5 Ways to Save Money on Your Health Insurance Premiums
With every year, we are making technological advancements in the medical field. With research, new drugs are getting discovered, and with technology, new procedures (operations/surgeries) are becoming possible. However, along with these positive developments, medical inflation is also rising faster. Today, health insurance is more of a necessity rather than an option. But, due to financial constraints, some people find it challenging to buy a health insurance plan that suits their needs. In such a scenario, they can start with a basic, affordable plan like the Arogya Sanjeevani Policy or follow the suggestions discussed in this article to save money on their health insurance premiums.
One of the important factors that determines your health insurance premium is your age. As your age increases, your health insurance premium increases. Hence, you should buy health insurance early to save on the premium.
Also, the probability of suffering from a disease/illness is lower when you are younger. The premium for healthy people is lower than for those suffering from an illness.
When purchasing a health insurance plan, you should compare plans. You can compare health insurance plans of different companies. If you wish to buy a plan from a specific company, you should compare plans of that company.
Nowadays, health insurance companies allow you to customise the plan as per your requirements. Companies provide variants of the same plan. For example, ManipalCigna ProHealth Prime has three variants: Protect, Advantage, and Active. The benefits vary with each plan. Advantage plans carry additional features compared to ManipalCigna ProHealth Prime Protect variant.
You can further customise the plan by choosing from:
Optional packages: These include Enhance, Enhance Plus, Freedom, and Assure
Optional covers: These include non-medical items (non-payables), deductible, infertility treatment, personal accident cover, cumulative bonus booster, worldwide accidental emergency hospitalisation cover , and ManipalCigna Critical Illness Add-on Cover.
Based on your need and the premium, you can build your customised health insurance plan by selecting the plan variant, optional packages, and optional covers. The optional packages and covers help you save money by selecting only those features that you need. If you are still not sure which plan to choose, you can talk to experts at ManipalCigna. An expert with in-depth knowledge will connect with you and provide valuable insights to make an informed decision.
Maintaining a healthy lifestyle is the key to saving on health insurance premiums . Giving up on bad habits can help you save premiums. Health insurance companies have a higher premium for smokers than non-smokers. Similarly, if you consume alcohol beyond a specified limit regularly, you will be charged a higher premium than others. Avoiding smoking, tobacco, and alcohol consumption can help maintain a healthy lifestyle while saving on health insurance premiums.
A healthy lifestyle includes eating healthy foods, exercising, sleeping on time, stress management, etc. Practicing such a lifestyle reduces the chances of contracting lifestyle diseases such as high blood pressure, diabetes, obesity, heart ailments, etc Waiting period for pre-existing diseases will not apply, if you are maintaining a healthy lifestyle.
ManipalCigna rewards you for maintaining a healthy lifestyle even after buying health insurance. The ManipalCigna ProHealth Prime Insurance Plan offers Healthy Rewards, a reward point system that can be earned to improve your overall wellbeing.
ManipalCigna ProHealth Prime Protect and Advantage plans offer step tracking benefit which can earn you up to 20% of the premium paid. The table below
Healthy Life Management Program – Reward Structure
No. of days in a Policy Year
No. Of Steps
10,000 steps and above per day
8,000-9,999 steps per day
6,000-7,999 steps per day
Less than 6,000 steps per day
240 days and above
20%
15%
10%
NIL
180-239 days
5%
120-179 days
Conditions under this benefit is as follows:
Rewards can be earned by adhering to Condition Management Program under the ManipalCigna ProHealth Prime Active plan , for improving the Health Parameters. These earned Reward Points can be used against payable Renewal premium.
Weighted Health Score
<25
>25 to 50
>50 to 75
>75
Rewards - % of Premium paid (Excluding optional Covers/Riders and taxes) in the existing Policy
0%
So far, we have discussed three ways of saving health insurance premiums. Some other ways include:
A family floater plan has the advantage of providing cover to the entire family compared to an individual plan. The premium for a family floater plan is lower than purchasing individual plans separately family members for the same sum insured.
Some insurance companies offer a discount of 5 to 15% when you choose to pay the premium for 2 or 3 years instead of a single year. Thus, you can save on your health insurance premiums by paying lump sum for 2-3 years.
Some insurance companies provide a no-claim bonus as a discount on renewal premiums or increasing the sum insured.
Some policies have an optional, voluntary co-payment add-on. If you select this add-on, the premium will be lower depending on the co-payment percentage chosen.
