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Sep 30, 2020

Lower Your Health Insurance Premium With These 10 Tricks

The rising pollution, as well as population, in India has led to a rise in numerous diseases. Along with this, treatment costs are also rising. In addition, you cannot predict accidents and the injuries they can cause. Treatments for the same can leave you financially burdened, which would result in significant mental stress. Here is when a health insurance plan comes into the picture. You might want your medical insurance plan’s premium to be on the lower side, but when it comes to coverage, you do not want to compromise. It is imperative to have sufficient coverage for any and all situations. If you’re concerned about the premium, take a glance at the following tips to save on health insurance plans:
  1. Purchase the policy at a young age
Your problem of paying high premiums will be solved, as age is a contributing factor to your health insurance premium. Always buy a health insurance policy early in your life.  
  1. Purchase top-up plans
Everybody wants a higher sum insured to cope with the ever-increasing medical bills. However, people avoid purchasing such coverages as it incurs high premiums as well. To solve this problem, you have top up health insurance and super top-up plans. With these, you can increase the sum insured at nominal premium rates.  
  1. Choose your add-ons wisely
Additional covers (add-ons) are meant to enhance your existing comprehensive cover. They offer you extensive coverage on your base policy but come at an extra cost. Every add-on that you opt for needs you to pay an additional premium. Hence, always choose your add-ons wisely and avoid opting for ones you don’t require.  
  1. Avoid selecting unrequired coverage features
Choose your health insurance plan as per your needs. Premiums depend on the coverage that the company offers you. Therefore, go for a plan that provides the necessary coverage. Save yourself from paying high premiums on unrequired coverage benefits.  
  1. Opt for voluntary co-payment
Health policies have a compulsory co-payment clause if you exceed a certain age. However, if you opt for voluntary co-payment, you can avail concessions to reduce your health insurance premium .  
  1. Opt for a long-term cover
Instead of purchasing a short-term policy, go for a long-term one. When you opt for a two or three-year policy, you may receive attractive concessions on premiums. Thus, a long-term policy will not only offer you uninterrupted coverage but may also help you save on premium costs.  
  1. Purchase a family floater plan
Along with your health, you also need to cover your family members’ health as they are equally prone to medical issues. So instead of buying an independent policy for each member of the family, you should purchase a family floater policy. This will cover all members of your family under a single plan and consequently save you from paying premiums on multiple policies.  
  1. Compare policies before purchasing
You can save a lot of money by simply comparing the available policies before buying one. This will help you understand which plans suits your needs best at a lower premium without compromising on the coverage.  
  1. Buy health insurance policy online
Online purchases have low premium rates because no middlemen are involved. Therefore, the commission payable is not considered in the premium calculation.  
  1. Maintain your health
You get a little concession on your health insurance policies if your lifestyle is healthy and you’ve maintained your health well. By following this, you will not only remain fit but also save on your policy. To save money on the premium payable on health insurance policies, you must follow the above-mentioned tips. Another way would be to calculate the policy premium online using a health insurance premium calculator. You are capable of getting great deals, i.e. low premium and high coverage if you simply compare the policies online before deciding.  

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