Strategies to Manage Rising Health Insurance Premiums

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.