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Ways to Reduce the Cost of Health Insurance

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One of the most consuming concerns of individuals residing in the UAE and across the world is medical inflation. With the rising cost of healthcare services, medical insurance has become a must, primarily to safeguard your financial interests. 

However, sometimes the health insurance cost can be too much for an individual, affecting his/her budget. If you are concerned about this, know there are a few ways to lower the cost of your health insurance policy.

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The above plans and premiums are for AED 150,000 Sum insured for 1 Adult of 21 Years for Dubai city.

8 ways to reduce the cost of health insurance

Here are some tips to help you lower the health insurance cost –

  • Purchase a health insurance plan at a young age

The premium of a medical insurance plan depends on various factors, such as your age, medical history and much more. Since young individuals are less prone to serious health conditions, insurance companies are eager to extend a health insurance plan at a lower cost. Thus, purchasing a medical policy at a young age will help you save some amount of money.

  • Review your cover

Most health insurance companies provide modular policies. These plans offer various modules of benefits, which you can add on top of your base cover. The amount of modules you choose to purchase over your policy significantly affects maintaining health insurance low cost. Thus, before purchasing a medical policy, you must clearly understand all the modules. This will help you know what you are paying for. Consequently, you can add or remove a module to see how it affects your insurance cost. 

Taking off unnecessary modules will help you get low premium health insurance. However, it is also essential for you to assess the amount of coverage you need. Note that you should opt for a policy that works for you.

  • Raise the excess

With a health insurance plan, you generally get an option to pay an excess when making a claim. A higher excess can help bring down your premium cost to a great extent. However, while opting for this feature, you should consider affordability. 

Overall, it should be your decision to choose such a plan that comes with minimum hassles while filing for a claim. 

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  • Remove optional benefits

If you are concerned about your health insurance cost, consider talking with your insurer about the optional benefits. Upon that, try to know as much about different covers, such as psychiatric cover, additional therapy cover, dental cover and more. 

Note that most insurance companies do not remove these covers until halfway through the policy term. However, you can choose to take off such optional benefits during policy renewal to enjoy a low-cost health insurance policy.

  • Check your out-patient cover

If you are wondering – how to get low-cost health insurance, then assessing your out-patient cover might be the answer. Note that every out-patient cover varies. However, it contains a few general considerations, such as tests, physiotherapy, diagnostics and more. If you want, you can let go of a few covers to lower your health insurance cost.

  • Compare different health insurance policies

Before purchasing a health insurance plan, remember to compare different policies available in the market. Note that some policies might ask for a higher premium, but that does not mean they will offer better coverage.

Thus, ensure to check various factors before making a decision, such as features of the policy, its terms and conditions, coverage benefits, premium amount, co-pay clause and much more. Remember to know all about the policy without considering the premium amount as the deciding factor.

  • Choose top-ups

If the health insurance cost bugs you significantly, you can choose health insurance top-ups, which are offered by several insurance companies. You do not need to purchase a new insurance plan with a top-up plan. Instead, you can simply extend the coverage benefits of your already existing plan. These plans come to the rescue if you have exhausted the basic coverage limit of your existing plan. It will enable you to avail of extensive coverage without purchasing a new policy, thus helping you save on the premium cost.

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  • Try to stay fit and healthy

Your lifestyle also plays a crucial role in deciding the premium for your health insurance plan. This is the sole reason why people of younger age tend to receive a medical policy at a lower cost than elderly individuals. In addition, people who lead a healthy lifestyle without smoking, drinking or consuming drugs are more likely to receive an affordable health insurance policy than people who regularly indulge in such activities.

Additionally, leading a healthy life will reduce your instances of hospitalisation. This will help you take advantage of the no-claim bonus, which will reduce your premium amount after that.

Final Word

With rising inflation, health insurance costs are also on the rise. However, by following the tips mentioned above and incorporating thorough research into your decision-making process, you can obtain an affordable policy easily.

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