easy guide.
Calculate your Premium
Premium calculator for health insurance is a tool designed for accurately calculating the premium payable by the insured person. This highly benefits the policyholders when it comes to effectively planning their finances.
Save on Monthly Expenses
Take one step towards your health while you splurge on holidays, movies, etc. Consider the premium amount when you plan your monthly household budget.
Small savings made on regular basis go a long way in ensuring you have the finances when you need the most. Consider investing in other money saving options like Systematic Investment Plans (SIPs) which are advantageous in the long run. Building a reserve will provide the necessary a cushion during any emergency.
Choose Coverage that You Can Afford
Health insurance policy must be chosen by keeping your specific requirements in mind. Opting for a higher coverage would mean a correspondingly higher premium amount. Go for a basic health cover, if you do not have any high medical expenses to meet.
Nowadays, there are a host of insurance policies that suit every family’s healthcare needs. A family floater plan is beneficial as it covers an entire family under a single plan.
Remember the Premium Dates
Failing to pay premium on time can deprive you of the benefits of your health cover. And, the insurance policy will lapse. While there is a grace time for paying the premium, it is important to keep track of the premium payment dates to avoid last-minute hassle. Set a reminder at least a week before the due date for premium payment. In fact, policyholders also receive notifications about the premium payment date.
As you plan for your premium payments, it is also important to keep in mind certain factors that can increase your premium. For instance, if the insured belongs to a higher age group, the premium costs are higher. As your family grows, you must plan to increase your health cover for the benefit of all your family members. The premium amounts will correspondingly change.
Therefore, planning in advance will prepare you to deal with the premium costs and stay stress-free about getting cover for your family.