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How Does Age Affect Your Health Insurance Premium?
When purchasing health insurance, the insurer agrees to cover your unexpected 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, and more. Among these, age stands out as one of the most significant and often misunderstood 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.
With the age of the policyholder, the health insurance premium also increases. The younger you are, the lower your premium will be. Conversely, as you grow older, the cost of mediclaim premium tends to increase. This is because younger individuals face fewer health issues and are less likely to require frequent hospital visits, resulting in lower medical insurance premiums.
On the other hand, as the 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. Therefore, their premium is also kept at a higher level.
Why do Health Insurance Premiums Increase with Age?
Listed below are the various factors associated with ageing that influence 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 frequent illnesses. Health insurance companies consider older individuals as higher-risk policyholders 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, especially for plans with comprehensive coverage or day care benefits.
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Your Outpatient Visits Increase
As you age, frequent doctor visits for check-ups, treatments, or follow-ups become common. These outpatient services (OPD) lead to higher insurance premiums, as insurers anticipate more claims of OPD from older individuals.
You might find this interesting: Health Insurance with OPD Cover -
You Might Need Surgeries
As you get older, the chances of needing surgery become higher due to wear and tear of the body or chronic conditions. As surgeries can be costly, and because older individuals are more likely to require them, insurance companies raise premiums to cover the increased risk of claims for such expensive treatments.
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Your Body's Recovery Time Increases
As the 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 that buying health insurance at an early age helps you save on the premium?
Let's read on to find out the answer.
Why Purchase a Health Insurance Plan at a Young Age?
In today's fast-paced world, health issues are no longer limited to older people anymore. 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 individuals. 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 would cost around ₹5000 per year to someone who is 25 years old, and the same policy would cost more than ₹8000 to someone who is 40 years old and has pre-existing diseases.
Not only this, it is even easier for young individuals to get health insurance online that too without any pre-medical test. In comparison, older individuals might need to undergo pre-medical screening before buying a medical insurance policy, which can be time-consuming and may even lead to higher premiums if health issues are detected.
You may like to Read: Pre-Medical Tests in Health Insurance Plan
Moreover, most mediclaim policies have a waiting period of 2-3 years for pre-existing diseases. So, if you purchase a plan while you are young and healthy, this waiting period will be over by the time you age and face any health issues. This ensures that you will get coverage when you might 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. Younger people typically pay lower premiums, while older individuals pay higher premiums. -
Q2. Does health insurance premium increase with age in India?
Ans: Yes, health insurance premiums change with age because the chances of medical issues grow 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 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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*₹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
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*₹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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