How to pay less on your Health Insurance cover

Health Insurance



I am sure this post will grab many eyeballs because of its title – considering how price sensitive we Indians are :).

On a more serious note, the objective of this article is not only to choose a health plan by paying lesser  premium, but also  to choose the best possible cover with maximum features at an optimum cost. Here are some ways you can do so.

  • Opt for a family floater option instead of individual policies for family members. By doing so, you can safely opt for a lesser total sum assured compared to individual policies (since the possibility of all members making a claim in the same policy year is remote) thus reducing your premium amount.
  • If you are going in for a high cover, instead of taking the standard health cover for the required sum assured, take a part of it as a separate critical illness cover; since a critical illness cover costs much lesser. Also, logically one is likely to exhaust such a high insurance cover only if he or she contracts some major illness!  To put in simply, a 10 lakhs standard health cover would be more expensive than a 5 lakhs standard + 5 lakhs critical illness cover.
  • If the individual is young and has a good health profile and is unwilling or he or she cannot afford to pay a higher premium, a cover with sub-limits for specific illnesses and limits on coverage will work out much cheaper.
  • This is not a recommended option, but if you are unable to afford the regular premium, some health insurers offer policies with the co-sharing option at a much lower cost. Here, in the event of a claim, the insurer and the insured share the medical expenses in the pre-specified proportion.
  • There are many health insurance providers who offer freebies like a free health check up after a specified number of years. The insured should be aware of such features and make use of them to maximize the benefits on his/her health insurance policy.

Have a query/an opinion/a comment to make? Would love to hear it !

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