11 Incredible Ways to Save Money on Health Insurance Plans

Almost everyone agrees that finding ways to save money is a good thing. In fact, most of us are always looking for new and better ways to do just that.  So when it comes to our health, why wouldn’t we want to find ways to save money on our health insurance plans? Believe it or not, there are actually quite a few things you can do to lower your premiums without sacrificing the quality of your coverage.

Below are 11 simple yet effective ways to save money on your health insurance premiums:


Purchase Health Insurance When You’re Young 

Purchasing a health insurance policy when you are younger can help you save money on premiums. This is because the cost of health insurance is directly proportional to the policyholder’s age. As a result, as you get older, the cost of your health insurance policy will rise.

This is because as you get older, you are more likely to develop health problems and become a bigger liability for the insurance company. As a result, your insurance company will charge you a higher premium as your age increases.


Online Health Insurance Plan Comparison 

Comparing various health insurance plans online before purchasing is one of the best ways to reduce your health insurance premiums. Comparisons can assist you in locating the best health insurance plan for you at an affordable price without sacrificing coverage. Policybazaar.com, for example, allows you to compare multiple health insurance plans in one place based on their premium, coverage, benefits, and so on.


Consider purchasing Family Floater Health Insurance. 

If you need to purchase health insurance for your entire family, you should purchase a family floater health insurance plan rather than individual plans for each member. A family health insurance plan covers all members of the family on a floater sum insured basis. Not only is the sum insured and the policy benefits shared by all insured family members but you need to pay only a single premium amount. Doing so is more affordable as you don’t have to pay individual premiums for each family member as in the case of individual health plans. Thus, you end up saving lots of money annually.


Purchase Individual Health Plans for Elderly Parents 

Do not include your elderly parents in your family floater plan if you want to keep your health insurance premiums low. You must instead purchase a separate health insurance policy to cover them.

This is critical because the premium for a family health insurance plan is based on the age of the family’s eldest member. With your parents included in your floater policy, your premium is bound to rise as they get older. Your policy premium will remain low if you purchase a separate policy for your parents.


Purchase a Basic Health Insurance Policy 

 If a comprehensive health insurance policy is out of your price range, opt for a basic health insurance plan that only covers emergency hospitalization. Because of the limited coverage, your premium for a basic health plan will be significantly lower than for a comprehensive policy. This is because the insurer charges a higher premium for broader coverage.


Select Your Coverage Wisely 

Choose your coverage wisely if you want to keep your health insurance premiums low. Do not choose a policy that includes coverage that you will not use because it will raise your premium.

For example, if you have years before getting married, do not choose a policy with a maternity benefit. Similarly, don’t buy extra covers that you don’t need. Instead, before purchasing health insurance, you should assess your health needs to select a suitable plan that meets your needs without exceeding your budget.


Consider Long-Term Policy Tenure

A long-term health insurance policy tenure is another excellent way to keep your health insurance premiums low. Plans with a tenure of two or three years are less expensive than annual plans. Furthermore, most insurance companies in India offer a long-term policy discount when you purchase a policy with a 2-year or 3-year policy tenure.


Online Health Insurance Purchase 

Purchasing a health insurance policy online can also result in lower premiums. This is because insurance companies charge lower premiums when policies are purchased online. After all, their operational costs are lower. As a result, they pass on the benefit to policyholders who pay a lower premium on buying the policy online.


Select a Supplemental Health Plan

If you need to keep your health insurance premium low without sacrificing coverage, you can purchase a top-up health insurance plan separately. Top-up plans supplement your regular health plan by providing additional medical coverage. They can be extremely beneficial for people who already have health insurance but want access to additional coverage in the event of an emergency.

This is because purchasing a basic health plan with a top-up plan is less expensive than purchasing a comprehensive health plan with a higher sum insured. Furthermore, if you are already covered by your employer’s group health insurance plan, you will only have to pay a premium for the top-up plan, which will not be deductible.


Choose a policy that includes a cumulative bonus

 If you want to choose broader health insurance coverage without increasing your premium, you should use the cumulative bonus benefit. If you did not file a claim during the previous policy term, a cumulative bonus will increase your sum insured by a fixed percentage for no additional premium. As a result, your sum insured increases while your premium remains unchanged, making it a better option than purchasing a health policy with a higher coverage amount.


Maintain a Healthy Lifestyle 

 A healthy lifestyle is another way to lower your health insurance premium. People who are healthy and have no existing health problems pose a lower risk to insurers than unhealthy people who smoke or have a medical condition. As a result, insurance companies charge healthier people lower premiums.


To summarize 

 In this day and age, everyone needs health insurance. You cannot avoid purchasing medical insurance, but you can make efforts to keep your premiums as low as possible. Keep the tips listed above in mind when purchasing a health insurance policy to keep your premiums low and within your budget.


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