We all love to have freebies, and it is all the more important when it is related to our health.The word discount makes every Indian consumer happy and content. Obviously, getting some discount is always comforting. Similarly, you may look up to various kinds of discounts under your Health Insurance policy. It will enable you to save your health insurance premium cost. You can reduce your health insurance premium cost by availing various discounts offered by the insurance companies which could be helpful in providing your pocket a cushion against the actual premium cost. let’s know How to make Your “Health Insurance” Cover Affordable
Look for Varied Discounts Under Your Health Insurance Plan
Let us have a quick look on such discounts:
1. Family Discount
Family discount is available in case more than one person of your family is covered in the same policy under Individual Sum Insured option. There are many insurance companies which offer a family discount ranging from 10% to 20% on the premium amount for insuring your family members under the same health plan.
- ManipalCigna offers 10% discount on the premium amount of its PROHealth range of health insurance products for enrolling more than 2 family members under a single individual policy.
- Tata AIG also offers 10% family discount on the premium amount on its Mediraksha Health insurance plan.
- Future Generali’s health total plan offers a Family discount of 10% in case more than one person is covered in the same policy in case of Individual Sum Insured option.
- HDFC Ergo offers a family discount of 10% if more than one person is covered under its Health Suraksha policy.
2. Discounts at Hospitals, Diagnostic Centers & Pharmacy Centers
Many Insurance companies offer discounts at empaneled Hospitals, Diagnostic centers and Pharmacy centers for their policyholders. The discounts can be availed in the form of OPD discounts at selected facilities, discounts on Wellness Test at selected outlets and other health related offers at selected outlets under the different categories. The same can be availed by showing your Health Insurance Card or by showcasing your policy number/document.
- Bajaj Allianz General Insurance offers discounts on pathology labs at select outlets, Radiology at select outlets, on Wellness Test at select outlets, and also on Pharmacy.
- Universal Sompo offers vouchers which can be utilized at empaneled service provider(s). The details of these discounts and offerings on health and wellness products and services are available on its website.
- ManipalCigna also offers reward points equal to 1% of premium paid each year. Redeem the cumulative reward points as a discount in premium from next renewal or as a reimbursement of out-patient and other small medical expenses.
3. Free Health Check up
Many insurers offer free health check or pay partial amount for the health checkups in the event of a specified claim free years or otherwise. Opt for plans offering such facility and feature. A regular health check will cost you about Rs 1500 to 3000 which you will save, if you opt for a health plan offering a free health check up feature, or health check up at a discounted cost. Health check ups cover the medical tests like blood sugar, blood count, urine test, cholesterol check, PPBS (postprandial/lunch blood sugar), ECG, complete blood count, etc. Also, some insurers offer a bundle of value-added services such as second opinion, online advice from a doctor, consultations and follow up sessions and meeting with diet and nutrition consultants.
4. Opting for a Voluntary Co-payment
Co-payment suggests that a portion of the admissible claim amount has to be borne by the insured in the event of a claim. There is a compulsory and voluntary co-payment clause under various health insurance policies. On opting a voluntary co-payment percentage, the insurer offers you a great deal of discount on premium. Higher the co-payment share, higher will be the discount offered on premium. The companies offer such discount because the probability of getting an unnecessary claim reduces which allows the insurance company to offer you premium discounts on choosing a specified co-payment share.
- Oriental Insurance Co. offers premium discount of 10% and 20% for voluntary co-payment of 10% and 20% respectively.
- Max Bupa Heartbeat Plan offers voluntary co-payment options of 10% and 20% to make your premiums affordable.
- Co-payment option is also available under HDFC Health Suraksha under optional benefits.
- Energy health plan of HDFC ERGO Health also offers 20% co-payment on an optional basis.
- Aditya Birla’s Health Plan “Activ Health Essential” offers an option to select a deductible of Rs 25 K,50 K ,1 Lac or 2 Lac which offers substantial premium discount.
5. Gender Related Discount
Some insurance companies offer a discount on health premium for including a woman or a girl child in the plan like
- 5% discount to single woman and girl child is offered by Reliance general insurance company’s Health gain policy.
- New India, Asha Kiran Policy offers premium rebates for including daughter in the policy.
6. TPA Service Discount
A few insurance companies offer a TPA discount for not opting for Third party administrator (TPA) services and dealing directly with the insurance company in the event of a claim. TPA’s charge from the insurance companies for providing their services during the event of a claim by acting as a link between the insurer and the insured. By not opting TPA services, the company saves on the TPA cost and transfers the benefit to the customer in terms of discount on health insurance premium.
- Oriental Insurance Co. offers a discount of 5.5% in premium if TPA services haven’t opted for.
All the discounts mentioned above may not be available under one Health insurance policy but the bottom line is that do look for such value added benefits in your Health Insurance policy which will certainly reduce the burden of the health insurance premium. It is therefore necessary to take out time and study the plan benefits and additional cost effective features associated with the health plan rather blindly following your agent.
(Disclaimer: Views are not biased towards any insurer rather examples of insurers are given to express the concept only)