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Securing your health with a medical insurance policy is a wise decision – financially and practically. However, if you have been invested in a medical insurance plan for some years now, you may wonder why premium payable has been gradually increasing with your age. Your medical insurance premium increases due to a variety of factors, which play a crucial role in your policy ownership.
As you age, you also tend to shift from one life stage to another over a passage of time. This transition impacts not only your thinking process but also your health. Your body changes in terms of immunity, bone density, organ functioning, and hormonal balances
Women, in particular, experience considerable bodily changes, especially after childbirth and at menopause. These changes have a direct impact on your health and your proneness of contracting illnesses. Certain lifestyle changes come with ageing, such as reduced physical activity and body’s metabolism that affect your body’s overall functioning.
Your vulnerability towards various kinds of illnesses and health issues increases with age. Your deteriorating health could result in changes in your lifestyle or life stage.
Subsequently, the increased health risk affects your chances of making a claim. As a result, insurers charge a higher premium to cover their own risk. However, it is a win-win situation for both, because you can enjoy a sense of security against an increased risk of developing medical issues in the future.
Inflation impacts all areas of the economy, especially in the healthcare sector. The cost of various surgical equipment, hospitalization and doctor’s fees keeps increasing regularly.
When you purchase a medical insurance policy, the insurer pays for all these expenses when you make a claim. In exchange for comprehensive health coverage, you agree to pay a certain sum of money as a premium. The medical insurance company, therefore, may charge a slightly higher premium considering inflation, your age, and proneness to making a claim.
With increasing age, especially as you near retirement, it is possible that you become less productive and may cease to have a regular source of income. Subsequently, you may have to depend on others to take care of you.
During these times, your insurance policy helps you enjoy a sense of financial security and peace mind, knowing that in case of a medical emergency, you will not have to depend on anyone else. However, this apparent lack of financial independence because of your age ensues an additional dependency on the insurance policy.
Subsequently, you could end up paying a relatively higher premium each policy year to avail of health cover benefits when you need it the most.
There are ways in which you can reduce the medical insurance premium payable, such as:
Stay Secure All Throughout
In any scenario, it is not advisable to discontinue your medical insurance policy. At Bharti AXA, we provide personalized healthcare coverage under Smart Super Health Insurance Plan that offers coverage ranging from Rs.5 lakhs to Rs.1 Crore. Smart Super Health Insurance Plan supports you and your loved ones in meeting with healthcare costs without any worries.
The plan also provides several other benefits such as pre and post-hospitalization expenses up to 60 and 90 days, respectively, with no room rent capping and coverage for organ donation expenses. With increasing age, you become more susceptible to health issues. So, considering this, do not mind paying the extra premium and only focus on keeping your health and that of your loved ones fully secure.
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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.
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