Health insurance is very specific to your individual needs. This is why the health insurance premium differs from one person to the other. As you age, your premium increases. There are some very valid reasons behind this. Read on to know more.
Why Health Insurance Gets More Expensive As You Age?
- You need more medical care with age: Your health, in general, may deteriorate with time.. You may get ill more frequently and need medical attention on regular basis. Keeping this in mind, the insurance provider associates a higher risk with you. You are subsequently charged a higher premium for the medical insurance plans. Remember that premium for health plans always increases with age. So, even your existing health plan premium rises with age. But for your existing health plan, the company will surely have to renew it as long as you pay your premium and your coverage will never cease to exist.
- Immunity takes a dip: The body’s immunity falls as you get older. So you contract illnesses more easily. Your body also struggles to fight off stimuli that further leads to illnesses. This increases your health problems and you end up with a higher premium for your health plan as your insurer feels you will end up making a higher number of claims due to health issues.
- Chances of hospitalization increase: An old person is more likely to get admitted in a hospital than a younger person. Failing health conditions, low stamina, reduced strength, etc. cause you to fall ill. You, therefore, need more extensive health insurance coverage, which is, unfortunately more expensive too. You may also require day-care hospitalization, which may be covered in your plan. Check to see which plan has the highest hospitalization cover.
- You are more likely to have surgery: Many old people require surgeries. From cardiac operations to joint replacements, we see many senior citizens getting surgical attention at the hospitals. Surgery is expensive and because you are likely to make a claim for it, the health insurance provider changes you a higher premium.
- Organ Failure: From your eyes to your bladder, your organs may gradually become less functional with age. This leads to various medical issues as well. This is why a mediclaim premium calculator takes your age into account when finalizing your premium amount for the health cover. An older person is more likely to develop age-related organ problems than a young, fit person.
- Your prescription drug usage increases: A majority of the senior citizen medical insurance plans offer coverage for prescription drugs. The policyholders of such plans need many these medicines regularly, thereby increasing the number of claims. Taking cognizance of this, the premium is increased.
- You may need more OPD trips: All the above factors lead you to make more trips to your doctor. You are allowed to make OPD claims on your health insurance plans, so the premium is increased accordingly. You will have to pay a higher premium when you opt for a higher cover that includes OPD costs.
These are the main reasons why you find a higher premium attached with a senior citizen health insurance cover.
The bottom line
You may need to pay a higher premium for your health plan, but it is highly advisable for you to pay the premium and stay covered. Unfortunately, old age brings about many health issues that you need to address without fail. Unless you have a good health insurance cover in place, it becomes difficult for you to take care of your health. So use a good mediclaim premium calculator and see what your premium will be. Compare your options after that and locate the most suitable mediclaim policy. Maintain a proper lifestyle and look to lead a healthy life, seeking medical intervention as and when required.
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