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How Does Age Affect Your Health Insurance Premium?
When you purchase health insurance, your insurer agrees to cover your medical expenses in exchange for a premium. However, the premium is not the same for everyone as it is determined by multiple factors, such as age, coverage, location, pre-existing diseases, gender, etc. Among these, age is one of the most significant factors. So, let us know how age can impact your health insurance premium.
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- How Does Age Affect Your Health Insurance Premium?
Does Health Insurance Premium Increase with Age?
Yes.
The premium of a health insurance policy increases with the age of the policyholder. As your age advances, the probability of facing health issues also increases. In fact, older people often need regular doctor consultations, and their chances of getting hospitalized are also high. This increases the liability of the insurance company and, therefore, they charge a higher premium to elderly people.
On the other hand, younger individuals face fewer health issues and are less likely to visit hospitals frequently, resulting in lower medical insurance premiums. Thus, the younger you are, the lower your premium will be. Conversely, as you grow older, the cost of your mediclaim policy will increase.
Why Do Health Insurance Premiums Increase with Age?
Here are some of the reasons why ageing increases your mediclaim insurance premium:
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Your Immunity Becomes Weak
As you age, your immune system becomes less effective at fighting infections. This makes you more prone to illnesses and increases the need for medical care, leading insurance providers to charge higher premiums to cover the risk.
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Your Health Risks Increase
With age, your overall health can decline, and you might experience more degenerative illnesses like osteoporosis. As a result, health insurance companies consider older people as high-risk individuals because they are more likely to need medical care. This perceived risk leads to higher premium costs.
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Your Chances of Getting Hospitalised Increases
When your age increases, you become more prone to hospital admissions due to deteriorating health, reduced strength, and chronic conditions. Since hospitalization expenses are skyrocketing, insurers factor this into your health insurance premium.
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Your Outpatient Visits Increase
As you age, frequent doctor visits for check-ups, minor treatments, or follow-ups become common. These frequent outpatient department (OPD) visits lead to higher OPD health insurance premiums, as insurers anticipate more OPD claims from older people.
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You May Need Surgeries
As you get older, the chances of needing surgery for improving your health condition, especially chronic conditions, become higher. As most surgeries are costly, and older people are more likely to require them, insurance companies raise premiums to cover the increased risk of claims for such expensive procedures.
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Your Body's Recovery Time Increases
As your body ages, it takes more time to recover from injuries or illnesses. This can lead to prolonged treatments or therapies, thus increasing the medical costs and, in turn, influencing your health insurance premium.
So, does this mean buying health insurance at an early age helps you save on premiums?
Read on to find out the answer.
Why Should You Purchase Health Insurance at a Young Age?
In today's fast-paced world, health issues are no longer limited to older people. A sedentary lifestyle and poor eating habits are leading to lifestyle diseases and related medical conditions, such as hypertension and diabetes, in both young and old people. This makes mediclaim insurance a necessity, regardless of age. However, buying health insurance at a young age can prove to be beneficial in multiple ways.
Medical insurance premiums are significantly lower when you are young and healthy. For example, a health plan of ₹10 lakh coverage would cost around ₹10,000 per year to someone who is 25 years old, while the same policy may cost more than ₹25,000 to someone who is 40 years old and has pre-existing diseases.
Besides, younger people can get health insurance without pre-medical tests. On the other hand, older people might need to undergo pre-medical screening before buying a medical insurance policy, which is not only time-consuming but can also lead to higher premiums if any health issue is detected.
Moreover, most mediclaim policies have a waiting period of up to 3 years for pre-existing diseases. So, if you purchase a health insurance plan while you are young and healthy, the waiting period will be over by the time you face any health issues. This ensures that you get coverage when you need it the most.
FAQs
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Q1. How does age affect your health insurance premium in India?
Ans: In India, health insurance premiums rise with age as the chances of getting sick and raising a claim rise with age. Therefore, younger people typically pay lower premiums, while older people pay higher premiums. -
Q2. Does health insurance premium increase with age in India?
Ans: Yes, health insurance premiums increase with age because the chances of developing medical issues rises as you get older, which in turn leads to higher risks for insurers. -
Q3. When should I buy health insurance?
Ans: Ideally, your twenties or early thirties are the best time to buy a health insurance plan. Starting at a young age will help you save money on premiums and ensure coverage before any health problem arises.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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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.
*The scope of coverage may vary from plan to plan.
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