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How to Cut the Cost of Your Health Insurance Premium

Updated On Mar 17, 2022

With the rising cost of health care, it's becoming increasingly difficult to keep track of extravagant healthcare costs amid medical crises. If you have an excellent health insurance plan, though, you can simply deal with the problem. The health insurance coverage covers a wide range of medical expenses, including treatment fees. Many consumers are hesitant to purchase health insurance because of the expensive premiums. Continue reading if you want to learn how to reduce the cost of your insurance premium.

Tips for Lowering the Cost of Health Insurance Premiums

The following are some suggestions for lowering your health insurance premiums:

  • Purchase a Health Insurance Policy When You're Young

A health insurance plan's premium is determined by several criteria, including age, medical history, and so on. Purchasing health insurance policies at a young age would save money since insurance companies believe that young individuals are less likely to become ill and require hospitalization. As a result, they charge young individuals a lower price for health insurance coverage.

  • Deductibles and Co-Pays are Options

Some insurance companies enable consumers to choose between a co-pay and a deductible. You may dramatically cut the cost of your health insurance coverage by taking advantage of this opportunity. Make a comparison of alternative policies while keeping such possibilities in mind. However, because payment must be made at the time of filing claims, you must determine the appropriate deductible amount.

  • Consider Purchasing a Long-Term Health Insurance Policy

In India, annual health insurance plans are more expensive than long-term health insurance plans. As a result, choosing a long-term health insurance plan (two or three years) will save you money on premiums. Individuals who purchase long-term policies may also qualify for savings from some insurance companies. 

  • Choose from a Variety of Family Floater Health Insurance Plans

If you want to protect your entire family from escalating medical costs, you might consider purchasing a family floater health insurance plan. When it comes to family floater health insurance policies, the whole cost of the policy is split amongst all of the insured members. As a result, as compared to an individual health insurance coverage, the premium amount is significantly lower.

  • Choose a Lower Level of Coverage

If you are on a tight budget, you might start with a lower level of coverage for your health insurance plan. You will have to pay a lower rate if you have less coverage. However, if your financial situation improves in the future, you can increase your coverage at the time of your health insurance renewal by paying an additional fee. Additionally, compare health insurance policies with reduced coverage to discover the most affordable plan.

  • Get in Shape and Stay Healthy

This is one of the most important variables to consider, not just in terms of lowering your premium, but also in terms of your well-being. For example, if you are a chain smoker, stop smoking and go to the gym if you are overweight. This is because many health insurance companies provide cheaper premium rates to healthy people.

  • Choose a Health Insurance Plan That Does Not Take Into Account Previous Claims

Many insurance firms raise premiums if a client has filed a claim in the past. As a result, when choosing a health insurance plan, choose one with a lower load of prior claims to lower your premium.

  • Benefits of the No-Claim Bonus

Many insurance companies grant NCB benefits if the policyholder has not filed a claim in the previous years. As a result, when purchasing a health insurance plan, make sure to verify if the insurer offers an NCB benefit. Because the bonus can be used to get an extra sum covered without incurring additional premium costs.

Take Away

To lower the premium cost on your health insurance policy, you should keep the aforementioned recommendations in mind while purchasing one. Before making a selection, compare all of the insurance companies based on the cost, features given, coverage, and other factors.

Also Read: Health Insurance Plans By LIC

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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