How Your Age affects the Health Insurance Premium


How Your Age affects the Health Insurance Premium

Ageing is a reality of life. As we grow older, we become wiser. While it is true, we also come to terms with the fact that ageing increases the risk of illnesses. Financial security is a concern for the elderly due to lack of income sources after retirement. Thus, health insurance becomes a vital investment need for managing the rise in medical expenditures and treatment costs. It is advisable if you get it early in life because medical insurance premium increases with age.

If you are concerned about your ageing parents’ well-being, get a health cover now. Also, opt for personal health insurance to secure your health, as it will be much more affordable when you are young. Among the many factors affecting medical insurance premium rates, the age of insured is a crucial one.

The health insurance premium that you pay when you opt for a policy is an amount that is determined after assessing various factors, like your lifestyle, medical history, and others. More importantly, age is taken into account and that of the eldest member in a family floater plan.

Let us understand how age affects the premium you pay for a policy term.

Reasons why Premium Changes with Increasing Age 

  • Increase in Health Risks: For young adults, it is likely that a person may not face any health issue or need medical attention compared to older individuals or senior citizens health insurance. The health risks and chances of hospitalization due to illnesses, injuries, and medical condition rise with increasing age. Thus, to cover such risks, an insurer would charge a higher premium for the same coverage available to a young person. 
  • Risk of critical illnesses: Ageing adults become prone to critical diseases, including stroke and cancer. Due to this factor, one may have to pay a high premium.  
  • Pre-existing conditions: The longer one waits, the likelihood of a person having a pre-existing medical condition before the policy issuance is higher. Pre-existing ailments and family medical history are other factors that can lead to a high premium. 
  • Rise in Medical Expenses: Healthcare costs, including medical treatment and surgery costs due to medical inflation, are skyrocketing. As you get older with each passing year, you would need a higher sum insured to cover your medical expenses, directly impacting the premium rate.

Getting an affordable policy is possible if you carefully assess and compare the various options available to you. You can use a premium calculator to calculate medical insurance premium rates and make an informed decision. Care Health Insurance offers comprehensive health plans that you can customize as per your insurance needs. You can get maximum coverage at an affordable premium. Visit the company’s official website and get medical insurance cover that suits you best.

Why Getting Health Insurance at a Young Age is a Good Decision?

  • In today’s time, some illnesses and lifestyle-related health issues, like hypertension and diabetes, are affecting the young and old alike. Besides, the world has seen how a pandemic can impact health and finances. Given the uncertainties, a medical emergency can happen to anyone, irrespective of age. 
  • Furthermore, medical treatments will become more expensive in future, and medical insurance premium rates will also be high for a higher sum insured that you would need at that stage. 
  • Young individuals will find it easy to get health insurance online with no pre-policy medical check-ups. In cases where the age is high, one may need to go for a medical test before buying a policy. 
  • Pre-existing conditions can increase the premium, and they are covered only after a certain waiting period. Until then, the insured may have to bear any urgent treatment expenses. Buying a plan at a young age is a better decision to get immediate coverage when any illness develops.

Opting for a health insurance plan at a younger age is not less than a blessing. Buying early also helps you in your financial planning and lessens your dependence on savings. Hence, it is a sensible thought to opt for a health cover that can give you a sense of security, both financially and mentally. It is also applicable if you are thinking of buying a health insurance policy for your parents. Opt for a health insurance cover before they get to the age of 60, as the premium payment is higher for senior citizens. 

>>Read: Tips to Reduce Your Health Insurance Premium

Final Word

It is possible to lower the impact of high health insurance premium costs despite the age factor. An affordable way to boost your health coverage is to choose super top-up plans. You can also look for family discount options. 

Medical exigencies are unplanned and can put a dent on your savings. To get uninterrupted coverage, pay your health insurance premium on time to avail of its benefits.

Disclaimer: Plan features, benefits, coverage, and underwriting of claims are subject to policy terms and conditions. Please refer to the brochure, sales prospectus, and policy documents carefully.

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