Best tips to save on health insurance premiums


15 Jun 2023

Health Insurance Premium Saving Tips

Healthcare and medical facilities are no exception to the growing cost trend that has affected every sector of financial activity in today's inflation-ridden world. Primary healthcare expenses alone are enough to strain a person's finances severely. So, having a particular health insurance plan in these times is not an expense but a necessary requirement. A health insurance plan provides comprehensive coverage in the event of any medical emergency and protects your savings account from unexpected depletion.

You may wish to spend your hard-earned money wisely on health insurance premiums, as with all others. In light of this, we will discuss some tips to save on health insurance premiums. Continue reading to learn more.

  • Get health insurance as soon as feasible

The age of the policyholder directly affects the cost of health insurance. So, the premium likewise rises as you become older. So, in order to save on health insurance premiums, it is better to purchase coverage when you are young and healthy (with no or few health difficulties).

  • Take basic coverage

Get a basic policy that will protect you and your family from any medical emergencies if you can't afford complete health insurance coverage. Your premium will be lower as basic insurance policies are less expensive due to their limited coverage. The cost of healthcare should be taken into account when purchasing the basic cover.

  • Choose a family floater policy

A family floater is less expensive than individual health insurance policies if you wish to obtain insurance for your complete family. Family floaters let you pay a single premium amount while sharing the insured total and policy benefits with all of the covered members.

  • Purchase coverage online

Purchasing health insurance online offers several benefits that can make the process of finding and purchasing insurance more convenient, affordable, and tailored to your specific needs.

  • Purchase top-up plans to increase coverage

If you wish to increase coverage, use a top-up plan rather than purchasing a new policy with a bigger sum covered. A larger insured sum means a higher premium for the plan. But, the top-up cover will offer more protection than your standard plan at a reasonable price.

  • Claim judiciously

A No Claim Bonus (NCB) is a reward granted by insurers to clients who do not file any claims throughout the period of the policy. The award is often given in the form of an increase in the insured amount or discounts on premiums. So, you might think about not filing claims for little medical expenditures if you want to reduce your health insurance premium.

  • Stay healthy and save a lot of money

A health fanatic will always be asked to pay a lower rate than someone who smokes, is obese, or has a medical issue. Maintain a healthy lifestyle by giving up unhealthy habits like smoking, drinking, etc., if you want to save on health insurance premiums. Insurance companies typically offer discounts to fit, healthy individuals who avoid hospitalization.


As you can see, purchasing medical health insurance does not need you to pay a high premium. There are methods to keep your rates low, so it may be affordable. Hence, evaluate your health demands and select the plan appropriately.

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.