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Smart Tips to Save on Health Insurance Premiums

Updated On Oct 30, 2021

Healthcare expenses may eat away a major part of your income or savings, which makes it even more important to own a reliable health insurance policy as soon as possible, especially during the COVID-19 pandemic. But some people resist buying a health insurance policy thinking that they will have to pay high premiums for them, which is not true. Not all health insurance plans come at high premiums. Also, there are many ways in which you can save on health insurance premiums, which this article will cover. Read them below:  

1. Buy Health Insurance At A Younger Age: Buying health insurance plans at a young age helps you save on health insurance premiums. This is because as you grow old, you become more prone to illnesses which increases the liability of the insurance provider. Hence, it is recommended to buy a health insurance policy at a young age as it not only helps you save premium, but offers you the required coverage as well.

2. Maintain A Healthy Lifestyle: People who are healthy, generally get an advantage of low health insurance premiums. So, if you do not smoke, have no diabetes, and maintain a proper lifestyle, then you will be able to enjoy lesser health insurance premiums. Hence, it is recommended to maintain a healthy lifestyle.

3. Opt for a Family Floater Policy: A family floater health insurance policy is more affordable as compared to an individual health insurance policy. So, if you are looking for a health insurance policy for more than one family member, then you must opt for a family floater policy as it helps you save on premium as well as offers greater flexibility. 

4. Choose Top-Up Plans: A great way to enhance health insurance coverage without paying huge premiums is to choose top-up health insurance plans. These plans offer enhanced coverage over and above your base health insurance plans. Getting a top-up policy is a better choice than buying a primary policy with higher coverage. But you must note that a top-up policy only comes into action when the sum insured of the base policy gets exhausted. 

5. Buy Health Insurance Online: Buying health insurance plans online is another way to save on premiums. It is comparatively cheaper than buying it via agents and hence is a recommended option. You can select the most affordable policy online from numerous options as per your requirements and budget. Not only buying health insurance plans online helps you save money on premiums, but also helps you save time.

6. Choose Long-Term Health Insurance Plans: Most health insurance plans come for a term of 1 year in India. But long term covers of two and years are also available, which are comparatively more affordable. This is because many health insurance companies offer a discount on long term health insurance plans. Also, staying protected for a long period of time reduces your worries of renewing your health insurance policy from time to time.

7. Choose Add-ons Wisely: No doubt that add-on covers in health insurance offer enhanced coverage but they also come at an extra premium. Hence, when choosing add-on covers under your health insurance policy, you must identify your requirements and only pay for the add-ons that you really need. This will save you from paying additional premium for the add-ons that you don’t even require.

8. Choose Health Insurance Cover As Per Your Requirement: Accessing your health insurance requirements will save you from buying excess health insurance cover. So, before investing in a health insurance policy, you must analyse your needs, for which you can also use the health insurance premium calculator at InsuranceDekho. It will help you know the premium that you will be required to pay for the chosen health insurance coverage. This way, you will be able to choose the best health insurance policy with adequate cover, at your own budget. 

Bottom Line

Buying health insurance is imperative and should not be delayed. If you do not already have one, then it is recommended that you must buy it considering the rising healthcare expenses and other factors. As far as paying high premiums is concerned, you must follow the simple tips mentioned and you will be able to address the issue smartly. These health insurance tips and tricks do not only help you save money, but also help you get a suitable health insurance policy for yourself as well as your loved ones. 

To buy a suitable health insurance policy online, you can fill a quote at InsuranceDekho or connect with the customer care executives at InsuranceDekho on the toll-free number 7551-196-989. 

Also Read: Got A Preventive Health Check-Up? Don't Forget To Claim A Tax Deduction

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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