7 ways to cut the health insurance premium cost

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    Health insurance document in folder with stethoscope

    Health insurance being one of the most recommended insurance policies happens to shield against soaring medical costs. At times people do seek to get a further relaxation on the premium cost of their health insurance policies. Even though there is no documented criterion for getting a relaxation on the premium cost, there are some ways to do so. The best seven ways to cut down the health insurance premium cost are:

    • Buy health insurance at a young age

    It is highly recommended to purchase a health insurance at an early age. It has two benefits; a) certain ailments are covered after a waiting period, of say 2 or 3 years. By the time you actually need the coverage for such ailments, you might have already survived the waiting period. b) You can get easy premium rates if you buy a mediclaim policy at a young age when you are healthy and fit. A higher age limit might result in a higher premium cost.

    • Consider the deductible clause of a health insurance policy

    Not many know that many insurance providers offer the deductible clause to their policyholders. Under the deductible clause, the share of the claim amount is shared between policyholders and the insurer. Under this clause, there exists a deductible limit that is approved by the insurance holder, example; the deductible limit is Rs 1 lakh. In case the insurance holder incurs a medical cost of Rs 1 lakh or less, then he/she will bear the expenses, but if the cost increases even slightly above Rs 1 lakh, the extra amount is given by the insurance provider.  It proves to be useful for both the parties; a) for the insurance provider- as policyholders do not file smaller claims, insurers receive fewer claims. B) For the insurance holder –the premium costs are considerably lower when a policy is bought under the deductible clause purview.  

    • Buy floater plans for the family

    When an individual is looking for a health insurance for the family, then premium also needs to be paid individually for each family member. For such cases, an individual can avail family floater plans. The overall cost is divided among all insured members and thus, premiums are lower as compared to individual plans.

    • Check for NCB (No claim Bonus)

    If the policyholder doesn’t make a claim in a previous policy tenure, the insurer rewards him/her with NCB, which further results in a higher insurance coverage at easy premium rates. However, this can be availed only if a policyholder renews the policy before the due date of the policy.

    • Purchase health insurance plans online

    Ever since the advent of the internet, many facilities have been eased out for us. It helps saving time and money both. From apparel online shopping to buying insurance online, e-commerce stands out as one of the major aspects for saving money. Insurance policies like health insurance are now directly offered via the internet platform, thereby reducing the cost of hiring an agent. Online availability of health insurance policies has enabled the insurance buyers to be aware of different plans and facilities that are offered to them without having to pay the middleman. As the insurance company saves on the commission and administration costs, the same benefit is passed on to policyholders in the form of low premium rates.

    • Go for long-term policies

    Various insurance companies have started offering two-year health insurance policies. By opting for long-term policies, you can enjoy discounted premium rates. For example, some insurers offer 10% discount if you opt for a long-term policy.

    • Stay healthy and fit

    It is an important aspect that needs to be considered, not only to cut premium rates but also for own well-being. If you are a smoker, quit smoking today. Or, if you are obese, hit the gym. Insurers reward healthy policyholders with easy premium rates. Also, you can get wellness points which can be redeemed to get such coverages, like OPD consultation coverage, diagnostic coverage, etc; which are normally not covered under a mediclaim policy.

    Remember, health insurance is a necessity, and therefore, never go for a lower insurance coverage to reduce premium rates. Use the above methods to cut your health insurance premium rates.

    Courtesy of: Apollo Munich Health Insurance

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