How to save on health insurance premiums?

Owing to the rising cost of medical care across the world, health insurance is no longer a luxury but a necessity in today’s times. A health emergency can impact anyone at any time and a medical insurance policy in uae serves as a safety net using which you can reduce the financial strain caused.

However, there is no denying that purchasing a comprehensive health insurance plan and paying its premiums can also burn a hole in your pocket.

Here are a few ways in which you can save up on your health insurance.

Purchase a health insurance policy early

One primary factor that determines the premium amount is the age of the policyholder. Hence, it is always advisable to purchase a health insurance policy when you are young. When young, you are less vulnerable to diseases and health conditions, thus your policy premiums are lower.

Also, with age, you are more prone to cardiovascular conditions and diseases such as diabetes and high blood pressure. Such conditions cause the premiums to increase.

Inculcate healthy habits

The health risks associated with your lifestyle choices are taken into account when calculating premium amounts.

For instance, medical insurance companies in dubai ask for details about your habits such as smoking and alcohol consumption when you purchase a policy. A smoker is susceptible to more health risks than a non-smoker and, consequently, will be subjected to higher premiums.

Also, pre-existing conditions such as diabetes and hypertension are likely to increase the premium amounts that you will be charged.

Thus, to reduce the premiums, it is advisable that you inculcate healthy habits. Eat healthy, follow a good exercise regime, and avoid an unhealthy lifestyle.

Compare various policies

Always compare policies from a wide range of insurance providers and understand their features carefully. A meticulous research into the inclusions and exclusions of each policy will help you pick the best and most appropriate one to suit your needs.

Purchase a policy online

Buying a medical insurance policy online is cheaper than buying it offline. This is because of the simple reason that the insurer saves his operational costs online due to lack of middlemen or intermediaries. Hence, the benefit is distributed to the purchasers of the policy, resulting in a win-win situation for both, the insurer and the insured.

Check out online for discounts

Digitization has revolutionized the manner in which the insurance industry works. To entice more customers to purchase policies online, insurers today are offering heavy discounts online.

It is easy to extract information online about which insurer is giving good discounts on the policy. So, leverage the power of the internet and do your homework before you purchase health insurance.

Evaluate your requirements

The smart way to benefit most of your health insurance is to be aware of your requirements and not purchase excess insurance that might increase the premiums. Consider and carefully assess how much healthcare you have received in the past and how much you might need in the future.

Avoid any unnecessary add-ons that you might never use. For instance, if you are not planning for children in the near future or if you already have children, it would be illogical to purchase a policy that includes maternity and newborn coverage. Eliminating such superfluous features can prevent your premium rates from increasing.

Also, remember to review and assess your medical needs before renewing your policy each year.

Purchase a top-up plan

A top-up plan is an additional coverage that reimburses hospitalization costs after you reach a certain limit in your existing plan or when your base insurance sum is exhausted.

A top-up plan can be purchased at an economical rate and can serve as a good alternative to buying a high-coverage health insurance policy.

Opt for family floater health insurance plans

A family floater health insurance plan provides health coverage for two or more members of a family under one policy. For instance, a family floater plan can cover you, your spouse, and children under one umbrella. Such policies are affordable and provide higher coverage amounts with a significantly lower premium.

If you bear in mind the above points and work on them in a prudent manner, you can certainly save a tremendous amount on your health insurance and not strain your budget.

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