#FinancialBytes: 6 tips to lower your health insurance premiums
What's the story
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 early, Stay fit
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.
Sum, Buy Mode
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.
Long & Family plans
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.