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7 Ways to Lower Your Health Insurance Premium

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Given the rising medical inflation, a mediclaim policy is a must-have. It is a great risk to remain uninsured due to the increasing cost of treatment. For this purpose, you may consider investing in a health cover at the earliest.

Many often refrain from investing in a health insurance policy, as they believe that the premium cost is too high. However, the good news is that you may enjoy a high level of coverage at the most competitive rate.

Following are seven methods to lower your premium cost quite easily.

  1. Opt for a lower coverage amount initially

Instead of having no coverage at all, you may opt for a lower level of coverage. By doing so, you may cover your basic hospitalization expenses. This reduces the strain on your finances in case of hospitalization. You may gradually work towards getting a larger cover once your financial situation improves.

  1. Buy insurance early in life

The cost of premium depends on the risk factor of the individual. Higher the risk factor, greater is the cost and vice versa. Individuals in the lower age group have a low chance of contracting a medical condition or disease. Hence, insurance providers offer insurance coverage at a lower price. Buying a health insurance plan when you are young and healthy helps you save a significant amount of money.

  1. Choose a plan that has a co-payment feature

Co-payment refers to the splitting of medical costs between the policyholder and the insurer. For example, if you opt for a co-payment of 20%, you pay 20% of the medical expenses while the insurance provider pays the rest. Insurers are likely to offer a discount to those who opt for a co-payment clause. Since individuals have to bear a part of the medical expenses, it reduces unnecessary claims. This, in turn, reduces the insurer’s liability, and hence you are offered a lower premium.

  1. Shop online

You may avail of the best premium rates if you buy health insurance online. Most insurance providers have a web presence on the Internet. Their websites are armed with insurance-related information and provide an option to purchase online. You may, therefore, buy health insurance online and enjoy a great deal of convenience at lower rates. Since the cost of paperwork is reduced in online applications, insurers offer discounts on the premium for online purchases.

  1. Avail of the benefit of No Claim Bonus

As the name suggests, a No Claim Bonus (NCB) is a discount offered to the policyholder for not making a claim during the previous policy year. In case you have not made any health insurance claim the previous year, you may avail of the benefit of NCB.

  1. Opt for a longer tenure

Choosing a longer tenure offers manifold benefits. You may enjoy coverage for a greater amount of time. Besides, insurance providers offer a discount ranging from five to 15%. This, however, depends on the insurance company and the type of health plan you opt for.

  1. Buy a family floater insurance plan

A family floater insurance policy provides coverage to numerous members of your family under a single plan. Since many individuals are covered under such an insurance policy, insurers offer the benefit of a lower rate. You may, therefore, financially protect your loved ones against medical contingencies at an affordable cost.

You may keep the aforementioned points in mind while purchasing your health insurance policy. By doing so, you may enjoy maximum coverage at the best price.

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