Buying health insurance plans has become a necessity, owing to the expensive medical care and increasing ailments. However, the hefty premiums may worry consumers and they may be reluctant to choose a plan. If that is the case, it's crucial to know that health insurers offer policies at discounts. So, if customers feel that their preferred health insurance plan is slightly expensive, there are discounts that could reduce their premiums and help them get the best health coverage without having to worry about the cost.

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These discounts typically range from 5-20 percent and may vary from insurer to insurer. Here are the kinds of discounts that most insurers offer:

Healthy lifestyle discount

Most insurance companies offer wellness benefits and rewards to their policyholders who lead a healthy lifestyle that does not include habits such as smoking or drinking alcohol.

"For example, the insurer may be providing 25 percent off on the premium for non-smokers when compared to the premium rates of a smoker. Hence, maintaining a good lifestyle and health condition can lower overall health insurance costs," said Vivek Chaturvedi, Chief Marketing Officer and Head of Direct Sales at Digit Insurance while talking exclusively with CNBC-TV18.com.

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Loyalty discounts

This is the most common discount offered by almost all insurers in the market.

"If policyholders are renewing their insurance from a previous insurance provider, they might reward loyalty through discounts on the renewal as a gesture towards the commitment and trust in them," Chaturvedi said.

Waiting period discounts

Most insurance policies come with a certain waiting period for pre-existing medical conditions and the policyholder will not be eligible to make a claim for any PED-related treatments during this period.

If customers don’t have pre-existing diseases, they can opt for a higher waiting period which might reduce the premium price by 4-5 percent.

Credit-score benefits

People are usually aware of the common discounts and benefits that one can get with a good credit score, but a few insurers even offer discounts on health insurance premiums based on individual credit scores.

"For instance, if the credit score is 750 and above, the insurer might offer up to a 5- 10 percent discount on the premium," said Chaturvedi.

The bottom line

While considering these discounts can reduce the premium prices, Chaturvedi said that one shouldn’t underscore the benefits that a good health insurance policy can provide.

So, it is always advisable to mainly focus on getting a suitable health insurance plan over discounts.

"When choosing a health insurance plan, it is essential to take into account various factors that will impact health care coverage and costs. Among the key factors to consider are coverage, cost, network, reputation, benefits, flexibility, pre-existing conditions, maximum out-of-pocket expenses, and special needs," he added.

Policyholders should ensure that the plan covers the medical services they need, understand the costs involved, and ensure their preferred healthcare providers are part of the plan's network.

Additionally, researching the health insurance company's reputation, benefits offered, flexibility in selecting doctors and hospitals, coverage and waiting period for pre-existing conditions and special needs can help them make an informed decision.

"By evaluating these factors, they can select a health insurance plan that caters to their specific requirements and provide them with comprehensive coverage at an affordable price, Chaturvedi said.

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