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Health Insurance Tips - Save on Your Premium

health insuranceHealth insurance policies are becoming more and more important these days, with healthcare costs increasing on a yearly basis. Despite all this, many consumers decide to go without a health insurance policy, seeing it as a luxury cost that they cannot afford. This may be true under some circumstances, but there are always ways to lower your insurance cost by opting out of additional cover that you don’t want or need. If you are looking to purchase a health insurance policy but are worried about the cost, there are bound to be a few ways for you to reduce the cost; some of which are discussed below.

Usually, the best option for saving on health insurance is to take advantage of the policy that is provided by your employer. Even if the insurance provided by your employer comes at a cost, it is almost guaranteed to be cheaper than going out and purchasing a private insurance policy for yourself. In addition, if your employer offers a group health insurance policy, this is likely to cover any dependants, such as your spouse and children. If your employer isn’t offering a group insurance policy, it may be a good idea to put in a request – you will save a lot of money on the premiums and your colleagues are likely to be interested as well.

Number 2 in the list is to start your health insurance early – premiums are only going to increase with age because illnesses and injury become more and more common as time goes on. Purchasing a health insurance policy at a young age can help you save a considerable amount on premium payments, and you are not even guaranteed to be eligible for an insurance policy at an older age due to the risk presented to the insurers.

Another good idea is to shop around for a lower-cost solution. The key here is to check all the providers that will sell you an insurance policy and find the best value for money without compromising on the sum insured. Cheaper is not always best if you are missing out on vital areas of cover. Sundaram Alliance Insurance’s managing director Ajay Bimbhet said: “Always compare the various products in the market, and for this, the internet would be the best option. There are various sites in the online space offering detailed information on the covers offered by various insurance companies, which will enable you to choose a suitable policy.”

Specialised health insurance can be pricey, but you should at least try to purchase basic hospitalisation cover, which will protect you and your family against any treatments required for sudden illnesses or injuries. This basic cover is cheaper than a specialised policy, meaning you will save some money on your premium. Bimbhet added: “The coverage, however, should take into consideration the healthcare costs in your city/town.” Finally, simply living a healthier life can substantially cut down on your health insurance premiums. Losing weight, exercising and being more active is likely to reduce the number of doctors’ visits you have to make, therefore lowering your costs.

James Savery, 17 September 2013

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