Health insurance is undoubtedly one of the most important investment tools in today’s day-and-age. The younger you start, the better it is. The urban life is fast-paced and is increasingly resorting to unhealthy ways. This dynamic and adaptive lifestyle has furthermore increased the importance of availing a health plan.
When you are looking for health insurance in India, there are a plethora of choices from which you need to pick the plan that suits you the best. Premium is the cost you pay to the insurer to avail an insurance cover. There are several factors on which premium is based like pre-existing diseases, gender, occupation, location and more, but age is of primary concern.
Let us look at the various reasons how the age of the insured impact the premium of your policy:
Lower immunity as you age
As your body ages, the immunity to the various illnesses starts to reduce. Thus, the chances that you contract a particular ailment increases. It can be as simple as the flu or something more severe too. Your body starts to struggle in fighting off the stimuli that otherwise would not affect you if you were young. Your reduced immunity, in turn, has an impact on the premium charged by the insurer making it more expensive.
Probability of hospitalisation increases
As time passes, your immunity takes a dip. This reduced immunity has other effects like lower stamina and reduced strength. Therefore, the chances of you getting admitted for illness also increase. It is seen to be more frequently met using either an individual or family health insurance plans. Also, the healthcare costs are skyrocketing and buying a health insurance plan is the best bet to stay afloat of any financial worries.
The reliance on medical coverage increases with age
As you age, your body starts to contract new illnesses. These ailments require more frequent medical attention. It can be noticed when you buy health insurance for senior citizens, the earlier you buy, the cheaper are the premiums as compared to availing one for older individuals. Also, the premiums on your existing health insurance plans increase gradually as your age increases. The insurer shall continue to provide coverage but slightly increase the premiums as you grow older.
More chances of a surgery
Senior citizens are frequently seen troubled with issues related to respiration as well as joints. These frequent troubles often require surgeries that are covered under your health insurance plan. Since surgery is expensive and older the age, more likely it is, insurance companies levy a premium charge for it.
A higher insurance premium should not be a deterrent from buying an insurance cover. The downside of not having a health insurance plan is far more than paying a marginal premium at each instalment. Make sure you compare the various health insurance plans and select the best-suited ones for you and your family.