Nowadays, health insurance is not just an option but a necessity. This is because lifestyle-related diseases are rising rapidly, and hospital expenses are becoming very high. According to a study by the Indian Council of Medical Research (ICMR), about 35% of Indians have high blood pressure, 10% have diabetes, and 28% suffer from high cholesterol. Additionally, the emergence of new viruses and diseases can further increase medical costs. In such a situation, having health insurance ensures that you are financially prepared for any medical emergency.
Tips to Reduce Your Health Insurance Premium Without Losing Coverage
Did you know you can lower your health insurance premium without compromising coverage? Here are some simple and effective ways to save money while ensuring better protection.
1. Buy Early, Save More
The best time to buy health insurance is when you are young and healthy. Younger individuals pay lower premiums as insurers see them as low-risk. For example, a 25-year-old will pay much less than a 40-year-old. Additionally, buying early helps complete the waiting period for pre-existing conditions.
2. Use Network Hospitals & Shared Rooms
Getting treatment at network hospitals can reduce your premium by up to 15%. These hospitals offer cashless treatment, lowering your out-of-pocket expenses. Also, some plans allow multi-bed sharing, further reducing costs.
3. Convert Premium to EMI
If paying the full premium at once is difficult, opt for EMI payments. For example, if your annual premium is ₹20,000, you can pay ₹1,600 per month. This makes it easier to afford better coverage.
4. Maintain a Good CIBIL Score
Your CIBIL score affects your insurance premium. A score of 750 or above can get you a 10-15% discount. A good credit score shows financial stability, making insurers consider you a low-risk customer.
5. Consider Super Top-Up Plans
Super top-up plans increase your coverage at a lower cost. For example, if you have a base plan of ₹10 lakh and a super top-up of ₹90 lakh, your total coverage becomes ₹1 crore. This option provides higher coverage without high premiums.
6. Use Deductibles & Co-Payment Options
Choosing a deductible (an amount you pay before insurance starts covering costs) or co-payment (a percentage you pay per claim) lowers the premium. However, only choose this if you can afford to cover some medical expenses yourself.
7. Buy Insurance Online
Purchasing health insurance online is cheaper as it eliminates agent commissions. Online platforms let you compare different policies and choose the most cost-effective one.