Health insurance is becoming increasingly important in India, as it can provide a financial safety net for unforeseen medical problems. The premium you must pay is a crucial factor to consider. Your age is a crucial factor affecting this premium. Your insurance premiums are expected to increase as you get older. It is because of hospitalisation, medical expenses increase with age etc.*
For example, if a 25-year-old must pay Rs. 2,414/year for a sum insured of 3 lakhs for health insurance, a 50-year-old may be required to pay Rs. 6,208/year for the same amount.
Why Do Age-Based Health Insurance Premium Increases Occur?
- Enhanced Health Dangers
As a person ages, the likelihood of experiencing health concerns increases. It means they are more prone to hospitalisation for illnesses, injuries, and other ailments. Hence, they pose a greater-than-usual risk of filing a claim for insurers. Insurance companies can charge a higher premium to compensate for any additional losses due to the insured’s health concerns.*
- Increasing Medical Costs
As you age, you will likely require increasing sums of money to support your escalating medical bills, such as healthcare, treatments, and procedures. All the health insurance benefits necessary as per the significant sum insured will become necessary to cover your medical costs. And this can have a direct effect on the premium rate.*
In addition, as you age, it gets more challenging to identify your risk factors and estimate your health-related costs. It is why many insurance firms impose an upper age limit for those purchasing a new health insurance policy between the ages of 65 and 80. With a health insurance app, you can check the appropriate plan.
- Greater Probability of Serious Illnesses
Regrettably, ageing also increases the likelihood of contracting a severe illness. It encompasses conditions such as stroke, cancer, kidney failure, heart attack, cardiovascular problems, etc. Therefore, they could want coverage against such occurrences as Critical Illness Coverage or a higher sum insured. Check the health insurance benefits and premiums with your insurer in both instances. *
- Pre-Existing Disorders
Older people are more likely to have pre-existing illnesses like diabetes, hypertension, or asthma. In addition to an increased risk of having a pre-existing condition, a person’s condition may become more severe with age, necessitating additional medical treatment.
Owing to this likelihood, elderly individuals may be required to pay a more significant premium than younger individuals.*
What is the optimal age for purchasing health insurance?
The optimum time to buy health insurance online is when you are young. You should ideally attempt to do so in your 20s when you are just beginning your professional career. It is because premiums are less while you are young, and you can finish any waiting periods sooner, allowing you to be protected in an emergency. You can also receive cumulative incentives for years without claims and build up your coverage.*
Nevertheless, diseases and accidents can also impact young adults. Hence, health insurance will protect your early savings if you ever require care for an accident, injury, or illness. ##
What About Health Insurance for Seniors?
If you have already reached your senior years, you cannot travel back in time and obtain health insurance from when you were younger. In this circumstance, one can choose senior citizen-specific health insurance.
Even while your age affects your health insurance premium, obtaining a comprehensive policy at a low price is still feasible. To accomplish this, you can examine the available insurance alternatives and choose the cashless health insurance coverage based on age. In addition, you can choose super top-up plans or family concession choices to obtain additional coverage at a lesser rate at any age. So you can obtain the best medical insurance coverage regardless of your age.*
*Standard T&C Apply
## All savings are provided by the insurer per the IRDA-approved insurance plan. Standard T&C apply
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