Ways to Optimise your Health Insurance Premium

Ways to Optimise your Health Insurance Premium

We all know the importance of health insurance in these times. In case if high premium is a reason you have still not bought health insurance, then there are a few ways to work around it.

We give you a few tips that may help optimise your health insurance premium.

1. Buy early

The earlier you opt for a health insurance policy, lower the premium for you. Your insurer considers your age as a critical factor before they deem you eligible to avail a cover. It is because the insurer assumes that at a lower age, the chance of you suffering from ailments is less. It isn’t easy availing a cover, and the premium goes up as you grow older. 

2. Go long- term

The premium of a long -term plan with two -three-year tenure will be lower than a traditional plan with annual premium. Try and pick a multi-year plan after comparing the available options from different insurers.

3. Choosing for Deductibles and Co-Pay

Health insurance companies also provide deductibles and a co-pay facility. These can help you reduce the premium to a great extent. Both types of clauses basically mean that a portion of the claim amount needs to be borne by you. In case of co-payment, the % is fixed. On the other hand, the deductible amount is fixed. Whether you pay this amount from your pocket or from another medical insurance policy, doesn’t matter. Compare health insurance policies from different insurers to find out the plans with such options. Also, select the right amount of deductible as you have to pay that amount on your own when you make claims.  

4. Use top-ups over the base plan

Top-ups can be of great help to optimize the premium amount. Instead of going for higher coverage, it might be a good idea to split the cover into a base plan and top-up. As soon as the base plan is utilized, the top-up will come into action. This way, a top-up can provide you with more cover at a lesser premium.

5. Opting for a Family – Floater over Individual plans

You can choose a family floater plan instead of an individual plan. This serves two benefits-

1. It protects your loved ones as well. The full cover can be used for the treatment of a single individual. The premium of a family floater plan is based on the age of the eldest member of the family.
2. It reduces the premium per member. As you cover all the members under the umbrella of a single policy cover, the cost gets divided.

6. Compare plans online

You can compare all the policies available basis cost, riders, coverage etc. This comparison can help you maximise the benefit and obtain the best premium for you. There are various aggregator platforms available like Marsh India that can help you compare plans basis your needs.

7. Choosing the right sum insured

A key step to optimise the premium to be paid is to select the right sum insured. If you choose a lesser sum insured, you might end up paying your medical expenses from your pocket. On the other hand, you may be paying an excess premium if you have a high sum insured. Hence it is best to choose the right sum insured as per your needs. You can read here for more.

8. Maintain healthy habits

A healthy lifestyle, with no substance consumption (such as tobacco or smoking) will protect you from diseases. Include a balanced diet and regular exercise in your routine to reduce the chance of falling ill. These habits will lower your chances of hospitalization and eventually, your health insurance premium.

We hope these pointers can help you in finding the best-suited health insurance premium. We say optimize it instead of merely looking at lowering the premium payment. Your aim should be to strike a balance between optimum coverage and affordable premium.

To know more about the right health insurance plan for you, call us now.