Here are some ways to save on health insurance:
1. Employer’s Insurance: The best way to save on the cost of health insurance is to use the plan that is provided by your employer. In most cases, group health insurance also covers the dependents of employees, like spouse and children. This way you can save on the premium.
2. Start Early: There are various benefits of buying health insurance at an early age. Insurance at younger ages is affordable and the health conditions of young persons make them eligible to buy health insurance. The cost of insurance at advanced ages is prohibitive and the eligibility to purchase insurance sharply declines. So, opting for a health cover at a younger age can save on the premium.
3. Shop around for Lowest cost solutions: If cost is your prime criteria of choosing a policy, then instead of opting for any policy which comes your way, a better way out is to shop around for a policy with the least premium without compromising on the sum insured.
4. Take Basic Hospitalization cover: If you can’t afford specialized health insurance, at least try to take a basic hospitalization cover which will function as the security blanket for your family against treatment of any sudden illness or injury.
5. Go For a Top-up Cover: If you are already covered by your employer or have your individual health insurance, but are looking for a higher sum insured, you need not take an additional policy. To take a top up cover, which will give you that extra cover that you require with considerable savings on the premium. You can do this for taking a critical illness cover also.
6. Go for a Floater Policy: A family floater cover ensures coverage for a family of maximum four members consisting of self, spouse, dependent children and dependent parents under a single premium. The sum insured will be also available jointly for all the insured persons of the family covered in this single policy.
7. Ensure Cumulative Bonus: If you ensure the timely renewal of your claim-free health policy, you can get a cumulative bonus(extra sum insured) by paying the same premium. If you go for a fresh coverage for this amount, you will be required to pay an extra premium.
8. Take Separate Cover for your parents: In family floater coverage the premium is calculated on the age of eldest person. So if you include your parents under the same health policy, you might be paying more. Therefore, take a separate policy for your parents.
9. Inculcate Healthy Habits: You can save more on healthcare expenses or health insurance just by giving up your bad habits and becoming healthier. For example, loosing weight or quitting smoking will not only reduce the number of visits to the doctor, but can also cut health cover costs also. As insurers usually give rebate to people who have never been hospitalized or who don’t smoke.