In the current era of economical inflation and rising costs in the medical and healthcare sector, investing in a health insurance policy is the smartest decision one can make. You have to curate through the available choices and pick the perfect plan which falls under your affordability range. In this article, we will discuss 10 tips that will help you save money on health insurance premiums.
- NCB
No claim bonus or NCB is a benefit that is awarded to you for passing through a term year without making any health insurance claims. Through this benefit, you can either get more coverage at a cheaper price or avail of the same coverage at a discounted premium price.
- Buy Online
Buying health insurance policies online allows you to make sound choices and not get influenced by a third party or middleman. This way, you can pick a plan that fits within your affordability range in terms of paying policy premiums.
- Family Floater
Instead of buying individual coverage for your family members, you should invest in a family floater plan. This will cover all the members under a solo policy and help you save money in the bigger picture, by replacing the need for multiple premiums payments with a single one.
- Essential Add-ons
Opting for add-ons with your coverage plan is a great choice to fulfill specific requirements and needs. However, the number of selected add-ons will increase the premium of your policy. This is why it is always recommended to only go for the add-ons that you need and avoid unnecessary ones
- Buy Insurance Early in Life
Youngsters have a better immune system than the elderly and they are less likely to need frequent medical care. Thus, they are charged lesser in terms of health insurance policy premiums than the old folks.
- Top-up Plans
A higher coverage attracts a higher premium amount but by going for a separate top-up or super top-up health insurance plan, you can get additional coverage during the time of an emergency, all without significantly raising the policy premium tag.
- Compare Policies Online
One of the best ways to save on health insurance premiums is during the time of its purchase. Through the online policy purchase method, you will have access to all the available options and can then compare them easily. This way you can pick a plan that fulfills your coverage criteria and your budget.
- Voluntary Co-payment
Most health plan providers require you to take mandatory co-payment after a specific age. And by voluntarily opting for co-payment, you can take advantage of concessions which will reduce your health plan premium.
- Stay Healthy
By adopting a healthier lifestyle and staying fit, you will become less prone to needing frequent medical assistance. This will lower your liability to the insurer and you will be charged a lesser premium.
- Select Proper Coverage
The plan’s coverage or sum insured value is directly related to its premium. Hence, by picking the adequate sum insured value, you can save a lot of money in terms of health plan premiums.
These are the 10 tips that you can adopt to save on the premium of your health insurance policy.
