Many of us have seen significant changes in our circumstances over the last year: many people have lost their jobs and may now be struggling to meet insurance payments. Fortunately, there are several ways to save costs without having to drop your health insurance entirely. Here is a checklist that’ll help you to lower your insurance premiums:

Health Insurance Checklist:

1. Invest early

The premium for a health insurance plan is decided by numerous factors, including age, medical history, and so on. Buying health insurance at a young age or early saves money because insurance companies feel that young people are less likely to become ill and require hospitalisation. As a result, they charge younger people less for health insurance coverage.

2. Employer’s health insurance

Evaluating your options is the first step toward saving money on health insurance. Is your company providing health insurance? If this is the case, it may be worthwhile to reconsider your employee health benefit alternatives.

Your employer-paid group plan may have fewer alternatives—often, only a few different plan options within the same health care business—but it may save you money because you will share premium payments with your employer.

3. Stop and compare

You should not buy the first plan that you come across. It is vital to examine your needs before getting insurance. Health insurance coverage nowadays comes with a slew of extras that not everyone needs. All of these things add up to a significant cost. Filter them out and generate a list of only the qualities you need. Then, compare health insurance plans with similar characteristics and select the one with the lowest cost. There are a plethora of online forums and premium calculators that can help you with this.

4. Choose a basic cover

If you are on a tight budget, you may want to start with basic health insurance coverage. If you have less coverage, you will have to pay a cheaper rate. However, if your financial condition improves in the future, you can pay an additional amount to expand your coverage at the time of your health insurance renewal. In addition, compare health insurance policies with limited coverage to find the most economical option.

5. Family floater plans

If you want to protect your entire family from rising medical expenses, you might think about obtaining a family health insurance plan. When it comes to family floater health insurance policies, the total cost of the policy is divided among all insured members. As a result, the premium amount is much lower as compared to individual health insurance coverage.

6. Choose top-up options

If you consider that the coverage offered by the plan is insufficient, or if you have reached the limit on your current health insurance, you must choose the top-up choices rather than purchase a new policy. This means you will just pay for the extra features and not for an entirely new health plan.

7. Choosing No-Claim Bonus

Many insurance companies provide NCB payments if the policyholder has not submitted a claim in the preceding years. As a result, while shopping for health insurance, make sure to check to see if the insurer provides an NCB benefit. Because the incentive can be used to cover an additional amount without incurring additional premium fees.

8. Healthy lifestyle

Staying healthy is an easy way to save money on health care. That is, of course, sometimes easier said than done. However, maintaining a healthy weight, taking regular exercise, and not smoking reduce your chance of health problems. Staying healthy allows you to avoid expensive testing and treatments for chronic diseases like diabetes or heart disease.

We hope that by following the advice provided above, you will be able to begin taking steps to reduce your health insurance expenses right away. Also, when acquiring health insurance coverage, keep the aforementioned tips in mind to reduce the premium cost. Compare all of the insurance companies before making a decision based on the cost, features provided, coverage, and other factors.

The Author Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.