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10 Tips to Reduce the Health Insurance Premium

Thanks to healthcare inflation, a single visit to the doctor now costs a fortune. With the increasing cost of medication and treatment, getting a comprehensive health insurance cover is a smart move. When health emergencies strike, you won’t end up exhausting all your life savings on medical bills.

 

Even though health insurance is a robust financial tool, it is staggering to see that nearly 30% of the Indian population hasn’t insured themselves against unforeseen medical expenses. High premium rates compel people to steer away from health insurance. But you should also know that lower premiums do not always mean lower coverage. If you are prudent about it, you can lower your premium and still get optimum coverage, so let’s learn how!

Tips to Lower Health Insurance Premiums

  • Opt for Insurance Early in Life

Age is one of the principal aspects that determine the premium amount of a health insurance plan. So, the cost of medical plans shoots up as you grow closer to higher age groups. At a younger age, you are less likely to suffer from any medical conditions. As you grow older, age-related problems begin to crop up, thereby increasing the probability of raising insurance claims.

 

Apart from cost-effective premiums, buying insurance at a young age also means you will be covered early. Moreover, any diseases diagnosed later will be covered under the health plan without being categorised as pre-existing diseases. You would have served the requisite health insurance waiting periods required for certain surgeries or treatments and be able to make the most of your health insurance.

  • Compare Insurance Policies

Before buying medical insurance, make sure you research & compare health insurance options available in the market. Some insurance policies might be charging high premiums, but that does not necessarily mean they offer better coverage.

 

Thus, make sure that you consider various aspects such as the features, benefits, exclusions, riders, etc., and weigh all their pros and cons before making a decision. Take advantage of the free look period in health insurance and read the fine print, without letting the premium amount be the only deciding factor.

  • Choose Top-Up Plans

Since high premium rates have been discouraging people from buying health plans, insurers have come up with health insurance top-ups. Our insurance needs generally change with age. So, instead of getting a new health cover altogether, you can extend the coverage with a top-up plan.

 

These policies prove to be beneficial after the basic limit of the sum insured has been reached. So, if the sum insured of your existing plan is falling short in securing you, top-up plans can offer additional coverage over and above your health plan. It enables you to avail extensive coverage without buying a new health policy or upgrading your plan for a higher premium as top-ups come at a cost-effective rate.

  • Gather Cumulative Bonus

Some insurance providers offer rewards for making zero claims throughout the policy period. You can avail this reward in the form of a cumulative bonus which varies from one insurer to another.

 

Some insurance companies might offer an extra sum insured without increasing the premium, whereas others might provide a discounted premium rate. You can enjoy these rewards by accumulating the cumulative bonus and opting for timely health insurance renewal.

  • Choose a High Deductible

Deductible refers to a fixed amount that the insured must pay before the coverage kicks in. So, the policyholder pays the stipulated amount or a percentage of the amount, and the insurer fills in for the remaining amount.

 

How does this benefit you? When you voluntarily opt for a higher deductible, your insurer offers a reduced premium rate. However, you will then have to pay up to a certain amount yourself during unanticipated emergencies. Hence, it is recommended to think this through before agreeing to pay a higher amount.

  • Use the Benefit of Co-Payment

Co-payment is a feature where the insurer and the insured together bear the burden of the claim in an agreed ratio. Like the previous point, you are compelled to pay a fixed percentage of the claim amount here as well.

 

Choosing a higher copay amount will lower your health insurance premium, but the stress of paying a certain part of the medical bill will fall on your shoulders. Therefore, consider your medical history before you opt for this feature. If you require healthcare services frequently, then you are better off without a co-pay arrangement. Avoid opting for co-payments if the insured is over the age of 60. To learn the difference between copayment vs deductible, head over to our platform now!

  • Buy Health Insurance Online

Online health policies are much more affordable than their offline counterparts. This is due to the absence of an intermediary in the online mode of purchase. Therefore, it is recommended to buy health insurance online to get a cost-effective premium and minimal documentation. Head over to Bajaj MARKETS to choose a suitable insurance coverage now!

  • Consider Long-Term Health Insurance

Earlier, most health insurance plans offered a policy period of one year, which meant you had to renew it before the due date for continued coverage. But now, you can also find long-term health plans that go up to 2-3 years of policy tenor. It not only saves you from the hassle of renewing the policy every year, but also comes with a significantly lower premium.

  • Watch Out for Floater Policy

A floater policy is a family healthcare cover that ensures coverage for an entire family. You can include yourself, your spouse, dependent children or parents under a floater health insurance policy. A family insurance helps save a lot on the premium amount instead of paying for an individual health insurance plan for each family member.

  • Stay Fit and Healthy

Your lifestyle plays a key role in deciding your insurance premium rate. The logic is simple and similar to why ‘age’ is a primary determinant! People who do not smoke, drink alcohol, consume tobacco, or take drugs are less likely to develop life-threatening diseases. Hence, insurance companies offer affordable premiums to those who follow a healthy way of living.

 

Read More: Difference Between Copay, Deductible and Coinsurance

Wrapping it up!

With this, you can easily avail a lucrative premium quote for your health insurance policy! Remember to always compare various health plans offered by insurers and purchase insurance online. You can also get an estimate of the premium amount with our easy-to-use health insurance premium calculator!

 

Browse through the health insurance policies available on Bajaj MARKETS today. Right from individual health plans to a family floater and top-up policies, all your medical insurance needs are taken care of!

Best Health Insurance Plans Available at Bajaj MARKETS

FAQs on How to Reduce Health Insurance Premiums

  • ✔️What is the best time to purchase health insurance?

    The best time to purchase health insurance is when you begin your first job so that you can avail a lower premium and complete the waiting periods early.

  • ✔️Is it better to pay out-of-pocket or use health insurance?

    It is recommended to use your health plan and raise a health insurance claim if you cannot afford to cover the final sum. Many policyholders might choose to pay out-of-pocket to earn a cumulative bonus during renewal. However, it would be best to utilise your health policy in case of a high claim amount or a medical history.

  • ✔️Is maternity cover already included in the health insurance plan?

    A maternity cover is usually available as an add-on to buy separately. However, this can vary from one insurer to another.

  • ✔️What is a network hospital?

    A network hospital is where you can avail cashless hospitalisation without paying for the treatment. Most insurance companies have a chain of such network hospitals to benefit their policyholder. 

  • ✔️How can I purchase online health insurance on Bajaj MARKETS?

    You can head over to our platform and follow the below-mentioned steps: Go to the ‘Health Insurance’ section on Bajaj MARKETS, Choose the type of coverage you want to avail, Fill out the application form, Buy add-on covers to enhance your health plan, Review the policy terms and premium amount, Pay the premium online, You shall receive the health insurance policy document on your email ID

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