How Can You Reduce Your Health Insurance Premium?

For everyone in this era, health insurance is something that can prove to be beneficial in many ways. In fact, it can also be a blessing if the policy holder is diagnosed with any critical illness, as it can spoil the financial health of the individual as well as family. However, it is still important that you must buy a policy after a lot of comparison. Comparing the policies will help you reduce your Health Insurance Premium significantly. With certain tips, one can find an affordable premium.

Tips that can help you reduce your insurance

  • Choose the sum assured carefully: The premium cost depends on the sum assured. One needs to go for the right amount of sum assured. In case a higher amount is required, one can also go for the add-on riders, which prove less costly. A higher sum assured, which may not be necessary at a young age, can lead to a higher amount of premium. If one has no medical history, he can reveal the same to different companies and get the required policy at a cost-effective rate.
  • Get the insurance at a younger age: At a young age, if one goes for health insurance, he may not have to face any medical test and condition, which usually prompts a higher amount of premium.
  • Maintain a healthy lifestyle: The insurance companies take the lifestyle of an individual into consideration while offering the premium. Those who do not have any health issues and any bad habits such as consumption of alcohol or tobacco are taken as people with low risk of a claim. Those who go for exercise and have balanced weight are also less prone to health hazards, and hence if they go for health insurance, they can have it at a low rate compared to others with such a sedentary lifestyle.
  • Compare the policies and plans: In the market, one can find different policies from different companies with various features. One needs to compare programs and policies as per his needs. One can also compare the policies offered under an individual plan and floater. Such a comparison can help one to find not only the best policy but also at a low premium rate.
  • Punctuality: Those who already have a policy can get the same at a low rate if they are regular in their health check-ups, and there is no claim in the past year. It can attract the benefit of No claim bonus, which can again reduce the rate of premium.
  • Membership of some associations or clubs: In some cases, the health insurance companies have affiliation with leading associations and clubs. As a part of the same, they offer health insurance to members of the association or club at a reduced rate. If one is a member of any such club, he can take the benefit of the same and get the health insurance at a low price.
  • Purchase the policy online: Usually, one can find that the premium of any policy is low when one goes for the same via an online platform. In the offline process, the company has to offer a commission to the agent also, and the same is reduced if one buys it online. Hence the buyer can have the same policy at a low rate with the same benefit and coverage against various diseases.

So, these are some of the considerable points that can help one get desired health insurance at a reduced rate from known companies. One can also check for better tips with a consultant or an advisor. In some cases, the banks also offer excellent health insurance policies to their account holders, which one needs to check for.