Pacific Prime launches new video on how to reduce health insurance premiums
Health insurance premiums for individuals and groups have spiked continuously over the past decades. Yet, the ongoing pandemic as well as the ever-increasing healthcare costs have taught us the importance of securing a robust health insurance plan. In this Pacific Prime article, our specialists will walk you through seven practical tips on lowering health insurance premiums.
7 tips on reducing your health insurance premiums in 2021
Without further ado, we now present to you seven ways to cut your health insurance costs!
1. Get insured while you’re still young
Usually, the younger you are, the lower your premium. It is because younger people tend to develop fewer chronic health conditions than the elderly. If you purchase health insurance at an old age, the insurer may view your health conditions as ‘pre-existing conditions’, which will be excluded from coverage.
2. Select a plan with the right benefit limits
Benefit limits are the maximum amounts the insurer will pay out for each benefit. You should consult an insurance expert to assess your health insurance needs and opt for the right sum assured according to your age and health status.
3. Opt for deductibles
Deductibles are the amount you pay out-of-pocket before the insurer will start paying for medical services. While deductibles can lower health insurance premiums, you should consult insurance professionals to find the right amount of deductibles.
4. Consider getting an inpatient-only plan
An inpatient-only plan is the most basic form of health insurance and only provides coverage when you are hospitalized.
5. Ask about family discounts
A family discount protects you and your family under a common insurance umbrella at a cheaper premium than purchasing individual health insurance policies.
6. Buy a top-up plan
If you already have a company-sponsored health insurance plan, then it’s a good idea to purchase a top-up plan. This kind of plan can provide additional coverage beyond your existing plan and is cheaper than buying a new plan from scratch.
Last but certainly not least, it is cost-effective to consult an insurance broker for plan comparisons. While lower insurance premiums may seem desirable, let’s not forget the original purpose of securing health insurance is to obtain financial protection. Insurance professionals can help you secure a plan that balances costs and coverage scopes.
A wealth of insurance resources at your fingertips
If you want to discuss your health insurance options, whether it’s an international health insurance plan or a local health insurance plan, our team of experts at Pacific Prime are only one phone call or email away. Contact us to talk to one of our expert advisors or to receive a free, no-obligation quote or plan comparison today!
- Pacific Prime launches new video on how to reduce health insurance premiums - January 7, 2021
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