11 Easy Tips to Save Money on Your Health Insurance Premium

11 Amazing Tips to Save Money on Your Health Insurance Plans

Take a look at 11 easy yet amazing tips to save money on the premium of your health insurance plans below:

1. Buy Health Insurance at a Young Age

Buying a health insurance policy at a younger age can help you to save money on your premiums. This is because the rate of health insurance premium is directly proportional to the age of the policyholder. So as your age progresses, the premium of your health insurance policy will also increase.

This happens because you are more likely to develop health issues as you get older and are a bigger liability for the insurance company. Therefore, the insurance company will charge you a higher premium as your age increases.

2. Compare Health Insurance Plans Online

One of the best ways to reduce your health insurance premiums is to compare various health insurance plans online before buying. Comparisons can help you to find the best health insurance plan for yourself at an affordable price without compromising on coverage. Websites like policybazaar.com allow you to compare multiple health insurance plans at one place based on their premium, coverage, benefits, etc.

3. Go for Family Floater Health Insurance

If you need to buy health insurance for your entire family, you must opt for a family floater health insurance plan instead of buying individual plans for each member. A family health insurance plan provides coverage to all the family members on a floater sum insured basis.

Not only is the sum insured and the policy benefits are shared by all insured family members but you need to pay only a single premium amount. Doing so is more affordable as you don’t have to pay individual premiums for each family member as in the case of individual health plans. Thus, you end up saving lots of money annually.

4. Purchase Separate Health Plans for Elderly Parents  

If you want to keep your health insurance premiums low, do not include your elderly parents under your family floater plan. Instead, you must buy a separate health insurance policy to cover them.

This is essential because the premium of a family health insurance plan is calculated on the age of the eldest member of the family. With your parents included under your floater policy, your premium is bound to shoot up as they are in their old age. But if you buy a separate policy for your parents, your policy premium will remain low.

5. Buy a Basic Health Cover

In case a comprehensive health insurance policy is difficult to afford for you, then go for a basic health insurance plan that provides coverage for emergency hospitalization only. Given the limited coverage, your premium for a basic health plan will be substantially low as compared to a comprehensive policy. This is because the wider is the coverage, the higher is the premium charged by the insurer.

6. Choose Your Coverage Wisely

If you want to keep your health insurance premiums low, make sure to choose your coverage wisely. Do not opt for a policy with covers that are not useful for you as it will only increase your premium.

For instance, do not opt for a policy with the maternity benefit if you still have years before you get married. Similarly, do not opt for add-on covers that you do not require. Instead, you must assess your health needs before buying health insurance to opt for a suitable plan as per your requirements without breaking your budget.

7. Go for Long-term Policy Tenure

Another great way to keep your health insurance premiums low is to opt for a long-term health insurance policy tenure. Plans that come with a tenure of 2 years or 3 years are more affordable as compared to annual plans. Besides, you can earn a long-term policy discount on buying a policy with a 2-year or 3-year policy tenure, which is offered by most insurance companies in India.

8. Buy Health Insurance Online

Buying a health insurance policy online can also lower your premiums. This is because insurance companies charge a lower premium when the policy is purchased online as their operational costs are lower when operating online. In turn, they pass the benefit to the policyholders as a result of which you pay a lower premium on buying the policy online.

9. Opt for a Top-up Health Plan

If you need to keep your health insurance premium lower without compromising on the coverage amount, then you can buy a top-up health insurance plan separately. Top-up plans provide additional medical coverage over and above your regular health plan. They can be extremely helpful for people who already have an existing health insurance plan but want access to additional coverage in case of emergencies.

This is because buying a basic health plan along with a top-up plan is more affordable than buying a comprehensive health plan with a higher sum insured. Besides, if you are already covered under your employer’s group health insurance plan, you will only need to pay a premium for the top-up plan, which won’t be difficult to afford.

10. Go for a Policy with Cumulative Bonus

If you want to opt for wider health insurance coverage without increasing your premium, then you should take advantage of the cumulative bonus benefit. A cumulative bonus increases your sum insured by a fixed percentage for no extra premium amount if you do not raise a claim in the previous policy tenure. Thus, your sum insured get enhanced with no change in your premium amount, which is a better alternative to buying a health policy with a higher coverage amount.

11. Lead a Healthy Lifestyle

Another way to reduce your health insurance premium is to lead a healthy lifestyle. People who are healthy and do not have any existing health problems are a lower liability for insurers as compared to unhealthy people who smoke or suffer from a medical condition. Hence, insurance companies charge a lower premium to healthy people.

Summing It Up

Health insurance is a must for all in today’s day and age. You cannot avoid buying medical insurance but you can take efforts to keep your premiums low. Keep the above-mentioned tips in mind while buying a health insurance policy to keep your premiums low and within your budget.