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Jun 13, 2024

How to Lower Your Health Insurance Premiums Without Sacrificing Coverage

Securing adequate health insurance coverage is essential for protecting yourself and your family from unexpected medical expenses. However, rising health insurance premiums can strain your budget. The bright side is that there are plenty of tactics that can be carried out to lower your health insurance premiums without compromising coverage. Here are some techniques on how to save money on your premiums, at the same time ensuring adequate coverage.

Tips to Lower Your Health Insurance Premiums

Invest in Health Insurance Early

Investing in health insurance at a younger age will give you the opportunity to enjoy low-cost health plan premium rates, a source of huge savings. As premium payments rise with age, resulting from a higher tendency for medical conditions, buying a plan at a younger age will secure lower rates and will potentially save you money over the long term. Also, by the time you start, you will be able to come up with a plan that covers your entire healthcare needs in the long run, as your medical requirements change with age.

Choose Family Floater Health Coverage

Purchasing a family floater health insurance policy is typically less expensive than purchasing individual health insurance plans for each member of your family, given similar coverage prices. These Family health insurance plans suggest that you can get a single comprehensive plan instead of multiple individual policies, which will result in significant cost savings. You can cover your entire family with just one plan. A broad range of medical costs can be covered by Bajaj Allianz General Insurance Company's Family Floater Health Insurance policies, including daycare services, pre- and post-hospitalization costs, convalescence benefits, and coverage for specialty treatments like bariatric surgery.

Top-Up Health Insurance

Bajaj Allianz General Insurance Company's Top-Up Health Insurance plans provide additional coverage beyond the base policy's sum insured. With features such as maternity cover, pre- and post-hospitalization expenses, and shorter waiting periods for pre-existing diseases, these plans offer enhanced protection against medical expenses.

Select Coverage Prudently

Selecting coverage options that align with your specific healthcare needs can help keep your premiums affordable. Do not opt for any extra coverage or riders that you don't appear to reasonably use since the cost of the insurance can be inflated without big added benefits. Unlike that, basing your health coverage around affordable non-essential criteria areas such as hospitalisation expenses, surgical costs, diagnostic test costs, and medication costs is best practice.

Voluntary Co-payment

Health policies often require a compulsory co-payment once you reach a certain age. However, if you're willing to pay a portion of your medical bills out of pocket, you can opt for a voluntary co-payment. This allows you to reduce your health insurance premium. Essentially, with a voluntary co-payment, you agree to cover a certain percentage of your healthcare costs, which can lower your premium. The trade-off is that if you need medical care, you will pay more out of pocket, but in return, you get a discount on your insurance premium.

Long-term Coverage

Choosing a longer-term policy instead of renewing every year can be another effective way to save on health insurance premiums. When you select a two- or three-year policy, insurance companies often offer concessions or discounts on premiums because it's easier for them to manage long-term clients. This benefits you in two ways: first, you avoid annual price hikes that may come with a shorter-term policy, and second, you get continuous coverage without having to worry about renewing every year.

Buying Health Insurance Online

 Purchasing health insurance online is usually cheaper than buying through an agent or a broker. This is because there's no middleman and, hence no additional commission to be paid. Online purchases also offer more transparency, letting you compare different policies and choose the best one for your needs. Additionally, the process is generally faster, and more convenient, and it allows you to access a wider range of policies to find one that suits your budget and requirements.

Maintaining Your Health

One of the best ways to save on your health insurance premium is by staying healthy. Insurance companies often offer concessions to those who maintain a healthy lifestyle. This might involve not smoking, managing your weight, exercising regularly, and keeping blood pressure and cholesterol levels in check. Some policies even provide wellness programs that reward you with lower premiums if you participate and meet certain health goals. Maintaining your health not only lowers your insurance premium but also reduces your risk of developing costly health conditions in the future.


Lowering your health insurance premiums doesn't have to mean sacrificing coverage. By implementing these strategies, you can effectively manage your insurance costs while ensuring comprehensive protection for yourself and your loved ones. From buying your own policy when you are young to living a healthy life, you can take advantage of several avenues to cut insurance costs without impairing care quality. Take the step in advance now with Bajaj Allianz General to get affordable health coverage and avoid the chance of suffering financial losses during emergency medical services.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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