How do you lower your health insurance costs by saving on premiums?

New Delhi: Everyone needs health insurance in a world where lifestyle disorders, high levels of stress, and rising medical costs are on the rise. It is perhaps even more important in the post-pandemic world, where the realisation of life's uncertainty is perceived more acutely than ever. Therefore, in recent years, there has been a growing awareness of the importance of health insurance. In addition, the number of purchased contracts and compensation amounts increased.

While many people may want to go for a health insurance policy to protect themselves and their families, amid rising inflation, they seek ways to save more on their premium costs. Here are a few clever ways to reduce your health insurance premiums and make them more affordable.

Buy a health insurance plan early in life

Age is one of the most important factors affecting health insurance premiums. Many plans also offer early purchase discounts. Also, people with pre-existing conditions will have higher insurance premiums. As you get older, you become more susceptible to diseases such as diabetes and hypertension, and the chances of developing them increase. So, the first decision you need to make to get a lower reward is to buy it as soon as possible.

Prefer family floater plans

Different people have distinct health insurance needs. That’s why family floater plans are often designed to accommodate single family members. Unlike individual insurance, which only covers one person, family floater insurance covers medical expenses for the whole family. However, it is much lower compared to buying individual plans for each family member. Coverage under the plan can be used by the whole family in the event of a medical emergency.

Choose multi-year plans

Many insurance companies now offer discounted health insurance plans for two to three years rather than one year of insurance with subsequent renewals. In addition to the discount, you will also be protected against premium increases next year. Whenever a long-term plan is available, we recommend choosing it. Save up to 10 per cent on two-year health insurance and up to 15 per cent on three-year health insurance. You can save a lot on insurance premiums.

Make use of the No Claim Bonus

A No Claim Bonus (NCB) is an excellent way to obtain higher coverage at a lower cost. You can receive it. Most insurance companies now offer his NCB, which is about the same as the basic policy sum. For example, if you buy a policy with a sum insured of Rs 10 lakhs and have no claims for two years, you may be able to receive an additional sum on top of your basic insurance. Of course, this depends on your policy, so check the NCB benefits your policy offers.

Buy through the web

Another method that is often overlooked is publishing insurance policies online. Online sales models are generally cheaper than offline channels. As a result, a portion of this profit is passed on to policyholders, reducing their annual premium burden.

Following these tips can easily reduce your insurance premiums and still be well-insured for yourself and your family. Be smart and get the most out of your health insurance.