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Tips to Reduce Your Health Insurance Premium

A health insurance policy can shield you from several medical expenses. In this article all the tips are shared to reduce Your health insurance premium. Click here to know more.

  • Aug 27, 2021

In today’s world, where the cost of medical treatment has gone through the roof, it is essential to have a good health insurance plan. That way, in the time of a medical crisis, your health insurance will come to your rescue, and you have sufficient financial cushion to cover the expenses.

When choosing health insurance, getting a good plan is highly beneficial. If your health insurance premiums are affordable, your family’s and your health security won’t feel like a burden on your pocket. So, let us look at some excellent tips to reduce your health insurance premium.

Buy Health Insurance Early

Health insurance companies are more than willing to offer health insurance to people from a younger age bracket. Since younger people have a lesser risk of diseases, insurance providers can afford to keep premiums low. So, if you’re looking to buy health insurance, make sure that you do so as soon as possible to ensure low premiums.

Get a Family Floater Plan

When we have a family, we would like health insurance cover for all family members, right? If you look at buying individual plans for each family member, you will find that the total cost of insurance is higher. Instead, you can opt for a family floater plan, wherein the entire family is covered under a single insurance umbrella. The premiums for such a plan would be lesser, and your whole family’s health would be secure.

Buy a long-term health insurance plan

Health insurance providers offer good discounts if you’re willing to buy health insurance for a longer-term. Instead of monthly premiums, you can pay your premium annually to get a much better insurance deal. You can even opt to pay a health insurance premium for two years or more to get the lowest possible premiums.

Buy your health insurance online

Your health insurance premiums will be much lower if you buy them online. Insurance providers save up on overhead costs when they sell insurance online. And this gives them the opportunity to lower their premium costs. You can make the most of this and ensure that you get a lower premium for your health coverage.

Use your no-claim bonus

The no-claim bonus is a health insurance feature where you can increase the total coverage of your health plan if you did not claim your insurance for a particular year. Your monthly premium would remain the same in such a scenario, but your health coverage would increase with the bonus amount.

Opt for a higher deductible

A deductible in health insurance is a fixed amount that you must pay out of your pocket for your medical expenses. The insurance company pays the remaining amount. So, if you opt for a higher deductible, your health insurance provider can reduce your premiums. This is an excellent way to get a reduced premium, but ensure that your deductible isn’t too high so that it becomes a burden while raising a claim.

Final Word

Using the above tips, you can bring your health insurance premium down while keeping your health coverage amount intact.

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- A Consumer Education Initiative series by Kotak Life

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