Health insurance for senior citizens provides coverage against life-threatening ailments and diseases. It also reduces a huge financial burden when medical treatments are expensive. However, a big determining factor when buying such policy is the cost of the premium.
In this blog, we will look into the cost of health insurance, the factors that influence the price and how you can get affordable health insurance for senior citizens.
What is the Average Cost of Senior Citizen Health Insurance
The cost of health insurance for senior citizens can noticeably vary based on multiple factors and added benefits one wishes to receive from the plan.
- Basic Plan: If you are looking for the most basic package, then the cheapest health insurance for senior citizens is within the bracket of ₹12,000 to ₹25,000 per year.
- Comprehensive Plan: A comprehensive plan can start from ₹40,000 and go up to ₹80,000 based on pre-existing conditions, requirements, and add-ons.
Factors Affecting the Cost of Health Insurance for Senior Citizens?
The cost of medical insurance is affected by multiple factors. Attaining a thorough understanding of these factors can help choose the best senior citizen health insurance.
Age of the Insured
Medical insurance for senior citizens is available from age of 65 and above. However, the higher the age of the insured, the higher the premium cost. This is because the older you are, the more prone you are to critical diseases.
Coverage
The more comprehensive coverage you are aiming for, the higher the premium charges will be. The price of the health insurance will also be affected by the number of add-ons you buy with the existing plan.
Pre-existing Ailments
Often, senior citizens are already suffering from some diseases such as diabetes, cardiovascular, hypertension and more.
In such cases, the risk of the insurer increases. Treatment of certain diseases also has a big waiting line. In such cases, you might have to pay higher premiums for quick availability of services.
Co-Payments Clause
Many health insurance policies also come with the option for a co-payment clause. In a co-payment clause, the financial outcome is faced both by the insurer and the insured.
A policy with a low co-payment percentage will be more expensive than a policy with a higher co-payment percentage.
Sum Insured
The sum insured you are going for also determines the price of your plan. If you want to receive higher coverage, you will have to pay a higher premium.
Why is Senior Citizen Health Insurance Important?
As we grow, we become more prone to various diseases and ailments that require close and frequent medical attention.
Being enrolled in a comprehensive health insurance plan cuts down the cost incurred from hospitalisation, surgeries, medical treatments and more.
Moreover, it creates a sense of security regarding the quality and availability of medical services in an hour of need.
Wrap Up
As discussed, the cost of senior health insurance depends on multiple factors and choice of add-ons. Though the cheapest insurance premium can appear to be the most affordable one, having a comprehensive plan as per the requirements of the insured is very important for financial and physical safety of senior citizens.
