Home / Articles / Health Insurance / 5 Efficient Tips to Lower your Health Insurance Premium

5 Efficient Tips to Lower your Health Insurance Premium

Team AckoJul 22, 2021

There are a lot of instances where a family member has become seriously ill and needs prolonged hospitalization. This usually takes a toll on the family’s savings. In today’s world where illnesses are becoming common, it is wise to take precautionary measures related to a better lifestyle as well as securing your finances. This is where health insurance can play a big role in saving your ‘savings’ in case of health hazards.

Mostly, it is unfairly assumed that low premium means low coverage. It is unfair because you can still get extensive coverage by not spending a huge amount on health insurance premium. Want to know how?

Tips to Lower your Health Insurance Premium

5 Tips to Lower your Health Insurance Premium

1. Buy early

This is the thumb rule when it comes to medical insurance premium. Buy early and avoid unnecessary restrictions regarding your medical insurance premium. The health insurance company considers your age and medical history before issuing you a policy. Purchasing a policy early on works in your favor because your body is young and is not vulnerable to diseases as compared to an older you.

2. Balancing the plans

A lot of employers offer group Mediclaim to their employees. Such policies often include spouse, parents and children as well. People also opt for family floater plans on their own. However, such group policies might not do a great deal to offer comprehensive coverage to an individual. But they are certainly better than going insurance less.

Since there is no point in overlapping policies in terms of same coverage, you should opt for an individual health insurance plan keeping in mind the amount and the gamut of coverage offered by group plans that you might be included in. This way, you will not spend unnecessarily on a health cover, and save money.

3. Going for top-ups

Top-up plans provide you with higher coverage without charging a huge amount of premium for it. A top-up plan splits your cover into two parts. Thus, you can raise a claim if the amount is higher than the pre-decided limit. Here’s an example to simplify things. If the benchmark for a plan of Rs. 5 lakhs is set as 2 lakhs, and a claim is raised for 3 lakhs, the insurance company will pay Rs. 1 lakh. This way, you can manage things if the expenses are under the base and if they spill cover, the top-plan can come to your rescue.

4. Health insurance premium calculator

Online insurers usually have a health insurance premium calculator to help you figure out the quote based on your coverage. You can make modifications in the coverage chosen in the health insurance premium calculator, and you shall know the quote for it instantly.

Besides, it is productive to compare policies offered by different insurers before purchasing the plan. Keep the following things in mind while comparing health insurance policies:

  • Waiting period

  • Co-payment clause

  • Sub-limits

  • Day-care coverage

  • Room rent clause

  • Cashless services

  • Network hospitals of the insurer

  • Exact cover

  • Premium charged

5. Purchase health insurance online

Here are the top benefits of buying health insurance online:

  • Convenience of purchasing at anytime from anywhere using your smartphone

  • No meddling by any agent

  • Lower premiums as compared to offline modes of purchase

  • Easy to compare and purchase

  • Superior insurance experience

Lead a healthy lifestyle

Doing the basics right can prove to be extremely beneficial when it comes to leading a healthy lifestyle. Controlling the intake of sugar, salt, and fried food can work wonders. Involving yourself in some sort of physical exercise such as walking, jogging, dancing, weight training, etc. can keep your body in good shape and keep diseases at bay.

Explore More:

icon

Want to post any comments?

icon

CIN: U66000KA2016PLC138288

IRDAI Registration No: 157

Category: Non-Life Insurance

The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms.

Trade logo displayed above belongs to ACKO Technology & Services Pvt Ltd and used by ACKO General insurance Limited under License. For more details on risk factors, terms, conditions and exclusions, please read the policy wordings carefully before concluding a sale.