11 Tips to Save Money on the Premiums for Your Health Insurance Plan

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Healthcare costs are soaring high at the moment. Many people in India find it hard to get proper treatment due to insufficient savings. So, to make things easier, health insurance plans can come in handy.

There are different benefits of health insurance for every individual in India and worldwide. Apart from providing the policyholder with a financial umbrella at times of need, such health insurance plans can also make it easier for people to save money regularly.

Each health insurance plan comes with unique features, add-ons and premiums. So, before you compare health insurance policies online, you must go through the different health insurance quotes and choose one that will go easy in your pockets.

If you do not do your research, you may miss out on the benefits of low-cost plans or may even get stuck with shocking premium bills that you were never expecting. This article will talk about ways of saving money on your health insurance premiums. So let’s get straight to the points now.

Tips to Save Money on the Premiums for Your Health Insurance Plan

These are some of the top ways to save money on the premiums that you pay for your health insurance plan:

  • Find the right health insurance policy for yourself

It is important to consider the essential features of a plan and make a wise choice. Even though the first thing you will look into is the premium that you need to pay, you need to understand that not all expensive plans will offer you the best coverage. So, always keep in mind your financial status, your needs, and then choose a plan that suits your needs.

  • Buy a health plan at a young age

Buying health insurance plans at a young age will help you save money on premiums. This is because the health insurance quotes are directly proportionate to the policyholder’s age. So, as you will age, the premium costs will increase. In addition, as your age increases, you are at risk of developing diseases that might increase the insurer’s liability.

  • Compare Health Insurance Plans Online

If you do not do any research before buying a health plan, you may end up buying the wrong one. So, always compare the health plans that are available online. Go through each one of the options in detail, read the policy terms and conditions, and then choose one that you think will accurately suit all your insurance requirements.

  • Go for family health insurance plans

If you are looking for a health plan for every single member of your family, it’s better to opt for one health insurance plans for family, also known as a family floater plan. Such plans are designed to cover every family member under a single policy.  Also, with such plans, you will have everyone in your family covered, but you will also have to pay one single premium amount, which is often much more affordable than individual health insurance plans for each member.

  • Buy separate plan for elders

To keep your premium amounts low, do not include your aged parents in the family floater plans. Rather, opt for a separate senior citizen health plan for them. This is because the premiums of your chosen family floater plan would be based on the age of the eldest member who is included in the plan. So, with your parents on it, the premium price will shoot up due to their old age. However, if you buy a different plan for them, the premiums will be lower.

  • Choose basic health insurance plans

You can go for a basic plan if you cannot afford a comprehensive health insurance policy due to its high premium rates. Such plans will at least provide you with emergency hospitalisation coverage. Also, given its limited coverage, the premium amount will be lower than a comprehensive plan. Certain insurers like Tata AIG offer premium calculators on their websites that help you know the amount of premium that you need to pay.

  • Choose the add-ons wisely

When buying health insurance plans, you may get fascinated with the kind of add-on options that you will see. However, to keep the premiums lower, it’s important to not go overboard with the add-ons and choose only what you believe is important.

For example, do not choose a plan with maternity coverage options if you have no plans to become parents in the near future. So, choosing the right coverage will save you from breaking the bank.

  • Go for long-term plans

Another easy way to keep your premium amounts lower is to go for a long-term health insurance plan. But, again, as mentioned above, it’s better to choose a plan at a young age so that you can keep on paying the premiums without any hassles. Also, the plans with 2-3 years of tenure are generally cheaper than the annual plans.

  • Get health insurance plans online

You can also compare health plans online and then opt for an insurance policy online, as that would be cheaper than buying one by personally visiting an insurance company. This is because most reputed insurers charge low premiums when the policies are bought online, as their operational costs are lower while providing the policy online.

  • Opt for a top-up health insurance

If you want to increase the coverage of your health insurance plan without paying too much premium, you can opt for a top-up health insurance plan. A top-up plan provides you coverage over and above the coverage of your health insurance policy at an affordable premium. A top-up plan is affordable than buying a comprehensive plan with a higher sum insured.

  • Finally, lead a healthy lifestyle

Last but not least, take care of yourself and your family members by following a healthy lifestyle. Just because you have a health insurance plan in place doesn’t mean you will have to claim its benefits! Also, policyholders with no previous ailments are generally a lower liability for the insurers and hence, they will charge a lower premium from such policyholders as compared to the ones who suffer from certain medical conditions related to poor lifestyle.

Conclusion

Health insurance plans are a must-have for every individual to protect themselves from the rising medical expenses. And although you cannot avoid paying premiums on time, you can always lessen the premium charges by following the points mentioned above.