Medical expenses are unavoidable. But having health insurance is a great way to save on medical costs. So, if you want to save on hard-earned money here are the best tips to save on MPB insurance plan premiums. 

Buy Your Insurance Online

Buying MPB insurance plans online can significantly save costs compared to buying them offline. This is because online insurance bypasses the intermediaries and the consequential costs. The savings reduce the premium charged for online health insurance plans; hence, it is recommended that you opt for online health insurance plans to save costs on premiums. It can also offer benefits like:

• Purchasing health plans from anywhere at any time
• The entire buying process becomes far more convenient than offline alternatives.
• Ability to buy directly from the insurer without interacting with any middlemen. 

Compare the Health Insurance Plans

Since the health insurance sector has grown manifold, there are a lot of health insurance plans to choose from. Make sure that you compare the prices and benefits offered under multiple health insurance plans to help you zero down on the best plan. 

Purchasing health insurance online can help you to accomplish this more efficiently as online health insurers mostly provide a health insurance calculator that can give you an estimate of how much the plan may cost you. 

You can input all the coverages you require, and the calculator will give you a free health insurance quote. You can then choose a plan that covers all your needs and is easy on your budget, based on the comparisons of quotations of multiple plans. 

Buying Health Insurance as Early as Possible

It is suggested that you buy health insurance early on in life. Most insurers offer health insurance at a lower price for youngsters. This is because youngsters are less prone to incur severe illnesses compared to the elderly and hence may not raise many claims. Thus, it is wise to buy insurance as early as possible rather than waiting till you become older, in order to save costs. 

Select a Plan With Coverage for an Extensive Duration.

Most health insurance plans have a policy period of approximately one year, which is the duration between the commencement and expiry date of the health plan. Many insurance providers offer attractive discounts on medical plans that have a policy period of 2-3 years. 

Hence, the cumulative premium can be a lot less than renewing the plan every year. These plans span over a few years and hence protect you against inflation, further helping you to save on your health insurance premium and serving as an additional incentive to opt for long-term plans. 

Go for Top-Up Plans to Enhance Coverage

The cost of availing certain medical procedures can be high. Buying an insurance plan that covers huge medical expenses is also expensive because the higher the sum insured, the higher the premium payable. But you have the option of buying top-up and super-top-up plans above your regular health insurance as these plans are cost-effective and help to boost the sum insured significantly. This can help you save costs on your health insurance premium. 

Avoid Unnecessary Coverages

Remember that the premium charged under health insurance is usually proportional to the coverage one selects. The more coverage you choose, the higher the premium will be. So, go for only the required add-ons while buying health insurance in order to prevent incurring additional costs. 

Opt for a Family Floater Plan

Your family should be financially protected against medical costs under health insurance. However, purchasing individual health insurance plans for each family member can cost you a lot. So you can opt for family health insurance plans where you can avail coverage for your family members under a single plan. This can significantly reduce the money you spend on health insurance for your family and also increase the scope of coverage of your plan. 

Claim Judiciously

No Claim Bonus or NCB refers to a reward given by the insurers to customers who do not raise any claim during a policy term. This reward is usually granted in the form of an increase in the sum insured. This is a great way of saving on health insurance premiums by avoiding raising claims for minor medical expenses. 

Balance the Group Medical Cover and Individual Policy

Many employers offer group medical covers for salaried employees and their dependents. But keep in mind that your employer’s health plan may not be effective once you leave the organization. If you have a GMC from your employer, instead of spending a lot on an individual plan, you can choose a plan that compliments your employer’s health plan. But keep in mind that your employer’s health plan may not be effective once you leave the organization. 

To Conclude

Availing proper coverage in health insurance doesn’t have to be an expensive affair. The above tips will help you avoid spending a lot on health insurance premiums and thus allow you to save your hard-earned money while also being protected against unexpected medical costs.