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Know how premiums change with your age

Remember how as a child you couldn’t wait to grow up wanting to go to a college, start a career and live your dream. But reality burst your bubble! Now, you are just busy managing bills, finances, maintaining work-life balance and often wonder how your parents used to do it all. Well, let’s just admit – being an adult isn’t that amazing. Also now there’s one more additional thing that always concerns you – your and your loved ones’ health and that’s why you opt for a health insurance. Do you know that with your age, your policy plan too gets changed? If not then let us find out what more candles on your birthday cake mean to your health insurance premiums.

Why the premiums change?

  • Health insurance premium increases with age as it is believed that with the rising age, chances of health problems also rise and that’s why accordingly the premium amount also increases.
  •  While we were busy going from teenage to middle age to being a senior citizen, the medical facilities also advanced by leaps and bounds and now they cost a lot. Fees of doctors, medicine charges, treatment cost etc. keep getting more expensive year after year and to pay for the all that, we find an increase in our health insurance premium payments. The other important factors that play a vital role in premium calculation are pre-existing medical conditions, family medical history, gender, profession, any addictions etc.

On basis of these factors, the provider develops a profile for a category of clients to estimate how many times will the clients seek medical assistance in a year and then decide the insurance premium cost and the coverage. HDFC ERGO is a trusted insurance provider that makes schemes keeping the benefits of the customer in mind.

What else starts changing?

  • With growing age, providers start insisting on thorough medical check-ups to determine any pre-existing ailment. For senior citizens especially, the treatment for some pre-existing medical conditions is covered but only after one or two years of policy period. Many providers don’t even include these ailments in the coverage and so, read carefully about the benefits.
  • Similarly, there are good chances that the period of pre and post hospitalization, for which reimbursement is given, will get reduced with age.
  • Most insurance renewals are doled out only till the age of 80 while some limit it to 69 or 70 years. Needless to say, choosing the higher bracket is beneficial.  

Following a few steps like keeping an eye on  family floater scheme benefits, top-ups and other discounts will help to see how you can make the most of the scheme even when age is not on your side.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the sales

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