Saving on Health Insurance Premiums

This pandemic has taught us valuable lessons on healthcare- the unpredictability of aliments tops that list. Knowledge at the intersection of healthcare and finance must be made available to all.  As part of the same, optimizing one’s insurance plans remains a significant concern for many. Saving on Health Insurance Premiums is a good start.

Here’s how you can do this-

Healthy Lifestyle

Your insurance premium will automatically be lower if you are in the pink of health. The best way to optimize your health insurance plan is to make healthier everyday choices. A little goes a long way.

  • Resort to a fit and active life. 
  • Eat greener, fresher, and more consistently. Avoid processed food.
  • Listen to your body’s natural rhythm. Follow a regimented sleep schedule and eat at least three meals a day.

Keep your Blood Pressure in Control

High or low blood pressure means increased vulnerability to health risks, which implies a higher chance of claiming health insurance. Lower BP also translates to a lower premium. All in all, it is advisable to keep your blood pressure in check. Here’s how you can do this-

  • Exercise regularly and consume healthy, fresh food.
  • Reduce your sodium intake.
  • Being overweight can cause sleep apnea, which increases the risk of high blood pressure. Watch the scale- while maintaining a healthy relationship with your body!
  • Caffeine and tobacco are linked with heightened blood pressure. It is best to keep away from cigarettes and that extra cup of coffee!

No Claim Benefits

Remember to avail yourself of your no-claim bonus for every claim-free year to get the most out of your health insurance plan. Remember, though- not all policies offer no-claim benefits. For those that do, the terms and conditions vary. 

A few other things to help you through this process include-

  • No claim benefits may be of two types: 1. Cumulative bonus, and 2. Discount in premium. In the first case, the coverage amount is increased, but the premium remains   the same. The coverage amount remains static in the second, but the premium decreases by a certain amount for each claim-free year.
  • A cap (usually between fifty to a hundred percent) exists on the amount of coverage that can be increased via Cumulative Bonus. 
  • You can avail of your no-claim bonus on both individual and floater health policies. 

Compare Quotes from Different Insurance Companies

A multitude of health insurance plans are available, and buying insurance has never been a one-size-fits-all affair. It would be best if you made an informed choice. 

  • Remember to check the amount of sum insured and the amount of policy premium paid for all the coverage benefits.
  • Compare the list of hospitals in the network of different insurance policies.
  • Be mindful of the claim settlement ratio.
  •  Check the sub-limits (if any) and the claim settlement ratio.
  • Make sure you are thorough with the co-payment clause.

Adjust the Riders

As stated earlier, not all insurance plans are the same. Naturally, not each plan will meet your needs. Riders help you curate your basic healthcare plan according to your requirement. Some leading riders include-

  • Room Rent Waiver allows you to choose hospital rooms with a higher or no sub-limit.
  • Maternity Cover bears expenses incurred during childbirth after the waiting period is over.
  • Cover daily hospital expenses with Hospital Cash.
  • Insure yourself against terminal diseases with Critical Illness Cover.
  • Receive compensation after accidents with Personal Accident Rider.

Avoid Buying Excess Insurance

It is understandable to get carried away while buying insurance. However, a lot of diseases are extremely rare. Your paranoia can cause you to spend enormous amounts of money on insurance premiums. 

  • It is best to be rational while choosing your health insurance. 
  • Invest time, effort, and energy in perusing all possible options.
  • You must not choose a policy based on the number of ailments it covers. Remember- the higher the coverage, the higher the premium.

Buy Long Term Insurance Plans

Some general benefits might accrue to you if you invest in long-term insurance plans. They directly translate to savings on health insurance premiums.

  • Long-term insurance plans come at a discounted premium as compared to one-year insurance plans.
  • You don’t have to worry about policy renewal each year.
  • Your plan is not subject to rate revisions of premiums.
  • Insurance companies offer discounts for no claim bonus in the case of long-term policyholders. You might get to enjoy claim-related concessions. 

A few extra hours of research and effort-investment in choosing your health insurance plan may drastically help you save your financial resources. This process may seem daunting to many. 

Cover 360 offers a wide range of options. You can pick and choose the right plan for yourself. Check out the services and health insurance plans available with us. You can also contact our 24*7 toll-free number for help.

Leave a Comment

Your email address will not be published.