Reasons Why Your Health Insurance Premium Changes With Age

Reasons Why Your Health Insurance Premium Changes With Age

The health insurance you choose needs to be very specific to your individual needs. Because of this, each person’s health insurance premium is unique. Your premium rises as you age. This is due to several reasons.

Why does health insurance cost more as you age?

  1. As you age, you require greater medical attention: Your general health may deteriorate over time. You can become ill more frequently and require ongoing medical care. The insurance company assigns you a higher risk as a result of this. Consequently, the cost of your medical insurance policies is increased. Keep in mind that the cost of health insurance always rises with age. So even the cost of your current health plan increases as you age. But as long as you continue to pay your premiums and maintain your coverage, the firm can be required to renew your current health plan.*
  2. Immunity declines with age: As you become older, your body’s immunity declines. Consequently, you become sick more frequently. Your body has difficulty fending off stimuli, which worsens illnesses. As a result, your health problems worsen, and you wind up paying more for your health insurance because your insurer believes you can file more claims due to your health problems.
  3. As you age, chances of hospitalisation increase: An older individual is more likely to be admitted to a hospital than a younger person, which increases the likelihood of hospitalisation. You become ill due to failing health issues, diminished strength, insufficient stamina, etc. As a result, you require more comprehensive health insurance coverage, which is also, regrettably, more expensive. Additionally, you might need hospitalisation for daycare, which your plan might cover. See which plan offers the most hospitalisation coverage.*
  4. As you age, chances of surgery increase: You are more likely to undergo surgery as you get older. We observe numerous elderly patients receiving surgical care at hospitals, ranging from hip replacements to cardiac surgeries. Surgery is pricey, and the health insurance company raises your premium since you’re more likely to file a claim for it.
  5. Organ Failure: As you age, your organs, from your eyes to your bladder, may gradually lose function. Additionally, this causes a variety of medical problems. This is why a health insurance premium calculator considers your age when determining how much you can pay for health insurance. Compared to a young, fit person, an older person is more prone to experience age-related organ disorders.
  6. Your use of prescription drugs rises: Prescription medicines are generally covered by the majority of senior citizen medical insurance plans. These plans’ policyholders frequently require a large quantity of these medications, which raises the number of claims. This is taken into consideration, and the premium is raised.
  7. OPD visits increase because of the aforementioned factors:  Your health insurance plans’ OPD claims are accepted, hence the premium is raised correspondingly. When you choose a greater cover that includes OPD charges, you may have to pay a higher premium.

These are the major explanations for why a senior citizen health insurance policy has a higher premium.

The conclusion

It is highly recommended that you pay the premium and maintain your coverage, even if it means paying a higher premium for your health plan. It becomes tough for you to take care of your health if you don’t have a solid health insurance plan in place. So, find out what your premium may be with a reliable health insurance premium calculator. Then, compare health insurance plans with alternatives to choose the best medical insurance policy. Maintain a healthy lifestyle and strive to be as healthy as possible, and get medical help if needed.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-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.