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5 ways to reduce your Health Insurance Premium

By Finserv MARKETS - Jul 5,2019
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Getting a health insurance plan is important. It will save you from unexpected healthcare expenses and provide you with a relaxed mind to face any medical emergency. But there is a factor everyone considers when it comes to health insurance, the premiums. Learning to manage or reduce your insurance premium is a key skill that will save you a considerable amount of money. We’ve listed down a few steps for you to help save on your premiums

Choose the right health insurance provider
There are plenty of health insurance companies in India and all of them provide cover at different premiums. It falls on you to do some research, compare and then take a decision based on which mediclaim insurance offers the best premium for the best coverage.

Choose a family plan
Placing your family ahead of you is admirable. Insuring your entire family under one single health insurance policy is a habit encouraged by insurance providers too. Family health insurance plans cost lesser than individual plans so this is a no-brainer.

Go for a lower coverage
Lower coverage equals lower premiums. It’s as simple as that. But before you check for health insurance online, you must also ensure you don’t lose out on too many benefits while you focus on costs.

Pay annual premiums
Annual premiums, as they are paid as a lump sum and a one-time payment come at subsidized prices as compared to monthly payments. There is also the relieving fact of not having to deal with payments month on month. Since health insurance is a crucial cover one must have, defaulting on its premium payments can have adverse effects.

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