A sudden hospital visit today can feel like nothing short of a financial shock. The steep rise in healthcare costs is visible all around – right from routine diagnostics to critical treatments. The reason? Medical inflation has clocked in at 14 per cent, which is well above the overall inflation. Naturally, health insurance premiums have followed suit, adjusting to this rising cost.

This makes comprehensive health insurance even more important, but it is just as crucial to find a plan that fits your budget. In an attempt to cut costs, it might be tempting to go for the lowest premium. But this might come at a trade-off with your coverage, and render the plan ineffective when you need it the most. So, the real question isn’t how to pay the least upfront but how to ensure meaningful protection that is also affordable. Turns out, there are quite a few ways to achieve this.

Make an early start to lock in low premiums

The younger you are, the healthier you are. A key strategy to keeping health insurance premiums manageable is to start early. Insurance premiums are typically lower when purchased at a younger age as policyholders are considered of a lower risk profile. This strategy also helps avoid age-related premium hikes and exclusions due to pre-existing conditions. There are now plans that offer to lock your entry age too. For instance, if one buys policy at the age of 25 years, at every renewal the insurance company will charge the premium applicable for a 25 year old only. For better transparency, comparing plans early on trusted digital platforms can help you find the best premium rates while ensuring adequate coverage.

Discount at preferred network hospitals

Opting for treatment at preferred network hospitals of the insurance company can bring down health insurance premiums by around 15 per cent. The price benefit of insurer-hospital partnership gets passed on to the policyholders. Also, some plans allow customers to choose multi-bed sharing room options, which further brings down premiums by 40-50 per cent from regular plans. This flexibility helps individuals and families manage healthcare costs without compromising on essential coverage.

Go for monthly EMIs

An upfront large expense can seem intimidating and harder to arrange, especially with rising costs. Switching to manageable monthly EMIs can help distribute the expenses more evenly, making it easier on the pocket without a sudden financial strain. You can also check for insurers offering flexible EMI options with minimal or no extra cost. This will help maintain comprehensive coverage without compromising on affordability.

Consider deductible to reduce premium

A voluntary deductible is a good option to bring down your premium, if selected thoughtfully. A deductible means policyholder agrees to bear a fixed amount in case a claim arises. In exchange of this agreement, insurance company offers a discount to the customer. Higher the deductible amount, higher the discount. For instance, a person opting for ₹25,000 deductible can get a discount of up to 25 per cent in their premium. However, if there’s a claim of say ₹5 lakh, the policyholder will have to pay ₹25,000 (deductible amount), while the insurance company pays the rest.

Combine a base policy with a super top-up

Instead of opting for a high-value health insurance plan with expensive premiums, policyholders can reduce costs by splitting coverage between a base policy and a super top-up plan. A base plan covers regular medical expenses, while a super top-up policy kicks in once medical bills exceed a predefined threshold. This approach ensures higher overall coverage at a lower premium compared with a single high-value policy.

Leverage your CIBIL for premium discounts

A good credit score can help lower health insurance premiums. Some insurers offer discounts based on your credit score. So maintaining a good credit score by paying bills on time, reducing outstanding debt and managing finances well can improve eligibility for such benefits. Credit-based discounts can be a smart way to make health insurance more affordable.

Opting for family floater plans

For families, a floater health insurance plan can be a more affordable alternative to individual policies. Instead of purchasing a separate coverage for each member, a floater plan provides a shared sum insured that any family member can use as needed. Since the premiums for elder and younger members are factored in together, the insured members can benefit from cumulative pricing. Younger families can benefit from lower costs while ensuring everyone is covered under a single policy.

Maintain a healthy lifestyle to earn discount

It pays to stay healthy. Many insurers now offer wellness programmes that reward policyholders for maintaining a healthy lifestyle. These programmes track activities such as regular health check-ups, walking at least 10,000 steps a day, quitting smoking or achieving specific wellness goals. One can earn upto 100 per cent wellness points that can be used to pay renewal premium, essentially making the policy free of cost at every renewal.

Health insurance does not have to be overwhelming or expensive if you make informed decisions. A little planning can go a long way in securing both your health and financial well-being.

The writer is business head — health insurance, Policybazaar.com