There may have been times when you felt that your health insurance premium was heavy on your pocket. You might have even been tempted to temporarily discontinue coverage. However, doing that is a bad idea as you stand to lose out on the protection of insurance as well as many benefits of continued protection like the no-claim bonus.
Now, the good news is that there are many ways by which you can save money on your health insurance premiums. To help you understand, we have listed down 5 handy tips that will surely help you make big savings on health insurance plans.
- Compare health insurance premiums
This is, perhaps, the most important tip if you are looking to save money on your health insurance. Never simply go for the first plan you come across; make sure to compare at least a few health insurance plans before settling on one. This way, you can be sure of getting the best value for money.
- Remember to use the no claim bonus
Now, if you are staying with the same insurer, your no claim bonus will automatically get carried over. However. If you are shifting over to a new insurance company, make sure to inform them of your no claim bonus so that you can carry over this benefit too. With the no claim bonus, you usually get a percentage of increase in the sum insured at no extra charge to your premium. That is sort of a huge saving in itself.
- Avoid small claims
It is advisable to avoid making small claims on your health insurance plan. This way, you can retain your no claim bonus and get an increase in your sum insured each year. Making small claims that you can easily pay for out of your own pocket might seem like a good idea at the moment; however, they might take away some of the bigger benefits you can expect from health insurance like the cumulative bonus.
- Buy coverage online
When you buy your health insurance online, you usually save a lot of money. Insurance providers themselves save a lot when they make their products available online and they pass on these savings to you through discounts. So, you might want to avoid getting coverage through an agent and paying commission and instead opt to buy your health insurance plan online.
- Drop off excess riders
When renewing your health insurance plan, do examine the riders you have opted for. Try to drop off any excess riders that you do not normally use. This way, you can remove any excess charges to your health insurance premium.
Do keep these tips in mind the next time you plan to buy or renew your health insurance coverage. This way, paying for health insurance will be comfortable and will not seem like a burden on your budget. Hope that this information has been helpful for you, today.