How To Lower Your Health Insurance Premium - Explained

Having a health insurance policy in today’s world full of uncertainties is important. You never know when you will require a large sum of money to meet your expenses in case of an emergency while hospitalized. These expenses can drain a big part of your savings due to an increase in inflation in the health sector. Therefore, in order to curb such scenarios, you must own a health insurance policy for not only yourself but also your loved ones. These health insurance policies will help you to meet the expenses smoothly at times of an emergency and will relieve you of the monetary issues. 

After purchasing a health insurance policy you are supposed to pay a certain amount of money as premiums for a fixed period of time at regular intervals. This amount of premiums ensures that the sum assured in your policy is enough to meet your demands when needed. These premium payments can be low or high depending on the sum assured, the deductible type chosen, plan selected, and much more. However, there are certain ways in which you can reduce your premium amount without affecting the coverage of the policy and enjoying maximum benefits. 

Ways To Reduce Your Health Insurance Premium Payments

We shall look at the different ways that pose to be useful in order to deduct the premium amounts without affecting the coverage of your policy: 

1. Purchase A Family Floater Plan

You can buy a family floater health insurance policy to cover all your family members under a single policy. This way will fetch you a 10-20% discount on regular premiums and can include your spouse, children, and dependent parents.
 

2. Buy Health Insurance Policy At A Young Age 

You must invest in a health insurance policy as soon as you start earning. With the increase in your age, you become more vulnerable to contract a disease and so, the insurer usually increases the rate of premium. Therefore, you must purchase a health insurance policy as young as possible to get good coverage at a reasonable price. 

3. Buy An Add-On Cover

By purchasing a top-up plan you can add extra benefits to your existing health insurance policy at minimal cost and enjoy wide coverage. Various covers like critical illness covers, cancer covers, maternity covers, and many more are available in the market at negotiated prices to extend the scope of benefits for the policyholders and make them more secure in case of an emergency. 

4. Save Your NCB

You can avail No-Claim-Bonus for every no-claim year in the policy tenure. The NCB will be added in the form of discounts on your premiums or extended coverage benefits on your purchased policy. For availing of this benefit, you must avoid making small claims in a policy tenure, so that you save up your NCB.

5. Add Super Top-Up Plans 

You can also consider adding super top-up plans to your existing policy as it covers the expenses that exceed the limit of your base coverage. It helps you to avoid mankind any payment out of your pocket and decrease the monetary burden on you at times of an emergency.

6. Choose The Correct Sum Assured 

With the increase in the sum assured, the amount of premium also increases. Therefore, you must select the sum assured according to your age and pre-existing conditions to make sure that the sum assured is neither below your requirement and nor above your demands. 

7. Purchase The Policy Online

If you choose to buy your health insurance policy online via the official website of the insurer, you might get a discount of 10-20% on your premiums.  

8. Select Policies With Long Tenure

You must buy a health insurance policy for a period of 2-3 years so that the periodical premium payment decreases and you get 10-15% discounts. 

Conclusion 

Considering the above-mentioned ways you can buy a health insurance policy and add suitable top-up plans to it to get extra added benefits. You must also go through the policy-related documents carefully to know the inclusions and exclusions in your policy. 

Also Read: A Guide For Paying Health Insurance Premiums In Instalments

Top 5 Health Insurance Plans To Buy At Low Premiums In 2021

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.