Senior citizens need health insurance more than younger people because they are often prone to age-related health issues. However, with a higher premium on health policies for senior citizens, it becomes difficult for many to get health insurance coverage. Here’s the reason why health insurance plans more expensive for seniors.

Why Do Health Policies Cost More For Seniors?

As people get older, they become more and more susceptible to diseases such as diabetes, BP, Alzheimer’s, etc. So, the claim frequency increases for people in the higher age categories compared to people in the lower age category. Therefore, the premium charged by health insurance increases for senior people. Also, if the senior buys the health policy for the first time, they usually suffer from a pre-existing ailment that results in an additional premium the insurer charges as an extra loading.

How Much More Do They Have To Pay For Health Policies?

The premium on a health policy for seniors in the age group of 60 to 65 can be around 2 to 4 times the premium on health policies for people in the age group of 25 to 30 years making health insurance plans more expensive for them. The premium usually depends on the age, policy features, the insured’s health condition, etc. For example, if the senior person takes a health policy with several features as add-ons such as critical illness rider, zero deduction for consumables, unlimited re-load of sum assured, etc., it may cost an extra premium compared to a vanilla health policy.

However, you can still bring down the health insurance premium using the hacks mentioned below.

How To Lower The Health Insurance Premium For Seniors?

Health insurance companies allow the policy buyer to choose pre-defined deductibles in their policies. A deductible is the initial amount a policyholder agrees to pay from his/her pocket. The deductible amount is decided at the time of getting the health policy, and the health insurance provider allows an attractive discount on the premium to compensate the policyholder. A higher deductible results in a greater discount on the health policy premium and vice-versa.

You may choose an appropriate deductible in your health policy to reduce the premium size of your health policy. Avoid choosing a high deductible size that may result in an unnecessary financial burden on your pocket at the time of claim.

An appropriate mix of super-top-up or a top-up health policy with a regular health insurance policy can also help reduce senior people’s premiums.

The author is an independent financial journalist