Find the cheapest health insurance in market - Oneassure
Finding cheap medical insurance is no easy task for people running on a tight budget. Learn about the fine balance of cost and coverage that makes healthcare affordable.
5 min read
August 13, 2024
Simmran Sharma
All our life we indulge in some form of budgeting techniques. In our early years, we used to make the tough decision of how we spend our allowance. Moreover, what portion of it will make it into the piggy bank? As we journey into our adulthood it becomes crystal clear how necessary budgeting is. Forecasting your expected income and expenses is the key to attaining financial security. To negate future risks you need to save and invest wisely. But no matter how careful you are, you are bound to face errors in estimation. Unforeseen circumstances arise in our life everyday. For this, you need a safety net built into your budget. What could this safety net be? The answer is affordable insurance. Here is how you can find the cheapest health insurance for you and your family.
Where does insurance fit into budget?
You must have heard of the 50-30-20 rule. It is a golden rule in budgeting that outlines a simple yet effective plan to allocate your funds. Out of your expected income, 50% goes towards unavoidable expenses necessary for your survival. 30% you can indulge in amenities you wish to have in your life. And finally, 20% go into building a nest egg aka savings. Depending on what policy you choose, insurance can fall into the 30% or 20% categories. Insurance can be both savings and an investment. Let us understand how.
1) Health insurance for safety net
Health insurance makes sure your budget does not get thrown into jeopardy if you incur sudden large medical bills. It is an investment towards future expenses. Having it will make sure you receive immediate financial assistance in case of any medical emergency. You can benefit from your health insurance policy up to the sum insured by paying a smaller portion in premiums. To make it fit into your budget you can choose a low cost health insurance plan and figure out a system to make timely payments on the premiums along with other bills. If you want a safety net against unanticipated expenses, health insurance is the way to go.
2) Life insurance for savings
Life insurance is a way to ensure someone you care about is not left in a world of trouble upon the unfortunate event of you passing away. You can make life insurance affordable by choosing a term plan that offers pure protection since they have lower premium rates. On the other hand, you can opt for a savings cum investment approach that refunds the entire premium amount paid upon maturity of your life insurance policy. Find the right term insurance plan for you here.
How to find cheap medical insurance
While affordable plans may come with some limitations they still provide a vital safety net against unexpected expenses. Effective budgeting is essential to our way of life and affordable insurance can be a part of it when smart choices are made. If you too are running a tight ship, consider the following methods to reduce the premium amount on insurance.
| Get insured at a young age | Getting insured at a young age helps you avail cheap medical insurance due to lower risk profile. Young individuals are considered less likely to make claims. This prompts insurers to offer you lower premiums and also lock in lower rates for the future. |
| Maintain Physical fitness | A person with no pre-existing illnesses probably won’t require expensive medical treatment in the short run. This motivates insurers to offer lower premium rates for health and life insurance to such individuals. It can further qualify you for wellness discounts and lower risk assessments. |
| Compare before you shop | Comparing policies offered by various companies allows you to select an insurance that best suits your needs. If you are well informed on current deals you can also negotiate better terms with your insurer. This is the reason why many people hire TPA or brokers who already have an extensive knowledge of industry standards and can get you the best deal. If you need help comparing policies and want to bag the cheapest health insurance consult Oneassure on their toll-free number right now. |
| Maintain good credibility | Good credit history makes you a reliable investor. Insurers may offer discounts or avoid additional fees for customers who make timely payments on premiums and have no outstanding financial burdens. |
| Remove unnecessary add-ons | Extra features or optional protections increase the overall premium. By eliminating unnecessary add-ons, you streamline your policy to focus only on essential coverage, leading to lower monthly or annual premiums. |
| Opt for deductibles or copay if necessary | Higher copayments and deductibles shift some financial responsibility to you but they also lower insurance premiums. To understand how copayment makes insurance affordable click here. |
How Arogya Sanjeevani opened gateways to low cost health insurance
Arogya Sanjeevani is one of the cheapest health insurance policies mandated by the government of India through its regulatory body IRDAI. It offers both individual and family floater plans to the citizens. Sum insured can be of up to 10 lakhs. Standard plans typically include following coverage up to the amount of sum insured:
> Hospitalization expenses,
> Pre and post-hospitalization costs
> Day-care procedures
> AYUSH treatments for alternative medicines and ayurvedic treatments
> No-claim bonus for claim-free years
This policy can provide affordable health insurance with standardized benefits to ensure wider accessibility. The Arogya Sanjeevani health plan is valid for one year. After policy term completion, you may either pay the premium and renew it or discontinue the plan.
Since the mandate, all top insurance companies have begun to incorporate cheap medical insurance options among their plans. Along with their extensive network of hospitals and amazing claim settlement rates.
Top companies offering cheapest health insurance plans
Following insurance companies offer a multitude of low cost health insurance plans customized to the needs of individuals, families and senior citizens.
Company name | Network hospitals | Claim settlement |
| Tata AIG health insurance | 10,000+ | 94.21% |
| Star health insurance | 19,100+ | 99.10% |
| ICICI Lombard health insurance | 11,000+ | 97.10% |
| Care health insurance | 9,400+ | 100% |
As you can see, insurance can mean much more than an expense in your budget. It could mean savings and it could mean investment. But above all it is assurance that you and your loved ones remain healthy and safe over a long-long time.