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How To Save Money On Health Insurance Premiums

Published On Apr 04, 2022 11:00 AM By InsuranceDekho

How To Save Money On Health Insurance Premiums

Health insurance is a must in today's day and age, particularly concerning the increasing cost of healthcare. As per the Statista research department, almost 514 million people in India have been insured under various health insurance schemes. On the other hand, there is nearly 30% of the population of India which are devoid of any health insurance. As a reason for this NITI Aayog suggested low-cost health insurance schemes which could be made available to the entire population of the nation. Such low-cost health insurances also facilitate achieving universal health coverage.

Money on health insurance premiums can be saved in several ways which include the following:

  • Health insurance at a young age

Buying health insurance at a young age can help save money on health insurance premiums as the rate at which the premium is offered is directly proportional to the age of that policyholder. The reason for the same is that we as humans tend to be more prone to life-threatening health issues as we grow older.

  • Family floater health insurance

Family floater insurance is recommended usually in comparison to individual insurance plans as it covers all the family, embers including your spouse, children, dependents, and parents under a single premium. Thus, by doing so a lot of money can be saved annually as no individual premiums are done for the concerned family members.

  • Insurance by employer

It can be said here that one of the best methods to save money on health premiums is to opt for the plan provided by the employer which is generally less expensive in comparison to private plans. In such cases, group insurance policies help you to save a lot of money where just like the family health insurance, the dependents of the employee are also covered under the group insurance.

  • Separate health insurance for senior citizens

Buying a separate health premium for the elder members of the family apart from the family floater insurance can be considered a save on the premium. As we all know that health insurance plan of a family is calculated as per the age of the eldest member of the family concerned and so the inclusion of elderly members in a family floater is likely to be more expensive due to the age factor.

Buying a basic health cover

Every person is not financially sound to be able to afford the expensive health insurance policy. This does not mean such an individual should be kept devoid of basic health care facilities. The basic health insurance policy provides aid to the family in case of sudden illness or treatment. Basic covers cost less in comparison to health premiums.

Buy and compare health insurance plans online

Another way to save on premiums is to choose the one best suitable for you after comparing various health insurance plans available online. There are thousands of online websites available that allow us to make a wise choice concerning our health and the health of our family members by assuring certain coverage with benefits etc.
One such popular website is policybazar.com.

Building up a healthy lifestyle

The most favored and simplest way to avoid heavy expenditure on health insurance is to lead a healthy life. By inculcating various healthy habits in your lifestyle you can save a lot of money. Many Insurance companies charge low premiums to healthy people.

Do read - Understanding The Star Health And Allied Insurance Claim Process

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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