We have discussed the various ways of saving health insurance premium. Ideally, you should choose a health insurance plan as per your needs. However, if the cost is still a challenge, you may opt for a basic plan. An affordable Health Insurance plan with a sum insured range of Rs. 50,000 to Rs 10 lakhs should suffice when starting out. With increase in annual income, you can opt for high sum insured plans that offer additional benefits as well
Save up on the health insurance premiums with the above suggestions. If you haven’t already bought a health insurance plan, you should buy it immediately. Initially, a comprehensive health insurance plan with good features and benefits may look slightly expensive. But, during a hospitalisation event, health insurance can be a big saviour against hospitalisation costs. So, contact a ManipalCigna Expert, discuss your health needs, and buy an appropriate health insurance plan now!
It is always good to know how insurance firms determine premiums before seeking means of lowering them. The factors that affect the premiums include an amalgamation of personal, medical, and policy-related factors. Here are the key elements:
One of the most important aspects of pricing is age. The earlier you purchase a policy, the less expensive the premium will be. This is due to the fact that young people have less health risk.
Any existing medical condition, history of chronic illness, or previous hospitalisation increases your risk profile, which can raise premiums. Conversely, people with clean health records often enjoy lower premium rates.
Smoking, excessive drinking, or a sedentary routine may lead to higher premiums. These high-risk behaviours are regarded by the insurers as increasing the chances of future claims.
The greater the amount of money you insure, the greater the premium. It is due to the fact that your insurer will agree to cover a bigger expense in case of a serious medical emergency.
Benefits like maternity benefits, OPD coverage, alternative treatment, and add-ons (like room rent waiver or deductible waiver) may improve coverage but also raise the cost of the premium.
A multi-year policy usually offers you a premium at a discounted rate as compared to an annual premium.
There are variations in healthcare expenses among cities. In line with this, insurers charge you depending on the location of your residence.
Knowing these factors will aid you in making wiser decisions- whether you need to change your plan, add more cover, or lessen your premium load with time.
Most individuals strive to save on premiums, but they still make choices that result in insufficient coverage or costly premiums in the future. The following are the most prevalent mistakes to be avoided:
Although this reduces the premium for a lower amount of money insured against, it may lead to a strain on the budget when there is a significant treatment. There is high medical inflation, and the costs of hospitals keep increasing annually. A small sum insured will be economical in the short run, but will cause huge out-of-pocket expenses in the future.
Additional covers, such as critical illness cover, a higher room rent, or maternity cover, may add a little to the premiums but may save a person a lot of monetary burden during unexpected circumstances. Eliminating key add-ons in an attempt to lower the premium will tend to backfire.
The co-pay options are lower premiums, but they mean you have to pay a portion of the bill each time you make a payment. Some opt to use a co-pay to reduce expenditure, but cannot manage the out-of-pocket expenses when they experience a medical emergency.
Waiting until you are older or until a health issue arises can significantly increase your premium. Additionally, pre-existing diseases attract waiting periods, and delaying coverage may cost more in the long run.
Buying the first plan that fits your budget may result in settling for limited coverage. Comparing plans helps you understand price differences, features, and exclusions-ensuring you get the best value.
Cheaper policies often come with restricted room categories, sub-limits, or higher deductibles. These may reduce premiums initially but increase expenses during claims.
Many insurers offer discounts or wellness rewards for maintaining health parameters. Avoiding check-ups means you miss out on these saving opportunities.
The goal is not to buy the cheapest plan, it’s to buy the smartest one.
Saving money on health insurance premiums does not mean compromising on the quality of your healthcare protection. By understanding how premiums are calculated, avoiding common pitfalls, and applying thoughtful strategies like buying early, comparing plans, staying healthy, and choosing smart policy features, you can keep your insurance affordable while ensuring comprehensive coverage.
Your health insurance should support you financially, not create a burden. With informed decisions and timely action, you can enjoy peace of mind and long-term savings-while staying protected against rising medical expenses.
Yes. Buying health insurance at a younger age results in significantly lower premium rates because there is a lower risk of developing lifestyle or chronic diseases. Additionally, you complete waiting periods earlier and enjoy long-term savings.
Comparing plans lets you evaluate features, exclusions, add-ons, waiting periods, room rent limits, and premium variations across insurers. This ensures you get the most comprehensive coverage at a competitive price instead of overpaying for similar benefits.
A healthy lifestyle decreases your chances of making claims and keeps common lifestyle-related illnesses at bay. Some insurers reward policyholders with wellness discounts, reward points, or reduced premiums for maintaining good health parameters.
Voluntary co-payment can reduce your premium, but it means you must pay a portion of every claim amount from your pocket. It can be a good option for those who are healthy, have minimal expected medical expenses, and want lower premiums-but it should be chosen carefully.
A No-Claim Bonus (NCB) increases your sum insured every claim-free year without raising your premium proportionately. Over time, this helps you enjoy higher coverage while keeping premium costs stable, ultimately offering better value for money.
