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Tips To Reduce Your Health Insurance Premium

Published On Dec 23, 2020 5:30 AM By Gunjan Anand

With the rise in the cost of health care, it becomes extremely difficult to manage the exorbitant healthcare expenses during the time of medical emergencies. However, if you have a good health insurance plan, you can tackle the situation easily. Health insurance policies provide protection against a variety of healthcare expenses like treatment costs. Due to the high premium amount, a lot of people don’t prefer buying a health insurance plan. If you wish to know the tips to bring down the premium amount, read on below.

Tips To Reduce Your Health Insurance Premium

Tips to Cut Down Health Insurance Policy Premium Amount

Highlighted below are tips to reduce your health insurance premium rates:

1. Purchase Health Insurance Plan at a Young Age

The premium of a health insurance plan is dependent upon various factors such as age, medical history, etc. Buying health insurance plans at an early age would involve lesser cost as insurance providers are of the view that young people are less likely to fall ill and get admitted to a hospital. Therefore, they charge less premium amount from young people for a health insurance plan.

2. Choose Co-pay and Deductibles

Co-pay and deductible are allowed voluntarily by some insurance providers to the policyholders. By making use of the opportunity you can reduce the premium of your health insurance policy significantly. Also, make the comparison of various policies keeping in mind such options. However, you are required to choose the right deductible amount as payment needs to be done at the time of making claims.

3. Go for Long Term Health Insurance Policy

Annual health insurance plans in India are costly as compared to long term health insurance plans. Therefore, by opting for a long term health insurance( 2or 3 years) plan, you can surely save on the amount of premium paid. Also, some insurance providers offer discounts to individuals who buy long-term plans.

4. Choose Family Floater Health Insurance Plans

In case you want to insure your entire family against the rising medical expenses, then it is recommended to buy a family floater health insurance plan. When it comes to a family floater health insurance plans, the entire cost of the policy is divided amongst all the insured members. Consequently, the premium amount comes out to be much lower in comparison to the individual health insurance policy.

5. Opt for Lower Coverage in the Beginning

You can begin with lower coverage for your health insurance plan in the starting in case you are on a budget. With less coverage, you are required to pay a lesser premium amount. However, when in the future your financial condition improves, you can enhance the coverage at the time of your health insurance renewal at the cost of an extra premium amount. Moreover, make the comparison of health insurance policies with lower coverage in order to find the cheapest plan.

6. Get Healthy and Fit

This is one of the primary factors that need to be considered not just to cut down on your premium amount but also for your personal welfare. For instance, quit smoking if you are a chain smoker, in case you are overweight, hit the gym. This is because many health insurance providers reward healthy individuals by offering lower premium rates.

7. Select a Health Insurance Plan That Does Not Consider Past Claims

Many insurance companies increase the rate of premium in case a person has made any past claims. Therefore, while selecting a health insurance plan you should opt for a plan where there is a lesser burden of past claims in order to consequently reduce your premium amount.

8. No Claim Bonus Benefits

A lot of insurance providers offer NCB benefits in case no claim has been submitted by the policyholder in the past years. Therefore, prior to buying a health insurance plan, remember to check if the insurer provides an NCB benefit or not. As the bonus can be utilized to avail of an additional sum insured without having to pay an additional premium amount.

Also Read

Tips To Reduce Health Insurance Premiums

10 Exclusive Discounts That Reduce Health Insurance Premiums


While buying a health insurance policy, you should keep the aforementioned tips in mind in order to reduce the premium rate on your health insurance policy. Make a thorough comparison of all the insurance companies based upon the premium, benefits offered, coverage, etc, before making a decision.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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