Home Insurance 11 Easy Tips To Save Money On Your Health Insurance Premium

11 Easy Tips To Save Money On Your Health Insurance Premium

by Ray Niklaus

View the following 11 simple yet effective suggestions to reduce the cost of the premium for your health insurance plans:

  1. Get health insurance when you’re young

You can reduce your premium costs by purchasing a health insurance coverage when you are younger. This is because the premium for health insurance is inversely correlated with the policyholder’s age.

  1. Online comparison of health insurance plans

Comparing health insurance plans online before purchasing is one of the best strategies to lower your health insurance prices. Comparison shopping can assist you in locating the most economical health insurance option without sacrificing coverage. ##

  1. Buy elderly parents separate health insurance

Do not include your elderly parents in your family floater plan if you want to keep the cost of your health insurance down. To cover them, you must get a different health insurance plan.

  1. Decide to purchase family health insurance

Instead of purchasing individual plans for each family member, you must choose a family floater health insurance plan if you need to purchase health insurance for your entire family.

  1. Purchase a basic health plan

Choose a simple health insurance plan that only covers emergency hospitalisation if you need help to buy a full health insurance policy. Your price for a basic health plan will be significantly lower than for a comprehensive one due to the limited coverage. ##

  1. Select an extended policy tenure

Selecting a long-term health insurance policy tenure is another excellent approach to keep your health insurance premiums low. Compared to annual plans, plans with a 2 or 3-year tenure are more reasonably priced. ##

  1. Make smart coverage decisions

Make sure to select your coverage carefully to keep your health insurance prices low. Avoid choosing coverage with benefits you won’t utilise because doing so will drive up your premium. ##

  1. Select an additional health plan

You can purchase a top-up health insurance plan separately if you need to keep your health insurance premium low without sacrificing the amount of coverage. Top-up policies offer extra medical protection on top of your current health plan.

  1. Online health insurance

Online health insurance purchases can also result in lower premiums. This is due to the fact that insurance firms offer a reduced premium when a policy is acquired online because doing business online reduces their operating expenses. ##

  1. Maintain a healthful lifestyle

A healthy lifestyle is another method to lower your health insurance rate. As opposed to sick people who smoke or have medical issues, healthy people who do not now have any difficulties with their health pose a reduced risk to insurers. ##

  1. Select a policy that offers cumulative bonuses

Take advantage of the cumulative bonus benefit if you choose broader health insurance coverage without paying a higher premium. If you don’t file a claim during the previous policy term, a cumulative bonus raises your sum. *

A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.

* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.


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