Tips to save money when buying family health insurance

India offers some of the very best healthcare services in the world. This is exactly why not just Indians, but people from all over the globe, visit the top Indian hospitals to get their health conditions assessed and treated. While this is a major benefit all Indians have, there is a drawback associated with it as well, and that is the cost factor. Healthcare costs are very high, and without health insurance, it becomes quite impossible to afford the best treatment. Fortunately, there are many good health insurance plans available in India, and all you have to do is choose the best one to keep yourself, and your family protected. 

Tips to save money on family health insurance 

When it comes to the health and wellness of your family, you don’t like making any compromises. This is why you always look for the highest coverage in the family health insurance policy. However, getting such a plan may be expensive, and you may overshoot your budget. So what is the secret to getting the best plan at the best rate? Let’s find out:

  1. Look online:

Online insurance is much cheaper than offline insurance. This is mainly because when insurance is sold online, the insurance provider doesn’t charge a high administrative fee as most of the work is automated. Also, you don’t have to buy the health insurance policy through an agent and this helps you to make further savings. Additionally, you get to choose your own plan in an unbiased way, which not only gives you a chance to choose the best option but also to get it at a great price.

  1. Compare:

Before you buy a health insurance plan online, you need to compare all the available options. It is very easy to do so, and all you need to do is enter your requirements and browse. You will know what your options are. Assess the plans, look at the premium rate of each and then find a policy that is suitable. By doing so, you get to find the most economical plan. However, it is extremely important to note here that the best plan may not be the one that has the cheapest price tag. While saving money is important, you need to look at the bigger picture and choose a policy that has the covers you and your family need. Also, buy the plan from a reputed insurance provider such as HDFC Ergo who will help you get a claim when there is a medical emergency and also guide you whenever needed.

  1. Purchase it early:

Whether you are a new parent or a youngster who recently started working, get health insurance coverage today. The best way to get a high coverage amount at a very low cost is to buy the plan when you are young. The health insurance company sees you as a very low-risk client and offers a comprehensive plan at a low cost. You can continue with this coverage for years and also get your future family members (more kids, spouse, etc.) added to the cover as and when needed. Be wise now and reap the benefits well into the future.

  1. Look for a long-term plan:

The policy period refers to the tenure of the plan. Most individuals, as well as family health insurance plans, have a policy period of one year. This means you have to pay an annual premium and get the policy renewed. But there are some long-term plans available too. Here, you pay a premium for three years, and the policy stays active for the entire duration. These plans are very economical as you get to beat inflation. The health insurance premium increases each year, but by investing in a long-term plan, you pay the premium in one go and don’t have to bother about any price hike for the next three years.

  1. Consider getting top-up or super top-up insurance plans:

If you feel your basic health insurance coverage isn’t sufficient, but going for a higher amount isn’t an affordable option, you can look towards the top-up or super top-up health insurance plans. These covers offer an additional health cover, over and above your basic cover or deductibles. The top-up or super top-up plans are significantly cheaper than the regular health plans, so you end up making huge savings on your overall premium outflow.

Note: In order to opt for a top-up or a super top-up plan, you need to ideally have a base cover. So, this works best to enhance your coverage for an already existing health insurance plan.

  1. Choose your riders wisely:

Riders are add-on covers that you get at an added cost. They are very useful and allow you to customise your plan according to your exact requirements. There are several health insurance riders like the room rent waiver rider, critical illness rider, etc. You may not need all the riders available, so choose them carefully. Unnecessarily piling up a large number of riders will push up the overall cost of your plan. See which riders are of best use to you and only add those to your comprehensive health insurance plan.

  1. Look for special covers:

There are many special types of health coverage available these days. From critical illness plans to cancer and diabetes covers, you can choose any type of plan you need. However, not all the members of your family will need these covers. So, rather than adding expensive riders to your family health plan, look to get individual covers for the family members who need them the most. This will help you to manage your health insurance costs in an effective way.

  1. Use the no-claim bonus:

The no-claim bonus is a reward you earn for not making any claim during a particular policy period. It is usually given as an enhancement in the sum insured for the following year. Therefore, you can easily get your coverage increased without paying extra for it when you use the no-claim bonus. 

  1. Balance the group cover with your personal cover:

It is always risky to rely solely on your group health plan. However, the group health plan is very handy and beneficial. So, ideally, you should balance the group cover with a personal health cover. See what covers are lacking in the group plan and get those covered under the personal health plan that you buy without splurging too much on the latter.

  1. Stay healthy and fit:

And finally, make a genuine attempt to stay fit and healthy. Not only will this reduce your overall health insurance costs, but it will also improve the quality of your life, and you will benefit in an all-around fashion.


As you can clearly see from the points mentioned above, getting a good family health insurance plan is not difficult at all, and if you follow the tips mentioned above, you will get an excellent plan at a great rate.

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