Health insurance has become an integral part of every person, just like insurance for a vehicle. It is essential for every person to take out health insurance to avoid incurring debt due to future health problems. But the increasing cost of insurance premiums every year is a cause for concern. Let’s look at seven ways that can help you get a discount on your health insurance premium without compromising on your current benefits.
1. Loyalty discount
This is a discount that customers who have taken any insurance policy from a company get when they take a health insurance policy from the same company. Usually, such discounts are offered by general insurance companies. Many companies offer these discounts with the aim of retaining existing customers in their ecosystem. For example, if your vehicle is insured by a company, as a loyalty customer, you may get a certain percentage discount when you take health insurance from the same company.
2. Network discount
Network discount is not a direct discount on the premium of the policy. However, it can help you save money in other ways. Many health insurance companies have corporate partnerships with gym networks, pharmacies, diagnostic labs, etc. Network discounts are discounts that a customer of a health insurance company gets when they purchase products or services from other companies with which they have a partnership. For example, instead of paying Rs 3,000 for a gym membership, you can save Rs 2,000 through the health insurance company’s network discount. Although this discount does not reduce the health insurance premium, it can provide relief to our pockets.
3. Wellness discount
This is a discount offered by insurance companies to encourage policyholders to lead a healthy lifestyle. Some health insurance companies believe that those who exercise regularly are less likely to get sick. This will also reduce claim rates. Many companies monitor the physical activity of their customers through their apps and award points accordingly. Those points can be used to get a significant discount on the premium at the time of policy renewal. A person who paid a premium of Rs 20,000 last year was able to renew his policy this year by paying only Rs 16,000 due to the wellness discount. At least some companies are trying to create a healthy society through health insurance.
4. Women’s discount
This is a discount offered to raise awareness of health insurance among women and to promote women-centric plans. It may also be available to families with only female children in some policies that are available only to women. In some plans, there is a requirement that the proposer of the policy must also be a woman.
5. Family Floater Discount
This is a benefit that is available to members of a family when they take out a health insurance policy together. This discount is available by sharing the sum insured by everyone in the family. For example, a couple of the same age would have to pay Rs 10,000 each for two individual policies, totaling Rs 20,000, but if they take out a floater policy, they would only have to pay Rs 15,000. This is possible by getting a floater discount of about 50 percent for the second member. Since it is a floater policy, only one member of the family can use the entire sum insured.
Some floater plans also have a feature where even if one member has used up the entire amount, the insurance amount will be refunded if another member is hospitalized.
6. Long-term discount
Health insurance premiums are usually paid annually. A long-term discount is a discount that a customer gets when they pay a few years’ worth of premiums upfront. Some companies allow premiums to be paid in advance for up to three years, while others allow premiums to be paid in advance for up to five years. The customer also gets a discount accordingly.
7.Good Health Discount
This is a discount offered by some companies to attract people who maintain a good level of health to health insurance. Those who have a healthy BMI (Body Mass Index), controlled sugar levels, and proper blood pressure are eligible for this discount. Similarly, those who have not been admitted to the hospital in the last three years are also eligible for this discount.
(The article does not cover discount methods that affect the benefits of a health insurance policy.)
