Health insurance getting expensive: Tips for policyholders to keep premiums in check

Your health and that of your family is priceless. Just one unexpected medical emergency, and years of savings could be wiped out. Hospital bills can leave you financially crippled if you are not prepared.

In a telephonic conversation with Upstox, Shilpa Arora, COO & Co-founder, Insurance Samadhan shared some tips for policyholders to keep health insurance premiums in check

One effective approach is to keep your base policy modest, say ₹5 lakh, and build on it with a super top-up for higher coverage. "A super top-up is significantly cheaper than buying a large base cover and still gives you the financial shield for major treatments. Choosing a higher deductible also helps reduce premiums," said Shilpa Arora.

You can further manage costs by opting for a reasonable co-pay clause. "This means you share a small percentage of the claim. This keeps premiums lower while still safeguarding you against large expenses. At the same time, it is important to ensure your policy has no room rent capping and no disease-wise sub-limits, as these restrictions often limit the benefit of your sum insured," added Shilpa Arora.

You can prevent annual price increases and possibly be eligible for an insurer discount by choosing a policy that lasts two to three years. This protects policyholders from medical inflation by locking in their rate for a longer time.

"Another tip is to lock in premiums early with long-term policies (2–3 years) where insurers offer discounts, and review your plan periodically to ensure it matches medical inflation. This layered and flexible strategy keeps your protection intact while cushioning you from steep annual hikes," noted Arora.

This will not only help you getting shielded from the high premium hikes but also possible denials of claims from a single insurer.

If you are insuring multiple family members, a family floater plan is generally considered more cost-effective.