How to Save on Health Insurance Premiums?

­While I was on my morning radio session, a quick caption caught my attention. “Money stinks if kept unused”! It’s not easy to make money in this world and not everyone can generate money with the same ease. But those who have known the trick, money starts flowing in to them without much effort. However, not everyone who makes money is really able to make money.

Money making may be an art but retaining money is a bigger task in its own. Smart people do not let money stink as they know how to regulate it in activity. As per Warren Buffet’s popular quote ‘Never lose money’, our smarter counterparts don’t lose money as they realize that saving money is making money.

The radio quote which was an audio ad for a health insurance company certainly brought a stimulus in me as I started exploring ways to save money. However, it is also important to realize the fact that health is wealthier than saving money and we should not do anything to save money at the cost of losing health. But it is smartness to buy a comprehensive health insurance policy at a cheaper price or to get that extra discount for the same good policy. Since the insurance ad got this idea, I thought of starting savings from health insurance that is from premiums. However, I have to explore the ways on ‘how to save on health insurance premiums’?

Investing in health insurance itself is a smart move as it stops you from paying huge money in the form of hospital bills in future especially when you are not prepared for it. A little insight would save oodles of money to you. Let’s munch on some valid points suggested by experts across the world to know how to save on health insurance premiums!

Visit Network Hospitals:

Unless it is an emergency and if it is a planned hospital visit, prefer going to network hospitals as it saves you money. Your policy takes care of your expenses if you visit the network hospital. If it is out of the network hospital, you may end up paying from your pocket.

Increase Your Deductible:

If you increase the deductible amount, you will have a chance to pay less on your premiums. However, there are few advantages and disadvantages to it. If you are fortunate enough to buy your own insurance, go ahead and do it then. Additionally, make it sure that your family members and you are in sound health. Try to increase the deductible only if you are sure that there is no emergency risk situation in the near future.

Compare Policies Across Insurers:

Every health insurance company offers something interesting to be called as their unique feature and usually no other company has it for a period of time to show their customers that they are ahead of their competitors. However, it is not necessary that the unique feature they have is helpful to you. Remember, every policy seeker has unique needs and priorities depending on their health conditions. So, it is always better to compare policies to look for the best features you actually require.

Explore Premium Calculators Online:

You may say that you have no clue about how the insurance industry works and how to save on health insurance premiums! Feed the necessary inputs on online sites which calculate premiums and the software will give you insightful information about the premiums to be paid if you buy the policy.

Understand Your Policy Before Purchase:

Pragmatically speaking, insurance companies just work for earning their bread and butter. They can play tricks to make you buy their health insurance policy. There will be many loopholes which may trouble you at the time of a claim. Please go through the entire document to understand the terms and conditions and also the claim settlement ratio of the insurance company from which you are planning to buy insurance.

Prompt Policy Renewal:

Many forget the policy once they buy it. Undoubtedly a policy gives a sense of security, but one should not forget that every policy needs a revival to be called as a running policy to retrieve you the claim amount when you need it. That is renewal. If you renew the policy in time, there is no chance of penalty.

Go for Add-Ons:

The trends keep on changing in insurance industry when it comes to answering the question, ‘How to save on health insurance premiums?’ Get timely updates in the form of emails or info-graphics to keep you updated about the trends of the domain. Pick the trending and highly opted add-ons to enhance the features and coverage of your plan.

These simple tips and time would save you from huge premiums and get you the best benefits of an insurance policy. You are already in a worthy contemplation of buying an insurance policy and make it a feather on your cap by choosing the best policy with least possible premiums to save huge amounts of money and safeguard your life in a sense of security.