How Much is the Cheapest Health Insurance?

Exploring the Most Affordable Health Insurance Options

The cost of health insurance plans differs based on coverage, age, health, and residency. This guide breaks down exactly how much is the cheapest health insurance packages, the key elements determining those premiums, and some of the affordable options currently available in the market.

Types of Health Insurance Plans

When choosing the cheapest health insurance, the selected health plan also affects the cost. The two broad categories of health insurance are:

• Individual Health Insurance: Individual health plans offer coverage to a single person. Such policies usually charge less since they cover only one individual.
  Family Floater Plans: This policy ensures that the entire family falls under one sum insured. It can be generally more affordable for families, and the premium amount will depend on how many family members are included.

Under the provided categories, various plans are available with differences in coverage and benefits - some providing basic coverage and others comprehensive.

Factors Influencing Health Insurance Premiums

• Age: As with most health insurance plans, premiums rise with age. Younger people usually pay lower premiums, while older people are charged more as they are likely to have more health problems.
• Health Status: Insurance companies consider health history and pre-existing conditions in premium determination, but IRDAI regulations do not allow insurers to deny coverage on these grounds.
• Coverage Type: The premium varies with the type of coverage chosen. A fully covered plan is more expensive than a basic hospitalization-only plan.
• Geographic Location: Premium varies with the geographic location. High healthcare costs in cities will have more premium compared to rural areas.

Cheapest Health Insurance Plans

If you are looking for affordable health insurance, several options are offering low-cost premiums, depending on your needs:

• Catastrophic Health Insurance: This plan is offered to relatively younger and fitter individuals. Not all-inclusive, but it comes with relatively low premium levels and very high deductibles. It helps save money on extensive medical bills that can result in high out-of-pocket expenses.
• High-Deductible Health Plans (HDHPs): These plans have higher deductibles and lower premiums and are best for healthy people who visit the doctor less often. However, they cost more at the beginning.
• Family Floater Plans: Most insurance companies offer family floater plans. These plans put the entire family coverage into one policy, which would cost less for young families compared to individual policies.
• Basic Hospitalization Plans: A basic hospitalization plan can be economical as it covers the costs incurred in the case of hospitalization, outpatient treatment, and preventive care with premiums that are often lower than standard health policies.

Average Costs of Health Insurance

The payable health insurance premium will depend on the insurer and the type of cover opted for by a person. However, the following is an overview of the average costs:

• Basic Individual Plans: These plans can begin from ₹2,000 to ₹4,000 per year based on the sum insured and the insurer.
• Family Floater Plans: The general premium usually begins from ₹6,000 to ₹12,000 per year for a basic coverage plan.
• High-Deductible Plans: Deductibles will be higher, and the premium has to be paid mostly between ₹5,000 and ₹10,000 per annum.

Basic hospitalization plans with catastrophic coverage have emerged as the least expensive health insurance options, providing limited benefits at low premiums. However, to get reliable coverage during medical emergencies, choosing a reputable health insurance provider is also crucial.

Rely on Star Health for comprehensive coverage with premiums starting as low as ₹13 per day! 

Also Read:

→ How to Check Health Insurance Policy Number Easily

→ Choosing Health Insurance: Best Claim Settlement Ratios

→ Converting Corporate Health Insurance to Individual

→ Corporate Floater Health Insurance Explained

→ Do You Need to Notify Health Insurance When Someone Dies