5 ways in which you can save on health insurance premiums

Health issues might arrive unannounced. There is always a chance that you might be affected by the occasional virus or the seasonal flu. There can even be more serious complications which may require hospitalisation. At times like these, you need to be prepared financially. Hence, health insurance is necessary. However, insurance does not come cheap. There might be times when you cannot afford the premiums. But, this does not mean that you should avoid getting insured. There are ways in which you can ensure that the health insurance premiums do not empty your pockets. So, if you are wondering how to save on health insurance, here are 5 ways in which you can get covered without having to worry about it eroding your savings.

1. Opt for the employer health insurance policy

This is probably the best way to save on health insurance premiums. Organizations usually offer their employees health insurance. There might be some deduction from the monthly salary, but still, it is significantly lesser than what you would pay for a standalone health insurance plan. If there is an option to get your dependents covered under the same insurance policy, remember to add your spouse, children or your parents. If not, try and ask your employer if such an arrangement can be made. The expenses can be significantly lesser as compared to traditional health plans.

2. Purchase a health insurance plan early

Health insurance premiums are decided based on different factors like your age and health at the time of purchase of the health insurance plan. The younger you are the lesser are your chances of falling sick and the less significant of a risk you are to the insurance company. Hence, the premiums for those in their youth are usually lesser unless you have an existing medical issue. Purchasing health insurance early, thus, makes you eligible for lower premiums, and you can save on your health insurance.

3. Stop and compare

There are a variety of health insurance plans on the market. You should not buy the first plan that you come across. It is very important to analyze your needs and then purchase a policy. Health insurance plans these days come with a lot of bells and whistles which not everybody needs. All these features add up to a hefty premium. Filter them out and shortlist only those features that you need. Then, compare the plans that offer similar features and select the most affordable amongst them. There are various online forums as well as online premium calculators that can help you in this.

4. Opt for a basic cover if you cannot afford extra features

As mentioned above, you do not need ALL the features of a health plan. There are plans with additional built-in features that cost more but are only meant to attract consumers. If you cannot afford such plans go for a basic hospitalisation cover. Even this cover can go a long way in cushioning you financially when you fall ill and require hospitalisation.

5. Follow a healthy lifestyle

Lastly, it all boils down to how fit you are. You can be fit by giving up on unhealthy habits and adopting a healthy lifestyle. Giving up smoking or alcohol, or losing weight can help you stay healthy, save on your hospital visits and also reduce your health insurance premiums. Thus, it is a win-win situation.

Remember that in today’s world, health insurance has become a necessity rather than an option. You need to get a health insurance policy at the earliest. It not only saves you from the financial stress, but it can also help you get access to quality healthcare when you fall ill, without you and your family having to worry about hefty medical bills.