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How Is Your Health Insurance Premium Affected By Age?

The health insurance premium is directly affected by your age. The younger you are, the lower is the premium as you age, the premium also keeps rising. Click here to know more.

  • 2,136 Views | Updated on: Nov 30, 2021

While there has been an increase in the risk for lifestyle diseases, critical illnesses, novel infections such as coronavirus in recent years, the medical cost has also risen like never before. This scenario makes health insurance an indispensable requirement today.

The insurer pays a regular premium towards the health insurance policy that compensates him/her for the medical conditions covered under the policy. Let’s look at the factors that influence health insurance premiums.

Health Insurance Premium - Influencing Factors

Each insurance company follows its specific guidelines to decide upon the premium cost offered to individuals. Generally, factors such as the individual’s age, occupation, medical history, BMI (Body Mass Index), type and duration of the policy, etc are considered while arriving at the final premium amount.

Age – A Crucial Factor

The health insurance premium is directly affected by your age. The younger you are, the lower is the premium charged by the insurance companies. As you age, the premium also keeps rising accordingly.

Why is Age a Crucial Factor?

Several reasons to charge a higher premium from an older person, are as follows:

  • An older individual is more susceptible to critical illnesses such as brain stroke, heart diseases, etc., and other age-related ailments.
  • The possibility of pre-existing diseases such as diabetes, blood pressure, etc. is higher with an older person. Hence, the chances of further complications are also higher as compared to younger individuals.
  • With the continuous advancement in the field of medicine and related technology, the cost of medical treatment and procedures also keeps rising as you age. Hence, to provide you with the promised compensation, the companies charge a higher amount.

How to Get a Health Insurance at Lower Premiums?

  • Buy a Plan at Early Age:
  • As insurance companies consider young age people less likely to be affected by diseases requiring treatments/hospitalization, you can get a policy at lower premiums when younger.

  • Opt for Basic Coverage Initially:
  • You can opt for basic coverage initially and upgrade it to enhanced coverage (such as for critical illnesses) as you age and more financially stable.

  • Go for Long-Term Policies:
  • The premium for long-term health insurance policies is often lower than traditional policies with the annual term. Hence, try to opt for a long-term (2-3 years) policy to substantially save on your premium payments.

  • Go for Family Floater Plans:
  • Family floater plans cover other family members (spouse, children, parents) too under the same policy. With multiple people covered under a single policy, the premium is automatically lowered for individuals.

Start Early to Save on Premium

The earlier you buy health insurance, the cheaper will be the premiums. It is not advisable to wait for older age and related complications to occur for buying a health plan. You must be responsible for your health and get yourself and your family’s health insured by opting for a suitable insurance plan at the earliest.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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