How to lower your health insurance premium?

As healthcare costs continue to rise, many people struggle to pay their medical bills. Purchasing health insurance coverage allows you to get the treatment required without worrying about your finances. During a medical emergency, your insurance company will help with your bills so you can focus on your health and recovery. Sadly, insurance penetration in India continues to remain low. Several people shy away from purchasing a plan due to the perceived high medical insurance premium cost. 

If you're worried about rising costs but want to enjoy the health benefits of insurance, let's look at how you can lower your premium.

By the time most people start worrying about buying insurance, it's too late. Insurance companies often offer young applicants lower premiums since they generally enjoy good health and will likely not file for a claim in the near future. Older applicants, however, may already have heart conditions, high blood pressure or diabetes. Since these issues could cause further complications, insurance companies will charge a higher premium since they view you as a higher risk. To get the best deal on your premium, purchase a medical insurance plan as early as possible. Buying a policy in your late 20s or early 30s can help you reap the maximum benefits of a health insurance policy.

The insurance market has become very competitive. If you want to find a way to lower your premium, you need to evaluate all your options. Start by identifying the kind of coverage you require. Look for a particular sum assured or specific benefits. For example, one person may need coverage worth INR 10 lakhs per year with a maternity benefit rider. Their friend may want to purchase a plan offering INR 20 lakhs coverage with a critical illness rider. After identifying multiple policies that provide what you need, evaluate the cost. You may find a plan with a slightly lower premium than others. However, be careful about focusing only on the money. Most often, plans that have a low premium also provide low coverage.

Also Read: How to Calculate Health Insurance Premium

Your lifestyle and habits can impact your insurance premium as well. Individuals who consume tobacco and alcohol could be more likely to develop life-threatening diseases. While applying for health insurance, you must honestly answer questions about your medical conditions and lifestyle habits. Individuals who smoke or drink regularly will likely have to pay a higher premium than those who don't. With this in mind, you should maintain a healthy lifestyle to lower your premium. Stay away from harmful habits and exercise regularly to stay fit.

You do not always have to buy individual plans for each family member. Instead, you could consider purchasing a mediclaim policy for a family plan. When you get a family floater, you get a single policy that covers up to 8 family members, including your parents and dependent children. The sum assured you select gets shared by all the family members under the plan. Generally, you can get high-coverage health insurance plans for family premium amounts that don't break the bank.

Health insurance companies offer top-up plans. They provide additional coverage, over and above your existing policy, for a fraction of the cost of a new insurance policy. Assume you have a policy with a sum insured of INR 5 lakhs. As medical inflation rises, the amount may not be enough to deal with potential health issues. Instead of purchasing a new plan with higher coverage, you can get a top-up policy. If you ever cross your sum insured limit, you can file a claim against your top-up, and it takes care of the excess amount. Top-up policies help you benefit from high coverage at a significantly lower cost.

While purchasing insurance, most people err on the side of caution. They want the best possible coverage, so they get every add-on available. Each add-on comes at a cost, which increases your overall premium. Instead of choosing a high sum insured or too many add-ons, consider your needs. You may not require uncapped daily room rent or coverage worth INR 2 crores. Understand what you need and pick only that to lower your premium.

With these tips, you can boost your coverage while lowering your premium. When it comes to health insurance, time is always of the essence. If you don't have a policy yet, consider purchasing one today. At Zuno, we provide three levels of protection and offer multiple add-ons, so you can customise the plan as required. We also provide coverage for AYUSH and domiciliary treatments, prioritising your comfort and needs above everything else. Once you purchase a plan, ensure you complete your health insurance renewal process on time. If you miss paying the premium on time, before the due date, you risk losing your health coverage. For uninterrupted health coverage, purchase a Zuno plan and complete our quick and easy renewals online with the click of a few buttons.

ARN: Zuno/Blog/0623/02. All rights reserved.