Age is the prime factor affecting health insurance premiums. You can find the most appropriate policy as per your age that will cover all your medical requirements without making a hole in your pocket. So anyone who is interested in buying a health insurance policy should cover note that as the age changes the health insurance premium changes too.
According to the Insurance Regulatory Development Authority of India (IRDAI), any person up to the age of 65 years can get health insurance There are comprehensive senior citizen health insurance policies available for individuals aged between 65 and 80 years. However, it is always advised to buy a health insurance policy at an earlier age because it gives you more policy options and benefits.
It is never too late to opt for a health insurance policy. Health insurance plans are designed for medical treatments for all individuals. The increasing medical costs have facilitated top-up policies which come to the rescue of the policyholder when sudden huge medical expenses come up.
Policies are now available in the market for Cancer Care, Diabetes, Cardiac Care, Critical Illness, and Senior Citizens also. The terms and conditions of the respective insurer apply but the variety and choice of products in health care insurance is abundant. Some critical illness care policies even have the facility of lump sum reimbursement.
The insurance companies increase health insurance premiums as the age of the applicant increases.
People who are young are at a lower chance of encountering health problems and the chances of visiting a hospital are low, therefore the cost of health insurance premiums is also kept low. And as the age of the applicants increase the probability of facing health issues also rises. Older people need to visit doctors often and the chances of getting hospitalized are also there. Therefore their premium is also kept on the higher side.
In today’s sedentary lifestyle, diseases and related medical conditions, like hypertension and diabetes, affect the young and old alike. Also, we all can see how the COVID-19 pandemic can impact our finances and health. Regardless of age, a medical emergency can happen to anyone, especially given the uncertainties in today’s time. Not only this even medical treatments that are already touching the roof, are going to become super expensive in the future. The health insurance premium rates will also become higher for the amount of insurance that you would require in the future.
It is a better decision to buy health insurance at a young age so that you have sufficient health coverage and immediate access to healthcare services when any illness develops or an emergency arises.