How To Bring Down Insurance Premium Without Compromising On Coverage

Healthcare cost continues to increase drastically along with the rising incidence of critical disease or sedentary lifestyle-induced illness making health insurance no longer an optional thing. Around 35 per cent of Indians have hypertension, 10 per cent have diabetes, and 28 per cent have high cholesterol levels. Adding to it, the rise of new viruses, diseases and outbreaks can unexpectedly increase an individual’s medical bills, as per the Indian Council of Medical Research (ICMR) study.

To be financially prepared for medical emergencies is very important in today’s time. Fortunately, medical science is advancing quickly with robotic surgery and gene editing as possible scopes.

The course of treatment might not fall under the reach of everyone taking the cost into consideration. Most people now understand the importance of health insurance, the idea of being able to afford a comprehensive health insurance policy for an individual and their families can be taxing.

On the brighter side, there are many effective strategies that can help someone bring down their premiums without affecting their coverage.

Buy early, save more

One of the more effective methods to bring down health insurance premiums is to purchase the health insurance plan at a young age when an individual is in the pink of their health. It is not wrong to say that the best time to buy insurance was yesterday. The second-best day is now. Insurance premium is calculated on the basis of age and health condition.

The younger and healthier you are, the lesser the risk for the insurer. Someone who is 25 years old and is buying health insurance pays a significantly lesser amount compared to someone purchasing the same coverage at 40. This could help someone save a good amount of some over an extended period. Additionally, the added advantage of buying insurance early is that one can complete their waiting period for any pre-existing conditions sooner.

Network hospitals and bed-sharing

Going for treatment at network hospitals can reduce health insurance premiums directly, usually by around 15 per cent. This does not just make hospitalisation more accessible but also lowers the out-of-pocket expenses for policyholders.

Additionally, there are plans available that let policyholders opt for multi-bed sharing which brings down the premium.Going for treatment at network hospitals can reduce health insurance premiums directly, usually by around 15 per cent. This does not just make hospitalisation more accessible but also lowers the out-of-pocket expenses for policyholders.

There are plans available that let policyholders opt for multi-bed sharing which brings down the premium.

Convert premium into EMIs

One can convert their premiums into EMIs instead of paying them in one go. This is useful when an individual can’t pay the lump-sum amount, better than opting for a cheaper insurance policy with less coverage. This also omits the burden of the extra burden by breaking down the premium on a monthly basis.

Track CIBIL Score

CIBIL Score can affect your insurance premium. A good CIBIL Score will help an individual reduce the premium cost by around 15 per cent, while a bad score can spike the premium cost.

Consider super top-up plans

One can bring health insurance premiums under budget by enhancing a health plan with a top-up or a super top-up plan. This can increase the coverage without even opting for a higher base sum insured. These plans are often accompanied by thresholds.

Deductibles and co-payment Rider

This is not the most preferred rider and should only be used when necessary. Choosing deductibles and co-payment clauses can help lower the health insurance premium. However, this can increase the burden on the policyholder at the time of treatment.