Maintaining health insurance has now become a demand of time. The rate of inflation in the medical industry has become so intense that it has almost become impossible to manage even a daycare procedure without the help of health insurance coverage protection. It acts as a financial shield and effectively manages the finances during medical emergencies.
Several older people are now willingly opting for health plan purchases. But, all health plans maintain a specific age limit. You must be aware of these criteria before purchasing.
There is no hard and fast rule regarding the age limit when purchasing a health plan in India. Health plans are easily available to anyone and everyone irrespective of age and current health conditions. However, certain specific factors determine the premium cost, eligibility, and coverage span for specific age groups.
Most insurance providers observe a specific entry age for different health plans. The minimum age limit may even go down to a few days, especially for child-centric health plans, while the maximum entry age may differ from one insurer to another. It often revolves around 65 years and 70 years, depending on the terms of three insurers and the product concerned. Considering these factors, purchasing a new health plan becomes tough if the optimum entry age is crossed.
Age plays a significant role in determining the premium amount for the chosen product. Some of the major influences of age in determining the health insurance premium value include:
Considering the normal trend, the premium rates tend to go higher with increasing age. This happens because older individuals are more prone to ailments, thus increasing the liability of the insurance provider. To balance this issue, the premium rates go comparatively higher.
Most health insurance companies tend to determine their premium values based on separate age bands. These age bands effectively reflect the altering risk profile associated with ageing. So, individuals need to pay a higher premium due to advancing age.
Depending on the current age of the insured individual, the premiums for plans with lifelong renewability increase during plan renewal. This essentially reflects the associated risks involved with advancing age.
Senior citizen health plans are now easily available in the market. These have been specifically designed to suit the requirements of ageing individuals.
In the case of a family floater plan, the age of the eldest insured member impacts the premium amount to a significant extent. The overall premium may rise if this age is higher.
Considering these factors efficiently may aid you in managing your finances better during health insurance premium payment despite advancing age:
Early entry: If you plan and invest in health insurance early in life, it can save thousands in the long run. The premiums remain significantly low during the early ages and tend to rise afterwards. Early entry ensures efficient rate locking on a significantly lower scale and enjoys continuous coverage.
Regular monitoring: Certain insurance providers offer special benefits of annual health check-ups. Such regular monitoring ensures the retention of good health for a long time and also promotes early detection of the onset of any health issue(s).
Policy comparison: The market is loaded with several health plans of various types and kinds. Not every plan suits each and everyone equally well. Considering your needs and budget, it is better to compare several plans to understand which one suits the best.
Choosing a family floater plan: Family floater policies may, at times, prove to be a more affordable option than individual health plans. This type of plan easily manages age-related premium enhancement issues more efficiently.
Choosing the correct plan: A well-planned, customised plan selection is essential to ensure optimum coverage and remain budget-friendly. Before finalising, it is better to consider all the associated factors like coverage span, deductibles, co-payments, etc.
Indian senior citizens gain key access to quality healthcare services and preventive health check-up facilities using health insurance. It is never financially straining for them as these are complementary services.
Some important reasons for having health insurance at an advanced age are:
1). Advancing age comes with several health issues. So, senior citizens require enhanced care and support. A competent health plan ensures proper coverage against medical contingencies.
2). Free, regular health check-ups are one of the biggest benefits of having a health plan. It ensures regular health monitoring.
3). Possessing a competent health plan acts as a great financial safeguard, especially during medical emergencies.
Investing in proper and well-customised health insurance early in life will help you go a long way. It is ideal to purchase one as soon as you secure a job, and your family responsibilities remain low.
Some of the most noteworthy significance of buying a health plan early in life include:
Affordable premiums: Young people are comparatively healthier and tend to fall ill less often. So, they are considered low-risk customers. This makes them charge lower premiums and keep that amount locked for a long time, gaining you much financial footage in the long run.
Sustainable coverage: Early entry ensures greater coverage benefits. So, it is best to select a descriptive health plan at an early age.
Financial coverage: A health plan coverage ensures to retain your peace of mind even during medical distress, as you need not have to worry much about finances.
Preparedness: Health emergencies may occur at any time. Keeping a health plan can come in handy during such unprecedented emergencies.
Yes, a 75-year-old can get health insurance. Many health insurance companies offer health insurance plans for senior citizens. These plans are feature packed and designed to suit the needs of senior citizens above 60 years with lifelong renewability. Some common features and benefits of senior citizen insurance plans are;
Senior citizens are vulnerable to health issues, infections and injuries. Considering this risk, along with the rising cost of healthcare, it becomes important for senior citizens to buy a health insurance plan. Here is why senior citizens should buy health insurance.
Health insurance is important for senior citizens because they are more susceptible to certain health conditions and require more medThe government of India has made it compulsory for insurance companies to provide health insurance coverage till the age of 65 years. These insurance companies do not provide health insurance beyond the age of 65. There are some insurance companies which have additional terms and conditions for people above the age of 50 years. It is difficult to find many options for health insurance once you are above 65 years, but if you are fit, getting your policy issued would not be an issue.
On the other hand, there are insurance companies which provide health insurance for people above the age of 60 years with no upper age limit and lifelong renewability. Some companies have an upper age limit of 80 years. These companies provide health insurance coverage, especially to senior citizens depending on their health and medical history.
There are a number of factors to look for if you are buying health insurance policies for senior citizens.
In today’s time, a small medical procedure can cost you lakhs of rupees. Considering the rising medical inflation, the amount that is enough today may not suffice in future. So choose a coverage amount considering the inflation and cost of medical care in future. Experts recommend a minimum cover of ₹ 5 lakhs for any individual. Suppose this amount is not sufficient to cover the medical needs of a senior citizen. In that case, a top-up plan can be purchased for additional coverage above the existing coverage at a very nominal cost.
Pre-policy medical check-ups are required after a certain age. Most insurance companies do not require any medical check-up till the age of 45, after which a pre-policy medical check-up may be needed if you have a pre-existing disease or a medical history. Some companies offer health insurance plans without any medical check-ups till the age of 60 years. Star Health insurance is one company that offers health insurance to senior citizens without any medical check-ups.
Here is a list of some public sector companies offering health insurance policies that are specifically designed for the senior members of society, such as
It is always recommended that people should buy health insurance at an early age. The main reason for this is the low risk of medical contingencies at a young age. When the risk is low, the price of insurance is also low. You get many benefits to choose from at a very low cost.
As you grow old you become prone to diseases and your health and fitness start deteriorating, thus getting health insurance at a low cost becomes difficult. With age, the risk of medical issues also increases and therefore, premiums also become high. Another advantage of buying insurance early is the waiting period which gets over when you are young and healthy. If you buy insurance late, you have to wait till the waiting period is over to make a claim.
Following are some of the best health insurance plans for old age:
