Who doesn’t want to stay healthy and fit? Everyone does. But ultimately, you don’t exercise control over medical issues, which can pop up at any part of your life, unannounced. To keep your savings safe, while enjoying proper healthcare services, a health insurance policy becomes essential. However, with your hard-earned money on the line, it's also crucial to make every rupee count. In this article, we will discuss 10 actionable hacks to help you save a significant amount on your health insurance premiums. Whether you're 18 or 40 years old, these hacks can benefit everyone who is looking forward to getting himself/herself insured.

1. Start Young

Do you know the golden rule in health insurance? The earlier, the better. Insurance providers in India typically offer lower health insurance premiums to young policyholders as they are less likely to make significant claims due to the absence of severe illnesses at earlier ages. So, don't wait; invest in health insurance while you're between 18 - 25 years old to lock in lower premiums.

2. Embrace Long-Term Plans

In India, most of the health insurance plans have an annual policy period. However, you should try considering health insurance plans with extended policy periods like 2 or 3 years. This is because health insurance providers often reward this commitment with attractive discounts on premiums. Besides, the cumulative health insurance premium over the years is comparatively lower than that of annual policies. Long-term policies also shield you from inflation.

3. Opt for Top Up Health Insurance Plans

Some medical treatments can be extremely expensive and buying high-coverage plans can also be a costly affair. In such cases, top up health insurance plans are the answer. They are known to boost your coverage at an affordable cost. For example, a ₹5 lakh individual health insurance policy combined with a ₹5 lakh top up health insurance plan is usually cheaper than a ₹10 lakh individual health insurance policy. This will provide you with extra financial coverage without increasing the amount of your health insurance premium significantly.  

4. Avoid Unnecessary Add-Ons

In individual policies, your health insurance premium amount is usually linked to the number of coverages or riders you choose. So, assess your medical history and select a health insurance policy that suits your needs. This way, you can avoid paying for coverage you won't use in the present or future.

5. Maximize Group Medical Cover

If your employer offers Group Medical Cover (GMC), it's a valuable benefit. You can complement your employer's plan with a top up health insurance policy or an individual health insurance plan that covers the remaining amount you need. This hack can save you from buying a more expensive individual policy.

6. Consider Family Floater Plans

Given the fact that healthcare costs are increasing every day, securing your family's health becomes a must. However, individual health insurance policies for each family member can add up to the total health insurance premium you pay. In such a case, a family floater plan can come to your rescue. It allows you to cover your entire family under one policy, thereby saving money and expanding coverage.

7. Opt for Individual Health Plans for Elderly Parents

To have affordable health insurance premiums, it's advisable to get separate health insurance policies for your elderly parents rather than incorporating them into your family floater plan. Including your elderly parents in your family floater plan inevitably results in a substantial increase in your premium, given their advanced age and high chances of pre-existing conditions. However, if you opt for individual policies tailored to cover your parents, you can ensure that your premium remains at a more manageable and cost-effective level.

8. Be Judicious with Claims

Several insurance providers offer No Claim Bonus (NCB) rewards to policyholders who don't file claims during a policy term. Therefore, if you don’t file claims for minor medical expenses, you can be entitled to these rewards, which can help you increase your sum insured and reduce your health insurance premium in the long run.

9. Buy Health Insurances Online

If you are thinking of getting your and your family’s health insured, the best place to look for the best health insurance policies is online. Buying a health insurance policy online is a cost-effective choice as it bypasses middlemen, thereby reducing additional costs, and resulting in lower health insurance premiums. Plus, buying health insurance online is also convenient.

10. Compare, Compare & Compare

The Indian health insurance market is vast and comprises thousands of options to choose from. Comparing different health insurance plans and selecting the right one as per your healthcare needs can be your ticket to substantial savings. Some insurance providers often provide handy tools online like a health insurance calculator that can help you estimate your health insurance premium cost. By comparing quotes from multiple health insurance plans, you can select one that meets your needs while being considerate of your wallet.

What Should You Know About Top Up Health Insurance?

A top up health insurance provides extra financial cover to your existing insurance policy. It comes into play when your medical expenses exceed a certain limit, which is predefined in your primary health policy. A top up health insurance is a cost-effective option that ensures you're adequately covered in case of unexpected or high medical bills without the need for a more expensive health insurance plan.

Conclusion

To conclude, your health insurance policy doesn't have to break the bank. These 10 expert tips along with a top up health insurance will empower you to make an informed decision and save on your health insurance premiums. By being savvy about your choices, you can protect your finances while safeguarding your and your family’s health.

Check Your Premium