In view of the rapidly increasing healthcare cost, a health insurance policy is a must have for all. However, many people in India avoid buying a policy mainly because they believe they cannot afford the premium.

While the premium may be high in some cases, it is not always true as there are many ways to lower your health insurance cost. So, if you are looking for ways to save money on the health insurance premium, the following tips will help you.

Buy early

Insurance experts worldwide suggest buying health insurance at a young age. When you are young, you are most likely healthy and fit. This means you are less likely to suffer from illnesses and make a claim. But as you grow older, you become more vulnerable to diseases and illness and there is a high possibility that you will make a claim.

The insurance company decides the premium based on the health condition of the policyholder and the potential risk they cover. So, when you are young, you may get the policy at an affordable premium as compared to an old-aged person buying the same policy.

Compare the different plans

When you buy a health insurance plan make sure that you do your research well and compare the plans from different insurance. And, if cost is a major factor in choosing the policy, it is better to buy a policy that has the least premium without compromising on the sum insured.

There are many online sources that allow you to compare different plans simultaneously and know the features and benefits. It is better to buy a plan that is cost-effective rather than a random cheaper policy. 

Choose a basic hospitalisation cover

If you cannot afford paying a high premium for a comprehensive or a specialised health insurance, you can purchase a basic cover. This will help you cover the standard hospitalisation expenses and give you a financial cushion in the event of a medical emergency.

The health insurance premium depends on a variety of factors including the coverage options you choose, the add-ons, etc. If you opt for a basic plan, you can save valuable money on the premium yet have a health cover.

Purchase a floater plan

If you want to purchase health insurance cover for all you family members, it is better to go for a family floater policy rather than buying an individual plan for each member. A family floater plan provides coverage to all the family members under a single policy, and you can pay a single premium.

The sum insured is shared jointly by all the people covered under the people and in case of hospitalisation they can use it to the maximum limit.

Buy separate policy for senior citizens

In a family floater policy, the premium is usually calculated based on the age of the eldest person. So, if you want to buy a health insurance policy for your parents, it is better to purchase a separate senior citizen health insurance. This will help you a significant amount on the premium payments.

Maintain healthy lifestyle

Another effective way to save money on your health insurance premium is to give you’re your bad habits like smoking, alcohol consumption, etc. This will help you remain fit and reduce your chances of visiting the doctor and cut your healthcare costs.

Generally, insurance companies offer discounts to people who have never been hospitalised or don’t have any bad habits.

Final Word

Now that you know how to save on health insurance premium, use these tips and get health insurance cover for your family now.