Health insurance has become a necessity, not a luxury. Medical costs are rising every year, and a single hospitalization can drain years of savings. But many people still avoid buying health insurance because they believe it is expensive. The truth is — you can get good health insurance at a very affordable price if you know where to look and what to choose.
This guide explains the cheapest and smartest ways to get quality health insurance without compromising coverage. Whether you are a student, salaried employee, freelancer, or senior citizen, these methods will help you save money and get the best benefits.
Why Health Insurance Seems Expensive
Before finding cheaper options, you must understand why premiums look high:
- Rising medical inflation
- Higher risk due to age or pre-existing conditions
- Buying plans with unnecessary add-ons
- Not comparing policies
- Buying at an older age
- Choosing high-end rooms/hospitals
Once you avoid these mistakes, premiums automatically come down.
Cheapest Ways to Get Good Health Insurance
Below are the best and most affordable ways to get a quality policy at a low price:
1. Buy Health Insurance Early (The Earlier, The Cheaper)
Age is the biggest factor that decides premium.
Younger people (18–30 years) get:
✔ Lower premiums
✔ No waiting period for many conditions
✔ Easy approvals
Buying early is the number one way to get the cheapest insurance.
2. Choose a High-Deductible Health Plan
A deductible is the amount you pay before insurance kicks in.
When you choose a higher deductible:
✔ Premium reduces drastically
✔ You still get coverage for major issues
✔ Best for people who rarely fall sick
Many companies offer “Super Top-Up Plans” with high deductibles at very low prices.
3. Get Health Insurance Through Your Employer (Corporate Health Plan)
Corporate or group health cover is usually:
✔ Very cheap or free
✔ No medical tests needed
✔ Offers instant coverage
Even though coverage may be limited (₹2–5 lakh), it is a great cheapest option for salaried people.
Tip: Always buy a personal policy as well because employer insurance ends when you leave the job.
4. Go for a Family Floater Plan Instead of Individual Plans
A family floater plan covers your entire family under one sum insured.
It is cheaper than buying separate individual policies.
For example:
- Individual: ₹6,000 per person → ₹18,000
- Family Floater: ₹12,000 total for 3 members
Same coverage, half the price.
5. Use Government Health Insurance Schemes (Very Affordable)
Government-backed schemes provide extremely low-cost coverage:
Popular Options
- Ayushman Bharat (PM-JAY)
- State government health cards
- Employee State Insurance (ESI)
- Central Government Health Scheme (CGHS)
- PM Suraksha Bima Yojana
- Arogya Karnataka / Bhamashah Yojana / Swasthya Sathi etc.
These are perfect for low-income families or people who can’t afford private insurance.
6. Compare Policies Online Before Buying
Never buy the first policy you see. Use comparison platforms to find the cheapest plan with the best benefits:
✔ PolicyBazaar
✔ Coverfox
✔ Paytm Insurance
✔ Acko
✔ IRDAI website
Comparing helps you save 20–40% instantly.
7. Choose a Reasonable Sum Insured (Don’t Over-Insure)
Most people buy very high coverage (₹25–50 lakh) even when not needed.
Choose based on:
- Your city (tier-1 hospitals cost more)
- Family medical history
- Age
For young people, a ₹5–10 lakh plan is both affordable and sufficient.
8. Avoid Unnecessary Add-Ons
Add-ons or riders increase your premium.
Avoid (unless necessary):
- Maternity cover
- Personal accident cover
- OPD cover
- Room rent waiver
- Critical illness if already covered by employer
Only select what you truly need.
9. Opt for a Co-Payment Clause
A co-pay means you pay a small percentage of the bill (5–20%), and the insurer pays the rest.
✔ Premium reduces significantly
✔ Best for young, healthy people
If you rarely visit hospitals, this is one of the cheapest ways to get coverage.
10. Check for Long-Term Policy Discounts
Many insurers offer:
- 5% discount for 2-year policy
- 10% discount for 3-year policy
- No-claim bonus (increases sum insured)
Buying long-term is always cheaper than annual renewal.
11. Use Super Top-Up Plans to Increase Coverage
Instead of buying a costly high-coverage plan, combine:
- A basic insurance plan (₹3–5 lakh)
- A super top-up plan (₹10–20 lakh extra coverage)
This reduces your total premium by 40–60%.
12. Maintain a Healthy Lifestyle
Insurance companies offer discounts for people who:
- Exercise regularly
- Don’t smoke
- Have normal BMI
- Have no pre-existing diseases
Healthy people get the lowest premium.
Cheapest Health Insurance Options for Different People
Students
✔ Government schemes
✔ Low-cost health cards
✔ Basic ₹2–5 lakh plans
✔ Co-pay + high deductible plans
Young Adults (18–30)
✔ Buy early
✔ Family floater with parents
✔ Super top-up plans
Families
✔ Family floater
✔ Combine base + top-up
✔ Compare online
Seniors
✔ Senior citizen specific plans
✔ Lower deductible
✔ Government schemes like PM-JAY
Self-Employed or Freelancers
✔ High deductible plans
✔ Affordable online plans
✔ Super top-up plans
Comparison Table – Cheapest Ways to Reduce Premium
| Method | Premium Impact | Best For |
|---|---|---|
| Buy Early | Very Low | Everyone |
| High Deductible Plan | 30–50% cheaper | Young adults |
| Family Floater | 40% cheaper | Families |
| Government Schemes | Very cheap | Low-income groups |
| Compare Policies | 20–40% cheaper | Everyone |
| Avoid Add-Ons | 10–25% lower | All buyers |
| Co-pay Option | 15–30% cheaper | Healthy individuals |
| Super Top-Up | 40–60% lower | Middle-class families |
Conclusion
Getting good health insurance doesn’t have to be expensive. With the right strategy—buying early, choosing a family floater, using top-up plans, exploring government schemes, and comparing online—you can secure high-quality coverage at the lowest possible cost.
Health insurance is an investment in your future, and even budget-friendly plans can protect you from massive medical bills. Start early, choose wisely, and save more.
Frequently Asked Questions:-
1. What is the cheapest way to get health insurance?
Buying early, choosing a high deductible, and selecting government schemes are the cheapest options.
2. Is family floater health insurance cheaper?
Yes, it is more affordable than buying separate plans for each family member.
3. Which health insurance company offers low premiums?
Companies like Acko, Star Health, Niva Bupa, Tata AIG, and Care Health often offer affordable plans.
4. Are government health schemes good?
Yes, they offer extremely low-cost or free coverage for eligible families.
5. Does a high deductible reduce premium?
Yes, the higher the deductible, the lower the premium.
6. Can students get low-cost health insurance?
Yes, students can choose basic plans, government schemes, or medical cards.
7. Is super top-up cheaper than buying higher sum insured?
Absolutely — super top-up plans are the cheapest way to increase coverage.