6 Important Tips to Lower Your Health Insurance Premium

6 Important Tips to Lower Your Health Insurance Premium

Bajaj Finserv Health
January 17, 20225 mins read

Key Takeaways

  • Buy a health plan at an early age to reduce the premium you pay
  • Opt for a policy with copay and deductible features to lower the premium
  • Invest in a family floater plan to avoid the high cost of individual policies

With rising medical inflation and treatment costs, adequate health insurance coverage and health insurance premium is the need of the hour. A health plan also helps you address the rising burden of new diseases. The year 2021 has witnessed a considerable increase in the number of people investing in health insurance. According to reports, the healthcare market may touch US$ 372 billion this year. The main reason is increasing awareness of health and access to health insurance plans [1]. 

In India, there are close to 100 health insurance providers approved by the IRDAI [2]. So, you can choose from a wide range of comprehensive plans. While these plans provide financial backing for medical treatment, the huge cost of premiums can be unaffordable. But there are ways to get a comprehensive plan without hurting your finances. To understand how to lower your health insurance premiums, read on.

Additional read: Benefits of Health Group Insurance Plansbenefits of health insurance policy

Invest in a plan while you are young

Age is one of the main factors that affects the health insurance premium of your policy. As your age increases, there is a higher possibility of you falling sick. Considering this, insurers increase your premium based on your age. Getting a comprehensive cover can be difficult as you grow older. 

Insurance providers also check your medical history before considering you eligible for a health cover. If you have age-related conditions like blood pressure or diabetes, you may have to pay a high premium. It is always better to invest in one at a young age. This way you can save a lot of money!

Choose copay and deductible options

Copay is an option wherein you agree to pay a part of your treatment expenses. The remaining amount will be borne by the insurance company when you make a claim. This amount is fixed but varies depending on what services you opt for. A policy with copay will be cheaper as compared to one without. 

Another option you can consider for lowering your health insurance premium is opting for a deductible. This is a fixed amount that you need to pay towards your medical expenses. Only after you pay the deductible will the insurance provider settle your claim. The larger portion of your medical bill will be covered by your policy. 

By utilizing both these options, you can reduce your insurance premiums. However, be smart when choosing the deductible and copay. In an attempt to save on premiums, ensure you do not end up paying more for your treatment. 

Avail top-up plans to reduce your premium

These plans are extremely beneficial when you want high coverage on an affordable premium. A top-up is a regular plan with the benefit of a deductible. This deductible is the threshold limit fixed by your insurance provider. Only when your claim amount exceeds the deductible, the insurer will settle your claim. 

For instance, say you have a top-up plan with a total coverage of Rs.5 lakh and a deductible of Rs.2 lakh. If you make a claim of Rs.2.5 lakh, then your insurance provider will pay excess amount of Rs.50,000 to settle your claim. You can buy a top-up policy by itself or buy a regular health insurance policy along with a top-up to cover your expenses. 

Additional read: Super Top-Up and Top-Up Health Insurance Plans

Tips to Lower Your Health Insurance Premium -56

Opt for a family floater plan

By choosing family floater plans, you can reduce your premium and avail better coverage benefits too. Here all family members included in your plan are covered under a single premium. This amount will be based on the age of the eldest member. However, if you avail an individual plan, the total coverage will be separate for each member. This may result in high premiums for each member. 

Avail plans with wellness incentives

Wellness benefits in health plans can motivate you to lead a healthy lifestyle. By following a well-balanced diet and adding exercise to your daily life, your chances of falling sick are fewer. With wellness discounts on certain insurance plans, your premium amount also reduces. This way you not only improve your health improve, but also lower the burden on your pocket! 

Buy a policy online

These days buying a policy online is not only safer and easier, but also more affordable. When you get a policy online, being aware of offers and discounts is simpler. You can also do a proper comparison before choosing the right policy based on your requirements. With the help of online offers, you can get a policy at an affordable premium. Getting a policy online is also cheaper as there are no agents involved. So, you need not pay any additional charges or commission. There are so many health insurances available in the market Ayushman health account is one of them provided by the government.  

You can try these tips to reduce your health insurance premium to some extent. But take care not to compromise on coverage benefits. Choose your plan wisely after doing proper research online. If you are looking for affordable plans, check out the Complete Health Solution plans on Bajaj Finserv Health. You can get this plan in under 2 minutes with a range of features like cover up to Rs.10 lakh, preventive health check-ups, huge network discounts and much more. Avail a cost-effective plan and reduce the burden on your pocket!

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  1. https://www.ibef.org/industry/healthcare-India.aspx
  2. https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo3832&mid=27.3.6

Please note that this article is solely meant for informational purposes and Bajaj Finserv Health Limited (“BFHL”) does not shoulder any responsibility of the views/advice/information expressed/given by the writer/reviewer/originator. This article should not be considered as a substitute for any medical advice, diagnosis or treatment. Always consult with your trusted physician/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damages for any information or services provided by any third party.

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