Written exclusively for Expat Network by Pacific Prime UK

A smart policyholder doesn’t just buy a plan and leave it. If you’re looking for ways to lower your health insurance premium, some small changes can make a huge difference. This article from our friends at Pacific Prime offers 7 ways to reduce health insurance costs in 2021.

How to lower health insurance premiums

A health insurance premium is the amount a policyholder pays to receive medical coverage and insurance benefits. It’s basically the amount you pay to keep your insurance policy active. But premiums can be costly, especially if you’re paying for more than you need. Here are some ways to lower your premium without compromising on coverage.

1. Buy a policy at an early age

One of the key factors that’ll affect your health insurance premium is age. The older you are, the higher your chances of being affected by health issues and conditions. That’s why insurance providers increase insurance premiums as a person gets older. Getting a health insurance policy when you are still young and healthy means you’ll be able to get a better deal on premiums.

2. Select the right sum assured

Choosing the right sum assured is crucial for any policyholder. If you go with a higher amount of sum assured than your actual requirements, you’ll be paying extra on premium for no reason. On the other hand, if your sum assured is too low, then you won’t get enough coverage and will have to pay for some medical expenses out of pocket. Therefore, it’s important to choose the right sum assured according to your age and health status.

3. Opt for deductibles

A deductible is the amount you pay out of pocket before your insurance provider starts to pay. Some health insurance providers give you the option of choosing deductibles voluntarily, which can help lower health insurance premiums. However, you’ll have to compare health insurance plans to find policies with this option as well as choose the right amount of deductible.

4. Go for a family floater plan

If you have a family, it’s always advisable to purchase a family floater plan instead of an individual health insurance policy. A family floater plan covers you, your spouse, and your dependent children under a common insurance umbrella, making it cheaper than if you were to take out individual insurance policies for each family member. In fact, once two or more people are covered under a single plan, the cost of health coverage per person gets lowered.

5. Take advantage of your no claims bonus

Did you know that you can get a reward for not making any claims on your health insurance policy? Known as a no claims bonus, the bonus for zero claims made by a policyholder in the preceding year usually comes in the form of an increase in medical coverage or discount on the premium. A useful tip is to refrain from making small claims to save your no claims bonus.

6. Buy a top-up plan

In some cases, you might already have a health insurance policy, but would like to add more benefits to make the most of it. For example, you might have health insurance from your employer and would like to get more coverage for medical expenses than what’s offered. In that case, buying a top-up plan would be a cheaper option than buying a whole new policy.

7. Compare health insurance plans

Before buying a plan, you need to make sure you’re getting the most cost-effective health insurance for your requirements. Spend time looking at different insurance providers and plans to ensure you make an informed decision. Even though lower health insurance premiums may be desirable, cost should not be the only reason you choose a plan and adequate coverage should be the priority. You’ll also want to take details of the insurer into account, such as their credibility and claims process.

If that sounds too time-consuming or overwhelming, it’s advisable to work with a reputable insurance broker like Pacific Prime. When working with Pacific Prime, you can be sure that you’re paying the same price as you would if you went directly to the insurer. On top of that, we also compare medical insurance plans to ensure you get the best plan for your needs and budget, whether you’re looking for international health insurance or a local plan. Contact us for a free plan comparison or consultation today.