How to save money on health insurance?

With rising healthcare costs, it has become important to buy a good health insurance plan.You can save money on health insurance premiums by keeping certain things in mind,including choosing the right plan and insurer that match your requirements. Here are some ways you can save money on your health coverage.

Purchase a family floater policy: A family floater policy is cheaper than an individual plan. Some of its benefits are:

  • All family members can be covered under the same health coverage plan and you will have to pay only a common premium. An umbrella policy for your family will give you more flexibility and offer higher coverage options at a lower cost.
  • It is one of the best ways to save money on your medical insurance.

Opt for long-term plans: Long-term health covers can help in increasing your savings.

  • While most Indian health coverage plans have a tenure of one year, long-term coverage of up to three years is also possible.
  • You pay a lower cumulative premium if you purchase a plan that covers a longer period.
  • It protects you against inflation, helping you save even more on the policy.

Buy it online: The digitalisation of medical insurance in India has made it easier for individuals to obtain health insurance. Online platforms can assist you in finding good health insurance plans at affordable rates, helping you save more money on insurance.

Do not exceed your coverage requirement: Do the math and look for policies that suit your needs and fit your budget. Here’s how you can do it:

  • Use a premium calculator to calculate your health insurance premium for the selected amount of coverage. This will allow you to pick the right coverage for your budget.
  • Consider health risk factors to determine a suitable coverage value.

Choose add-ons wisely: Add-ons, also known as riders, expand the scope of coverage at an extra cost. Assess the options and choose only the ones that you feel are necessary to meet your needs. This will reduce your premium for health coverage. Make sure to check the costs of various add-ons with different insurers before making a decision. Some of the essential riders you can include in your coverage are:

  • Daily cash cover
  • Critical illness cover
  • Room rent waiver
  • Ambulance cover
  • Personal accident cover
  • Cover for AYUSH treatments

Keep these points in mind while buying the ideal health coverage. Compare health insurance policies offered by different insurers and choose the best health insurance to maximise savings on your policy purchase.