Tips to lower your health insurance premium

By PeterLogan

Here are some secrets and tips to lower your health insurance premium.

Inflation in the healthcare industry can cause a decrease in your pocketbook. A health insurance policy will help you save money on recurring treatment. Let’s talk about the tips and tricks that can lower your premium for health insurance.

Sum assured

The right amount assured is crucial in health insurance premium. A higher sum assured will reflect a higher premium. However, a lower sum assured will increase your risk of having to pay out-of-pocket expenses for treatment. The best sum assured will be determined by your age, health history, and future inflation rate.

Health insurance at a younger age

The premium will be reduced if you are younger. Buying a premium earlier in life will lower your risk of getting sick, which in turn will lower your premium. Your health insurance policy will cost more if you get older due to the increased incidence of diseases.

Online purchase of policy

Online purchasing of a health insurance policy is a smart choice. You can save up to 40% on your premium. Online insurance policies are cheaper than offline ones, as they cost less to operate. Enjoy the discount on the online insurance policy for health.

Tenure of policy

The yearly term policy is always preferred. A long tenure policy will give you a minimum 10%-15% discount. Compare online health insurance policies on to find the best quotes from top national insurers.

Opt for a family plan floater

You can include your senior citizens and family members to get insurance for your entire family at a much lower price than an individual policy. Online insurance is the best way to obtain the policy.

Moderate deductible

To compensate for the premium and to cover reasonable medical expenses, make your deductible moderate.

The right policy will ensure that you receive all the benefits. Follow the steps above before purchasing the policy. Before you make a decision, be sure to review the key features, benefits, exclusions, inclusions, as well as exclusions.

How to Choose the Best Health Insurance Policy

Before you make a decision on the best insurance for your health, consider these factors.

Insurance vs. Premium

Sum insured is another name for coverage in health insurance. When deciding on the best insurance policy for you, the two most important things to consider are coverage and premium. People made a huge mistake by comparing coverage to the premium charged them by insurance companies.

There are many benefits to a health insurance policy, including cashless treatment, pre- and post-hospitalization costs coverage, travelling charges, room rent charges, no claim bonus, health check-up benefits, tax benefits, and so on. Before you buy a policy, make sure to consider all factors. A simple comparison of different policies in the same area of health insurance can lead to disappointment when it comes time for claim settlement.

Add-on/ Rider:

The Rider, or add-on to your health insurance premium, is an additional coverage option that can be purchased for an additional premium. You can extend your base coverage by purchasing add-ons for an additional premium.

As the riders are limited in their coverage, it is important to do careful analysis before you decide on an add-on. It is important that the customer determines which add-on is required. Including all add-ons will increase the premium and leave less room for the customer to use all of them.

No Claim Bonus/ Renewal bonus

The renewal bonus, also known as the No Claim Bonus or the Renewal Bonus, is an increase in sum insured provided by the insurance company at renewal for any claims not made during the previous policy year. Insurance companies will not provide a maximum renewal bonus or No-claim bonus that exceeds 100% of the basic amount insured.

Few Indian health insurance plans offer a 10% to 50% renewal bonus on every claim. The renewal bonus percentage for each year is a measure of how much the insured sum will be at renewal. The best insurance policy for health is one that offers a 100% renewal bonus, or a no-claim bonus for every claim.

Network Hospitals

The hospitals that are part of a network or tie-up hospital are those with which insurance companies have entered into an agreement to offer cashless services to their customers. Cashless hospitalization means that the customer does not have to pay any medical bills.

The insurance company provides network hospitals and covers the hospital’s medical expenses. The most comprehensive health insurance policy has the most hospitals.


Copay is a fixed amount that must be paid each time an insured person requires medication. The amount of a claim that the insured customer must pay at settlement is called co-pay. If there are seniors included in the policy, most health insurance policies include a copay clause.

The premium for health insurance will be lower if the customer selects a higher co-pay amount. The co-pay is a way to make customers liable and participate in the settlement of claims. The best insurance policy for health is one that does not have a co-pay at claim settlement.

Pre-existing waiting periods:

Pre-existing diseases are any illness or disease that existed before the policy was issued. Pre-existing diseases are usually covered by health insurance policies. After that, the claim for payment would be processed.

For different types of health insurance products, the pre-existing waiting periods would typically range from 2 to 4 years. The longer the pre-existing waiting time, the longer it would take to settle a claim for pre-existing conditions. A policy with a 2 year or less pre-existing wait period is best for health insurance.

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