There is no arguing to the fact that, even if you visit a doctor for the common cold, chances are you are going to make your wallet run dry. With every single year, healthcare expenses are increasing at a much faster rate as compared to inflation. That is why it very important to get your health insurance premium in check so that, you don’t need to pay your medical bills after the coverage.
Ways to reduce your health insurance premium
While a lot of people say that no one should compromise with their Health Insurance Premium, there are several instances where you might require reducing your premium. The reason might be for you to run on a tight budget, or even you are on a dilemma to even get started with the same. Whatever be it, here are some of the ways in which you can bring down your premium cost to a certain extent.
1) Buying medical insurance at a young age
Among all the other factors that determine the premium of your health insurance, your age is certainly one of them. Once you start to head towards a higher age band, your renewal premium is increased. There is nothing you can do with the price hike, yet it is fairly justifiable from the standpoint of the insurance company. With your increasing age, the chances of getting ailments also increase; as a result, the cost of the premium increases. That is why it is always advised to get your health insurance done from a younger age.
2) Choosing the right sum insured
One of the most complicated things about a health insurance policy is getting the right sum insurer. There are several instances where you might be over-insured, paying a higher premium than required. In the same way, being under-insured poses the threat of not getting the right coverage from your insurance policy. You might even turn out to pay your medical bills out of your pocket. Another thing one needs to consider is the inflation rate. With every single year, the inflation ranges from 2-4%. So, what seems like the right amount for the present may not be the same in the coming few decades.
3) Getting your insurance policy online
Do you know that by getting your insurance policy online, you can always opt for an added 10-20% discount on premiums? That being said, online insurance policies are becoming much popular as compared to its offline counterpart. One of the biggest reasons for the same being, while making your health insurance purchase online, you won’t be paying the commission charges to your insurance agent. Further including, getting your health insurance online is always hassle-free with less paper-work and convenience.
4) Choosing voluntary co-payment
Knowing about co-payment is something that is very important for the majority of health insurance buyers. Basically, co-payment can be defined as the situation where you pay one portion of the claim during the time of settlement. That being said, according to the insurance company, co-payment can be reimbursed.
5) Opting insurance for a longer duration of time
While for the majority of the insurance policies out there, you need to renew them every single year. But, if you want to reap the benefits of a lower premium cost, make sure to look for the policies that offer a longer duration of time, generally 2 to 3 years. One of the biggest benefits of longer tenure of insurance policy is that you can easily avail discounts of up to 5 to 15% based on the insurance company. Buying the same from an online marketplace, and boom you can get a total discount of at least 30%.
6) Family floater insurance plan
If you are a family guy, you won’t be just buying health insurance for yourself. In that case, you can always choose a family floater health insurance plan where you can get your spouse and dependable kids insured under the same hood. Choosing a family floater health insurance policy can provide you with a discount of up to 10-20%, based on the insurance plan and how the insurance is being divided within the family members.
7) No claim bonus
Yes, you heard that right. No claim bonus can be entertained with health insurance too. As your insurance policy comes to an end, if you have not raised any claim, you can avail of added discounts on your following health insurance renewal. Sometimes no claim bonuses can also be used to get extra coverage, without actually paying any additional premium.
8) Say fit, stay healthy
Last but not least, if you want to decrease the cost of your health insurance policy, all you need to do is stay healthy. This is as simple as it can ever get. While staying fit, you don’t be needed to raise a claim, as a result, you can enjoy the NCB. Adding that up with the family floater insurance and buying the same online, you can seriously save some hefty premiums.
Make you have a thorough reading of all the points we have mentioned above. If you are genuinely looking forward to decreasing your premium cost, these can help you do so. But, at the end of the day, it all comes down to personal preference. That being said, you should always keep in mind to keep your premium at the sweet spot between over-insured and under-insured. Once you get everything right, you are always good to go.