7 key tips to save money on health insurance premiums

livemint.com:

personal finance strategy without factoring in unexpected medical expenses is practically impossible in today’s world. It wasn’t too long ago when the world experienced an unparalleled health crisis in the form of a deadly pandemic, the after-effects of which can still be felt with long-term health issues. On top of that, the cost of healthcare is rising across the world.

The biggest factor is that the medical inflation rate is a lot higher than overall inflation. In India, the cost of hospitalisation roughly doubles every five years. It will, therefore, be nothing short of negligent to not have health insurance in the times we live in.

However, often buyers also wonder about its cost and if there’s a way to bring that down. Fortunately, with a few simple tips, one can bring down their health insurance premium. Start as early as possible: It is important to start your health insurance journey early in life.

Health insurance premiums are lower for young people because they are considered to be a low-risk category. This is because younger people are less likely to have chronic health conditions. They do not generally require expensive medical care.

Once you purchase a health insurance plan, your premium will remain the same for the duration of the policy. Even at the time of renewal, the hike in premium is marginal. This means that if you start early, you can lock in lower premiums for many years to come.

Choose the right add-ons: Dealing with health concerns has become an unavoidable aspect of our lives in the times that we live in. Whether it's a minor health issue or a more significant ailment, consulting a doctor is a necessity. On average, individuals can expect to spend around ₹1500-2000 annually on doctor visits.