Topic 3: How to Save Money on Health Insurance

We all want the best for our health care, but none of us are interested to spend more of our hard-earned money on that. Generally, healthcare costs are expensive and majority of people have a tendency to spend more on their homes, families, on things they can enjoy. But, you can save some handsome amount of money on health insurance premium by following below mentioned steps:

Be healthier! If person has good standard of living, then he or she can pay much less than those who have bad habits like smoking, drinking etc for mediclaim policies. Follow a good diet, do exercises and avoid bad habits for a good lifestyle.

If you really want to get affordable healthcare plan, then you must stay as healthy as possible. Pre-existing health conditions increase the cost of mediclaim policy. Due to healthy lifestyle, person may have far less pre-existing health issues. It means when you decide to buy a plan, work hard towards getting healthier by selecting a good lifestyle.

Preventive care is another important factor that helps you to reduce the insurance costs. If any medical treatment you really should have done, then don’t think too much and get it done as early as possible. If you avoid such expenses, then you’ll have to pay the enormous fees in case the problem grows. In many of the cases, if you feel confused, choose an insurance advisor.

Why You Should Choose A Insurance advisor?

Like in many other countries, in India as well, the concept of insurance advisors have been introduced by the Insurance Regulatory & Development Authority of India (IRDAI) through the Insurance advisors Regulation 2002 which was amended in 2013. Functions and code of conduct of an insurance advisor has been mentioned in these regulations.

Who is an Insurance advisor?
  • Insurance advisors specialize in insurance and risk management
  • Insurance advisors provide advice on insurance to their clients
  • Insurance advisors help individuals or businesses in the identification of risk and suggest suitable insurance solutions to cover the risks
  • Insurance advisors provide technical advice on making an insurance claim
  • Insurance advisors are subject matter experts on terms and conditions, coverages and exclusions so they can aid you in choosing appropriate insurance solution
  • Insurance advisors can help in arranging and placing the insurance cover with the chosen insurance company.

Benefits of Insurance advisor

  • Insurance policies are a complex document and need a thorough understanding of products, insurance advisors being subject matter experts can help you in choosing the most beneficial policy for you.
  • Insurance advisors can help you in finding the most suitable insurance plan for you and will negotiate on the premium on your behalf
  • Insurance advisors can advise you if there is any special situation you should be aware of.
  • You can include risk management program through which you can take some of the business risks, through this you can effectively reduce premium
  • Insurance advisors can aid you efficiently in the insurance claim process as they have the technical know-how of the complete process

Can your insurance advisor help in claim process?

Yes, it is one of the primary functions of the insurance advisors to help the customers in matter of claims. They do it without charging any additional fees.

What queries you can ask advisor?

Before you avail of any of the services of an insurance advisor, you can ask the following questions

  • Qualifications of a advisor
  • Range of services
  • Queries related to servicing of your accounts
  • Average business turnover of their clients
  • Remarks/Views of some of their clients
  • Options/solutions for your insurance needs
  • Commitment on their services

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