Strategies to Manage Rising Health Insurance Premiums

If you ever feel like your health insurance premium is slowly eating up a sizeable chunk of your pay stub every year, you are definitely not alone. With the rising costs of medical procedures and insurance companies adjusting to increasing claims and inflation, even basic health insurance coverage can start to feel like a financial burden.

Top 7 Tips to Manage your Health Insurance premium
Top 7 Tips to Manage your Health Insurance premium from rising:
But it does not have to be this way. You can use these smart strategies to help you manage the rising health insurance premium amounts without sacrificing your insurance coverage.
1. Check your Ongoing Plan
Your first step would be to reassess your current health insurance plan. Are you paying for features and riders you no longer require? Sometimes, trimming unnecessary add-ons can prove to be a big difference.
2. Compare Before You Renew
You should never auto-renew your health insurance plan without comparing. For this, you can use platforms like Paybima to get expert recommendations and know more about the benefits, network hospitals, and, of course, premiums. You might find a better deal than your ongoing policy.
3. Choose a Higher Deductible
The deductible is the part you pay out of pocket before your insurance kicks in. Picking a higher deductible can seriously bring down your monthly premium. Just make sure it’s an amount you’re comfortable covering if things suddenly go south.
4. Use Top-Up Plans
Instead of choosing a high-value-based health insurance plan, you can look for a top-up or a super top-up plan. They kick in once a set threshold is crossed, making them ideal for unexpected large expenses. Make sure you check these plans before making your decision.
5. Embrace Preventive Care
Insurance companies often offer wellness incentives in the form of discounts on premiums to policyholders who maintain a healthy lifestyle. By getting routine annual checkups, tracking steps, and making lifestyle choices, you can save a decent amount on your premium amounts.
6. Opt for a Family Floater Plan
Instead of getting individual insurance plans for your spouse, parents, or even children, you can consider getting a family floater plan. These plans offer better value and a lower insurance premium, especially if the covered members are younger and healthier.
Oping for a family floater plan could be a good idea as it is an umbrella plan. Click here to learn more about Family Floater Plans.
7. Making the Most of No-Claim Bonuses
NCB or No-Claim Bonuses are an annual discount you get on your yearly premium amount every claim-free year, depending on your health insurance plan. You can save quite an amount by getting small treatments and check-ups done without leaning on your health insurance plan.

Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Over to You
Care Health Supreme and HDFC ERGO Optima Restore are among the best health insurance policies in India today. It is a matter of your priority, coverage depth over cost effectiveness. Here’s a quick recap for you to make an informed decision.
Both offer coverage of up to ₹1 crore; Optima Restore starts at ₹3L, Care Supreme at ₹7L. Supreme offers unlimited recharge; Optima Restore offers 100% once a year, after a claim is made. Care includes OPD + unlimited e-consults; Optima lacks OPD, allows one consultation/year. Care gives a 30% discount + 500% bonus; Optima offers 8% discount + 50% bonus. Care Supreme is costlier but has more features. Optima suits budget buyers; Care fits those needing wider, long-term coverage.
Whichever health insurance plan you choose, ensure to read the policy wordings and seek advice from an expert before you make the purchase. The best health insurance is the one that covers you the way you want to be covered.
Speak to an Advisor Both offer coverage of up to ₹1 crore; Optima Restore starts at ₹3L, Care Supreme at ₹7L. Supreme offers unlimited recharge; Optima Restore offers 100% once a year, after a claim is made. Care includes OPD + unlimited e-consults; Optima lacks OPD, allows one consultation/year. Care gives a 30% discount + 500% bonus; Optima offers 8% discount + 50% bonus. Care Supreme is costlier but has more features. Optima suits budget buyers; Care fits those needing wider, long-term coverage.
Whichever health insurance plan you choose, ensure to read the policy wordings and seek advice from an expert before you make the purchase. The best health insurance is the one that covers you the way you want to be covered.

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