How Does Age Affect your Health Insurance Premium?

With the age of the policyholder, the health insurance premiums also rise. The younger the age of the applicant the lower the premium will be. Similarly, the older your age is, the higher will be the health insurance premium.

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      If you want to make buy the best possible health insurance policy, you need to consider a few important aspects like the policyholder’s age, coverage, location, number of network hospitals, family history, work profile, pre-existing diseases, gender, BMI, or Body Mass Index, and marital status.  

      Among the above-mentioned factors, 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.

      Read on to know more:

      Let’s see how age affects your health insurance premium?

      Anyone interested in buying a health insurance policy should cover note that as the age changes the health insurance premium changes too.

      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 premium is also kept low.

      And as the age of the applicants increase the probabilities of facing health issues also rises. Older people need to visit doctors often and chances of getting hospitalized are also there. Therefore their premium is also kept on a higher side.

      So, does this mean that buying health insurance at an early age helps you save on the premium and increases the policy benefits that you can avail?

      Let’s read on to find out the answer:

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

      In today’s sedentary lifestyle, lifestyle diseases and related medical conditions, like hypertension and diabetes, are affecting 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 future. The health insurance premium rates will also become higher for the amount of insurance that you would require in the future.

      For example, a health insurance plan of Rs 10 lakh would cost Rs 5000 premium per year to someone who is 25 years old, and the same policy would cost more than Rs 8000 to someone who is 40 year old and has co-morbidities.

      It is easier for young individuals to get health insurance online that too without any pre-medical screening. Because as one age, like for people above the age of 45 years pre-medical tests may be required before buying a mediclaim policy.

      Pre-existing conditions can also increase the cost of the premium. Moreover, they can only be covered after the completion of the waiting period. Till the waiting period is over, the policyholder has to bear the medical treatment expenses on its own.

      It is a better decision to buy health at a young age so that you have sufficient health cover and immediate access to healthcare services when any illness develops or an emergency arises.

      Final Word

      Despite the age factor, you can still lower your health insurance premiums with super top-up health plans. You can boost your existing health insurance plan with super top-up health plans. You can also look for getting some off on premium on family floater plans.

      The whole idea of buying insurance on time is to cover unplanned medical exigencies and keep your savings intact. If you are young you can think of buying insurance now. But worry not, if you couldn’t there is still time for uninterrupted health coverage; just pay your health insurance premium timely to be able to continue with the policy benefits.

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      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

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