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How to Lower Group Health Insurance Premium?

Group health insurance is a customised health insurance policy offered to a group of members under a single master policy. The coverage, terms etc. under the group health insurance policy would be decided by the insured customer. Group health insurance policy is usually taken by the employers to cover their employees against any illnesses or diseases.

The group health insurance policy can be tailor made as per the needs and requirements of the customer. There is no upper limit on the number of lives in the policy. The minimum number of lives required in a group health insurance policy is 7 without which the insurance company would not offer the group health insurance policy.

Below are the ways to reduce the premium under your group health insurance policy:-

  1. Compare plans:- Almost all the insurance companies would offer group health insurance plans in the market. It is advisable for the customer to compare the plans from different insurance companies before picking one. The requirements of group health insurance plan should be mentioned to the insurance companies for quote purpose.

Since it would be difficult for the customer to engage with multiple insurance companies for quotations, it is advisable to go with an insurance broker who can get the job done easily. The job of an insurance broker is to get multiple quotes from different insurance companies and suggest the customer on the best one.

Comparing plans from different insurance companies gives an idea to the customer on the coverage and premium of different insurance companies.

  1. Negotiate :- The best way to reduce the group health insurance premium is to negotiate with the insurance companies after finalizing the quote. Insurance brokers are known to be hard-core negotiators and engaging with an insurance broker for group health insurance would be an excellent option.

Insurance brokers have the advantage of negotiating with an insurance company to reduce the premium and at the same time increase the coverage under the policy. Negotiation on terms and conditions, coverage and premium can be done with the insurance company before taking the policy.

  1. Opt for co-pay/ Sub limits:- The premium of group health insurance can be reduced by opting for co-pay and sub limits on specific illnesses. Co-pay is the amount of claim that has to be borne by the customer at the time of claim settlement. Sub limits on certain illness such as cataract, knee replacement etc. would be possible and this would inturn reduce the group health insurance premium.

The sub limits would be for certain diseases where the insured has to bear the extra amount over and above the limit specified in the policy. Opting for sub limits under the group health insurance policy reduces the premium to a certain extent.

The sub limits or co-pay should be opted after due considerations with all the stake holders involved. Once the group health insurance policy is taken, then it would not be possible to make changes on terms and conditions, coverage etc during the policy period.

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