The High Premiums For Senior Health Insurance Plans: Are They Worthwhile?

A health insurance plan is not an option anymore. With rising medical treatments and healthcare costs and increasing instances of lifestyle-related ailments, a comprehensive health insurance policy is a must. It offers financial protection from unexpected medical costs and allows you to get the best treatment without worrying about the bills. Insurance companies offer this coverage by charging a premium for a fixed tenure. There are many factors impacting the premium calculation of a health insurance plan.

Of these, the age of the policyholder is very crucial since the premium of a health insurance plan increases with age. Therefore, Senior Citizens’ Health Insurance premium is usually very high. But are these high premiums worthwhile? Should you opt for Senior Citizen Insurance or not?

This article will discuss whether the high health insurance premium for senior citizens is worthwhile.

Here are some reasons that contribute to a higher premium for senior citizen health plans:

Higher Coverage = Higher Premium

As a person grows old, he/she can face different types of health challenges and complications. Also, older people tend to have lower immunity than youngsters making them vulnerable to diseases and infections. Hence, senior citizens are more prone to health issues and require higher coverage so that the policy can cover maximum disorders. Insurance providers offer special senior citizen insurance plans that have higher coverage but also attract a higher premium.

Expensive Medical Treatment Costs

Senior citizens are more prone to serious health problems requiring highly expensive medical treatments. Since people at this age rely completely on their savings, managing such high medical costs can be challenging. Also, the cost of treatment for a senior citizen is usually higher than for a younger individual.  Hence, the insurer offers wider and higher coverage policies and charges a higher premium for the same.

Age-related Health Issues

People over 60 tend to have complex medical care requirements compared to younger people. Hence, insurers offer senior citizen health insurance plans that are designed to ensure that all healthcare requirements of senior citizens are covered under a single plan. Since these plans offer wider coverage, the premium charged is higher than regular individual health policies.

Senior citizens are more likely to avail of treatments like cataract surgery, knee replacement surgery, etc. as the body tends to become less functional with age. These surgeries are usually costly and require an experienced and skilled doctor. To help manage these costs, senior citizens can opt for a health insurance policy that is designed for them.

Things To Remember While Looking For A Senior Citizen Health Insurance Policy

  • Domiciliary care
  • Psychiatric care
  • Critical illness coverage
  • Alternative treatments like Ayurveda, Yoga, Unani, Siddha, and Homeopathy
  • Bariatric Surgery
  • Daycare procedures
  • Complimentary health check-ups
  • Network hospitals near your residence
  • Lower waiting period for pre-existing diseases
  • Higher claim settlement ratio

Remember, senior citizens have different healthcare requirements and need an insurance policy designed for them. Many people include their senior citizen parents in the family health insurance plan. This should be avoided as it can increase the premium significantly. When you opt for a senior citizen health insurance plan instead, you can manage health insurance for your entire family in a cost-efficient manner.

Summing Up

 While senior citizen health insurance plans are costly, they offer coverage for a wider range of ailments and medical procedures. Also, they include features and benefits that are not available with normal policies. Hence, the premiums are higher. However, if you compare health insurance, choose the provider and policy carefully, and select the right add-on covers, you can save a lot of money on medical treatments in the long run.