Facing A Massive Hike In Health Insurance Premiums? Here’s What You Can Do

hike in health insurance premiums
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Many policyholders have been facing an astounding hike in the health insurance premium amount of their existing policies. In the last year, with insurance claims being at an all-time high, health insurance premiums have the potential to shoot up more than ever. This is something that’s worrying most of the existing policyholders as they may not be in a position to cope with the sudden hike in their premiums.

While the health scare due to the COVID-19 pandemic that started in the year 2020 and the rampant increase in policy claims are a couple of the reasons why this increase has occurred, another reason could also be your increasing age that is pushing you in a different bracket.

Either way, the reasons for health insurance premiums facing this sudden hike are something policyholders cannot do much about. However, there are smarter ways to curb this surging cost and ensure that your health insurance premiums don’t go on the higher-end and make the policy an expensive buy.

How can you cope with this hike in premium?

As you know by now, there are many policyholders who have been worried because of the hike in their health insurance premiums, especially during recent times. If you’re in this same bracket of people, here are a few ways through which you can try to keep your premium amount manageable.

1.       Combine health plans

If you really want to cut back on your health insurance premium amount, then one of the easiest ways to do it would be by opting for a basic health insurance plan and combining it with a booster plan. By doing this, you can opt for higher coverage and still keep your premium affordable.

2.      Choose only the riders that you need

Riders are a great way to enhance the coverage that you get from a health insurance plan. Since they’re basically add-ons that you can opt for over and above the base insurance policy, many individuals tend to go overboard and opt for almost all of the riders under the plan.

Although riders can be really very effective, you should always remember that they command an additional premium on top of the one that you pay for the base insurance plan. Therefore, one way to reduce the health insurance premium is to opt for only the riders that you need.

If you’re unsure of just how much your premium you would have to shell out for a health insurance plan with riders, you could always use an online health insurance calculator. This nifty little tool can help you calculate your health insurance premium online within just a few minutes.

3.       Use the deductible or copay option

Deductible or copay is the amount of money that you would have to pay out of pocket. Only if your health insurance claim is above the deductible amount under the policy will insurance service providers step in to cover the remaining costs. While purchasing a health insurance plan, many insurance providers offer you the ability to choose the amount of deductible that you’re willing to take on. And based on the deductible that you choose, the health insurance premium can vary. Typically, the higher the deductible that you opt for, the lower the premiums are likely to be. So, one way of reducing the impact of the rising premiums would be to opt for a higher deductible.  

4.      Avail No Claim Bonus

When you are about to renew your health insurance plan, remember to opt for the no claim bonus. This is a bonus that most insurers offer if the policyholder has made no claim in the previous year. You can also use this as a parameter to compare health insurance plans and select the one that rolls out such discounts and offers to help policyholders reduce premiums.

Conclusion

Many insurance providers have now started providing wellness incentives as a way of promoting and rewarding policyholders for their excellent health and wellness. You can also make the most of these incentives to bring down your insurance premiums annually.

Regularly using tools like the BMI calculator and other simple devices like a glucometer and a blood pressure machine, can help you stay aware of your health and fitness levels. That’s not all. They can also help you make a conscious effort to become healthier and stay fitter. Also,  before you purchase or renew a health insurance plan, don’t forget to use a health insurance premium calculator.  

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