As you age, health insurance premiums go up in tandem. But if you are a senior citizen, health insurance premiums can be exorbitantly high. 

“Health insurance premiums have increased over the past few years, which may disappoint some customers. However, health insurance is essential, especially for the elderly. Because of this, avoiding insurance coverage is not an option,” says Rakesh Goyal, director of Probus Insurance Broker.

Having said that, the health insurance sector has become more inclusive and expansive, offering seniors higher and more comprehensive coverage at a reasonable cost. “Some insurers offer senior citizens up to Rs 1 crore sum insured at a monthly premium of around Rs 30,000 in a metro city. Not just this, the new age health policies for senior citizens provide adequate coverage for pre-existing diseases from day 1,” says Siddharth Singhal, business head of health insurance at Policybazaar.com. 

However, here are some ways to reduce one’s health insurance premium as a senior citizen.

Change Your Insurer: If you are paying high premiums for your current insurance plan, you can shop around and find a cheaper policy. “Health insurance portability allows individuals to shop around for better coverage if they experience a surge in costs or dissatisfaction with their current provider,” says Goyal. Furthermore, when you port, all the policy benefits, like coverage for pre-existing diseases and no claim bonus, are carried over to the new policy. 

Opt For A Comprehensive Cover With OPD Expenses Rider: This will drive up your premiums but lead to savings in the long run. “The policyholder can choose a comprehensive policy, which covers the OPD expenses as a rider, daycare treatments, pre- and post-hospitalization expenses, and ambulance services,” says Singhal. Opting for OPD as an add-on will provide coverage for doctor consultations, pharmacy bills, health check-ups, or lab tests, which will otherwise cost a fortune.

Some plans also provide a feature of no bonus reduction because of a claim. “This means that even if the policyholder makes a claim, this will not affect their bonus and will continue to get added to their coverage every policy year, as per the policy terms and conditions,” says Singhal. 

Co-Payment: In health insurance, a co-payment refers to the portion of medical expenses the insured individual pays, and the insurance company covers the remaining part. It is a cost-sharing arrangement between the policyholder and the insurer, where the insured person bears a predetermined percentage or fixed amount of the total medical expenses for each claim. Copayments are commonly implemented in health insurance plans to help control costs. “To suit the budget and requirements of the policyholders can now reduce or increase their limit of co-payment or voluntary deductions,” says Singhal. 

Super Top Up:  Super top-up insurance is a type of health insurance policy that provides additional coverage beyond the threshold limit of an existing base health insurance plan. It offers an extra layer of protection against high medical expenses that may exceed the sum insured by the primary health insurance policy.

Here’s how a super top-up insurance works: Suppose you have a base health insurance plan with a sum insured of Rs 5 lakh. If you incur medical expenses exceeding this limit, the super top-up insurance policy will kick in and cover the remaining amount above the threshold. For example, if you have a super top-up policy with a deductible of Rs 5 lakh and you incur medical expenses of Rs 7 lakh, the base health insurance will cover the first Rs 5 lakh, and the super top-up policy will cover the remaining Rs 2 lakh.

“In addition to their regular insurance, policyholders may want to look into a super top-up plan. The policyholder’s basic or base insurance will pay for claims up to the covered amount, and the top-up plan will pay for anything over that,” says Goyal.