Getting health insurance is a wise safeguard against medical contingencies. Yet rising prices make premiums increasingly costly nowadays.
Affordability concerns often compel stakeholders to forego adequate coverage. However, getting sufficient insurance is crucial for long-term health security.
So, how can one lower premiums without compromising on coverage? Read on to find out practical ways to reduce health insurance expenses.
Get Insured Early in Life
Buying health insurance at a younger age helps avail lower premiums. Since lifetime renewability is assured in standard policies, getting covered early fetches long-lasting, low rates, as age is an important price determinant. Those covered from young adulthood pay more affordable premiums even at advanced ages than their counterparts who purchase a policy later. Hence, try purchasing health plans during the late twenties to early thirties to maximise savings.
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Opt for a Lower Sum Insured
Greater coverage always commands higher premiums. Opting for a sum insured matching your average yearly medical expenses instead of a very high amount helps reduce premiums substantially. You can always enhance coverage later via add-ons and top-ups if required. Hence, choose adequate sums insured to lower outgo without compromising coverage quality.
Stop Smoking
Smokers often pay significantly higher premiums as the habit substantially elevates health risks. Quitting smoking helps improve health holistically and gets discounts on medical insurance from the second year onwards. Getting to non-smoker status requires consistently staying off cigarettes for over 12 months. But it is an effort that fetches lifelong savings on insurance.
Get More Active, Stay Healthier
Wellness incentives and fitness discounts on premiums are offered on several health plans nowadays for policyholders who maintain healthy lifestyles. Enrolling in a policy with such provisions and embracing an active lifestyle helps reduce subsequent renewal premiums considerably. Regular activity for 30-45 minutes daily, avoiding harmful habits, maintaining near-optimal weight, etc., makes one eligible for hefty premium cuts!
Use Wellness Tools
Many insurers offer free diet charts, exercise regimens, teleconsultations, and periodical tracker-led health evaluations as wellness tools. These consistently fetch attractive premium discounts from the second year renewals onwards. Committing to the regime and achieving health goals through such engagement reduces associated risks, making companies eligible for slashed premiums.
Consider Deductibles
Opting for a deductible allows fixing thresholds below which the policyholder bears claims. It translates into reduced premiums as cost sharing with the insurer begins only above selected thresholds. This tailors an affordable premium while covering large expenses that echo more serious health situations. Hence, factoring deductibles in less critical phases can make insurance affordable.
Add Top-up Coverage
Purchasing a basic low-premium health plan covering hospitalisations alongside a separate top-up policy offering higher coverage for enhanced illnesses helps reduce cost. The underlying comprehensive policy shields against routine hospitalisations, while the top-up option bolsters the buffer during major events with its higher coverage, helping create ideal customised coverage at reduced overall premium payouts. This strategic move minimises premium costs while still optimising protection.
Commit to Multi-years
Most health plans provide premium discounts for policy buyers willing to pay premiums in less frequent installments by committing in advance for 2 or 3 years. As companies save on servicing costs this way, buyers gain by reducing effective annual premiums by 5-15%. Hence, consider committing to multi-year health plans to reduce yearly costs.
Purchase Online
Online insurance platforms have far less operational overheads than conventional channels, translating to 8-10% savings overall. Purchasing directly from insurance provider websites slices off commissions and agent fees, allowing companies to transfer those savings by reducing premiums. Hence, buying online fetches attractive discounts, allowing policyholders to save significantly.
Minimise Small Claims
Making numerous claims for minor expenses escalates subsequent renewal premiums, as it reflects a propensity to fall ill frequently. Hence, paying small expenses out-of-pocket and avoiding claiming unless absolutely necessary helps depict a better health status. This fetches attractive discounts in renewal premiums, saving money in the long run. However, this should only be followed for minor expenses where hospitalisation was unnecessary.
The Bottom Line
Following these effective tips can help policy buyers enhance affordability, stretch health coverage budgets and ensure adequate protection for themselves and loved ones. Staying disciplined and making informed choices is key to consistently enjoying maximum coverage at low outlays!
