5 Tips to Keep Health Insurance Premiums Low

Given the sedentary lifestyle that most of us follow, increasing pollution in the environment, and the escalating costs of healthcare services, having a health insurance plan is imperative. A medical emergency can arrive anytime and in the absence of a health plan, can wipe all your savings in one go.However, many people refrain themselves from a buying a health insurance policy because of high premiums quoted by the insurers. By following certain tricks and tips, you can bring down your health insurance premiums considerably. Let’s learn how:

1. Buy health insurance at an early age Buying a health insurance policy at an early age i.e. in your 20s or 30s can help you to keep your premiums considerably low. This is because at this age, you tend to be a healthy person free of diseases and ailments, and therefore, the insurer sees you as a less risky proposition and ask for lower premiums for insuring your health.
2. Buy the policy online Buying a health insurance policy can not only help you to avoid the hassles of visiting the insurer’s office multiple times with a handful of documents but also enables to lower your premium amount. This is because while issuing an online policy, the insurance provider saves on administration charges, brokerage fees etc. and passes on these benefits to the customers in form of reduced premiums.
3. Buy a group health insurance plan If you want to buy health insurance plans for your entire family, a better option is to opt for a family floater plan instead of individual health plans for each family member. This way, you would be able to reduce your premium outgo without even compromising on the coverage amount since family floater plans as generally cheaper than the individual health plans offering same sum assured.
4. Opt for higher deductibles The deductibles are the certain portion of the claim amount that has to be paid by the insured person out of his/her pocket. By opting for a higher deductible, you’ll be reducing the burden on the insurer in case of a medical emergency and therefore, in turn, the insurer will reduce its premium quotation. However, remember not to keep the deductibles percentage too high as it can prove dangerous.
5. Buy long-term policy Usually, health insurance premiums are required to be paid annually. However, some insurance providers also provide long-term heath insurance policies where you can the premiums for multiple years at once. By opting for such a policy, you can not only bring down your health insurance premiums but also eliminate the need to monitor premium payment schedule every year.

To Conclude While lower premiums is one of the factors you should consider while buying a health insurance policy, it should not be the guiding force behind your purchase. You must opt for the policy which is providing you adequate coverage against the maximum number of diseases, while keeping the premiums affordable.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.