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    Home / News / Business News / #FinancialBytes: 6 tips to lower your health insurance premiums
    Business

    #FinancialBytes: 6 tips to lower your health insurance premiums

    #FinancialBytes: 6 tips to lower your health insurance premiums
    Written by Sagar
    Sep 01, 2018, 06:11 pm 2 min read
    #FinancialBytes: 6 tips to lower your health insurance premiums

    With medical inflation reaching an all-time high, falling sick, even once in a while, can take a toll not only on your physical health, but also on your financial well-being. It, therefore, is a no brainer to buy an apt health insurance plan, which can help save you money, if hospitalized. So, to help you save on your premium money, here are 6 tips.

    Buy a health insurance policy when you're young; Stay fit

    Buy early: Age is a major factor for computing the premium amount. Higher age groups attract greater health insurance premiums. Obviously, with increasing age, the risk of age-induced ailments increases. Thus, it is advisable to buy a policy as early as practically possible. Stay fit: Medical insurance companies reward fit buyers with lower premiums, while may charge considerably high premiums from smokers and drinkers.

    Go for the right sum insured; Buy policy online

    Insured Sum: Select the apt insured sum based on your age and medical condition. A higher insured sum means unnecessarily high premiums, while a lower sum means you may have to pay your medical bills out of your own pocket. Buy online: By saving you agent commissions, online health insurance policies can avail you 10-20% discount on your insurance policy premiums, unlike offline-bought policies.

    Opt for long-term plans; and family floater plans

    Long-term plan: Usually, health insurance policies are renewed every year, but certain companies might offer longer (2-3 years) plans. These policies often come with 10-20% lower premium amounts, and also normalize the effect of inflation, by keeping premiums fixed. Family plans: Go for a family floater plan, that includes your spouse and children, as these policies' premiums are usually cheaper than individual health policies.

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