How to Save Money on Your Health Insurance

As an expat, health insurance is essential to protect yourself and your family from the high costs of medical care. However, health insurance premiums can also be a burden on your budget. Fortunately, there are some simple ways to lower your health insurance premium without compromising on the quality of coverage. Here are five tips to help you save money on your health insurance premium.

Choose a family floater plan

A family floater plan is a type of health insurance that covers multiple members of your family under one policy. This way, you can save money by paying a single premium instead of buying individual policies for each member. Family floater plans are especially suitable for young families who have a low risk of hospitalization. Most family floater plans cover the spouse and the children, and some also include the parents. You can compare different family floater plans which offers a wide range of affordable health insurance plans from over 20 insurers.

Opt for a higher voluntary deductible

A deductible is an amount that you have to pay from your pocket before the insurance company pays the claim. A higher deductible means a lower premium, as you are sharing more of the risk with the insurer. However, you should be careful not to choose a deductible that is too high for your comfort. A voluntary deductible is different from a mandatory deductible, which is fixed by the insurer and cannot be changed.

Use the no-claims bonus

A no-claims bonus is a reward that the insurance company gives you for not filing a claim in a year. The no-claims bonus can either increase your coverage or reduce your premium in the next year. The no-claims bonus can accumulate over time and help you save a lot of money on your health insurance premium. However, you should not avoid filing a claim when you need it, as the purpose of health insurance is to provide financial support in times of medical emergencies.

Buy a long-term policy

Most health insurance policies have to be renewed every year, and the premium may increase depending on your age, health condition, and claim history. However, some health insurance policies allow you to pay the premium for two or more years in advance, and offer a discount for doing so. This way, you can lock in a lower premium rate and avoid the hassle of renewing your policy every year. You can also save on the service tax and other charges that may apply to annual payments.

Apply online

Applying for health insurance online can be cheaper and easier than buying it offline. Online health insurance policies have lower administrative costs, and you can save on the agent fees and commissions. You can also compare different health insurance plans online and choose the one that suits your needs and budget. IIFL Insurance is a trusted online platform that helps you find your ideal health insurance policy from a variety of options, and also provides expert guidance and support throughout the process.

Key Takeaways

Health insurance is a necessity, but it does not have to be expensive. By following these five tips, you can reduce your health insurance premium and get the best value for your money. However, you should not compromise on the quality and adequacy of your coverage, as that is the most important factor to consider when buying health insurance. You should also check the credibility and reputation of the insurance company and the claim settlement process before buying a policy.