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Most of us would like to go for the highest possible sum insured at the time of shopping for health insurance.
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So that we can get adequate security. And here many people will have to face a small problem. With a higher premium comes a higher sum assured.
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And many people will find it difficult to bear. And this is where a voluntary deductible can help you reduce your health insurance premiums substantially.
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High health insurance is not a luxury. If you have a health insurance policy with a lower sum insured. So you face a huge risk.
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Even for those who can afford to pay the premium without the deductible. A prudent option could be the voluntary deduction option.
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Singhal says that opting for the deductible option in your individual health plan is a great way to save on premiums without putting your financial health at risk.
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This especially works then. When the person does not have any family history of diseases or health problems.
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Many people who do enjoy corporate health coverage. And they may not even have to pay for the voluntary deductible amount.
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Even if you do not have a corporate policy. Even then the possibility of claims around the deductible amount. Which is to be paid by self only.