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Tips to Reduce The Health Insurance Cost While Enjoying its Full Benefits

Published On Jun 10, 2021 12:00 PM By InsuranceDekho


 A health insurance policy is a contract between the insurance company and the policyholder, abiding by which the insurer provides you with medical coverage that helps you meet your medical expenses using the financial assistance offered. It is important to choose the most suitable plan for your health insurance policy because an insurance policy with low coverage serves no purpose.

If the health insurance policy is unable to meet your financial demands during treatment, then it is of no use and ultimately the load of the finances comes into your pocket. There are policies with low premiums and yet give a good amount when claimed. It is all a matter of your research and knowledge that you apply while purchasing the health insurance policy. 

What Are Health Insurance Premiums?

A health insurance premium is a cost paid by the policyholder to the insurer to keep their policy active. Along with the premiums, policyholders also pay other amounts like deductibles, co-insurance, co-payments, etc. Sometimes if the premiums are high you might face difficulty in the adjustment of your monthly budget, which compels you to deactivate your policy, which is not a feasible and wise decision in today’s date. 

Tips to Reduce The Health Insurance Cost While Enjoying its Full Benefits

Tips To Reduce The Health Insurance Cost

Let us look at some of the ways by which you can reduce your health insurance cost without affecting or compromising the coverage claims: 

  • Choose a Family Floater Plan 

    A family floater health insurance plan comes with medical coverage for all the members of the family. It is considered ideal for a family of 4 members. This way you will also get a good discount of around 10-20% on your premiums. 
  • Purchase the Health Insurance Plan at a Young Age 

    You should purchase the health insurance policy as soon as you start earning. This helps you in managing your accounts and helps immensely in case of a mishap. With the increase in your age the possibility of getting disorder increases, which can cost you a high premium, therefore, you must buy a policy as a young adult. 
  • Buy a Top-Up Policy or a Super Top-Up Policy 

    Top-up policies are for those who already have existing health insurance coverage but want to add extra benefits to their plan. However, the super top-up policy is a better option as it covers the medical expenses which go beyond the limits of the existing health insurance plan. Unlike top-up policy, a super top-up policy does not cover just a single illness. It covers the expenses arising from any disease. 
  • Choose Your Claim Amount

    The assured amount of the health insurance policy should be chosen according to your pocket. With the increase in the claim amount, the premium charge also increases. This does not imply that you must go for a less coverage claim. It should not be less or more than necessary. 
  • Purchase the Policy Online 

    Online purchasing of the health insurance policy grabs you a good discount by the insurer of around 10% - 20%. It also reduces the costs of the middlemen like commission or service charges paid to the agents.
  • Choose a Long-Term Medical Insurance Policy

    If you purchase a health insurance policy with a longer tenure, then you can get a discount on your premiums. The discount offered depends on the insurance company.
  • Choose Voluntary Co-Payment

    Co-payment is the part of the insurance that is paid by the policyholder. These are of two types: compulsory co-payments or Voluntary co-payments. You must always go for voluntary co-payments, as this gives the policyholder a choice on the amount which he/she tends to pay during the claim settlement procedure. 
  • Live a Healthy Life

    Maintaining a healthy lifestyle will keep you fit and away from ailments for a long time. It will reduce your chances of falling ill. You can quit your bad habits like smoking and excessive drinking, as it will not only reduce your premium but will also ensure your well being 


Having a health insurance policy relieves the stress of financial debt during the time of an emergency and will safeguard your health in the future. Therefore, before choosing a health insurance policy, look for multiple long-term plans and select the one with a low premium and good claim coverage. 

Must Read: Tips To Reduce Your Health Insurance Premium

10 Exclusive Discounts That Reduce Health Insurance Premiums

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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