Beat the Burden: Top Tips to Find Affordable Health Insurance in 2024 - Hindustan Times

Beat the Burden: Top Tips to Find Affordable Health Insurance in 2024

Published on Apr 12, 2024 07:54 PM IST

Finding affordable and best health insurance in 2024 might seem challenging, but it's definitely possible with the right approach.

Top Tips to Find Affordable Health Insurance in 2024
Top Tips to Find Affordable Health Insurance in 2024
ByHT Brand Studio

As medical inflation rises over 10% annually, health insurance is becoming difficult for Indian families. However, obtaining coverage remains vital to access quality care and hedge against healthcare costs that could derail savings. The good news is that proactive consumers can find cost-effective insurance plans, especially if they are willing to balance coverage and out-of-pocket expenses. Individuals can beat the burden by learning insurance basics, utilising government schemes, exploring group policies, and more.

Importance of Affordable Coverage

Many Indians forego insurance, assuming premiums are unaffordable or coverage is unnecessary until old age. However, hospitalisation, tests, long-term medication, and other critical care costs can ruin savings without insurance. Affordable plans allow middle-class households to access private healthcare before small health issues cascade into big expenses. Health insurance also enables peace of mind if accidents or critical illnesses strike at a young age. Identifying the right coverage at affordable premiums is essential.

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Tips for Buying the Right Health Insurance

Review Your Family's Healthcare Needs

Outline regular expenses for doctor visits, tests, and medicines for known conditions. Factor in planned treatments or procedures in the coming year. Compare policy deductibles, sub-limits, and exclusions that could lead to high out-of-pocket costs for predictable expenses you want covered. For unknown health events, balance premiums with potential reimbursements.

Explore India's Health Schemes

Government health schemes like Pradhan Mantri Jan Arogya Yojana (PMJAY) cover basic hospitalisation for economically disadvantaged sections. State health schemes may supplement central coverage. Though income criteria limit enrollment, understanding offerings for future potential eligibility provides options. Digitise health records annually for ease of future claims processing under such schemes.

Evaluate Group Insurance Plans

Many employer-provided or alumni/banking/other association group policies offer insurance without stringent eligibility requirements of government schemes or medical checkups. Assess group policy premiums, bundled benefits, deductibles, and reimbursement limits. Enrol even in basic group plans, then supplement with additional coverage like critical illness or top-up policies for wider risk protection.

Make use of Tax Benefits

Know the tax benefits under Section 80D of the income tax applicable for health insurance premiums and medical expenditures. For premiums, up to 25,000 for self, spouse, and children qualify for tax exemption per year. For treatment costs, exemptions up to 50,000 exist under certain conditions. Use these savings annually to reduce effective outlays.

Seek Guidance from Insurance Experts

When searching for the right health insurance coverage, it's beneficial to consult directly with insurance experts. These professionals stay current on regulatory changes, policy updates, and the availability of plans in your area. By discussing your circumstances, such as potential pregnancies, planned medical procedures, and your health history, the experts can help identify cost-effective options that may not be immediately apparent.


Finding affordable and best health insurance in 2024 might seem challenging, but it's definitely possible with the right approach. By understanding your family's health needs, considering government programs, looking into group insurance plans, making the most of tax breaks, and seeking advice from experts, you can get coverage that won't break the bank. Affordable insurance not only protects your savings from unexpected medical expenses but also gives you access to quality healthcare whenever you need it. With a bit of research and smart planning, you can find a plan that fits your budget and keeps you and your family financially safe against medical emergencies.

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