Health insurance premiums should be handled with proper planning as the premiums change over years as the basis of age, that’s why it is mandatory to keep an eye over them.
Indian Health Insurance Plans are essential for every person as it gives security and safety to the insured person with various benefits. Generally, Health Insurance plans are the backup or may call protector of people in some serious problems or illness which are life snatching and also have expensive treatments. Besides this, a right health insurance plan is like an assurance for the insured while he/she faces some kind of difficulties; there are lots of people in every country who dies or suffers with lifelong pains due of lack of support. It is a guide, a friend, a helper, an assurer, a good protector which means an overall coverage for insured person but still it is not enough to get fully covered and having all kind of money while in danger. Health is wealth and no doubt freaking for being healthy and fit is become a mania now-a-days; after advanced technologies and lifestyle people get affected easily.
Benefits of health insurance policy changes as per the age and create some changes in the plan that leads problems in the budget, as most of the insured don’t have any knowledge about the premium change as per the age. This article is a guide for the insured to let them know about the changes made through ages and many more.
Reasons of premium change:
Health insurance premium increases through ages as according to the insurance companies, with rising age, chances of health problems also increase which affect the premiums.
As people goes from teenage to adulthood the shape of body changes that lead more chances of attack of illness; and being a senior citizen it becomes more costly to cover all the expenses like doctor fees, charge of medicine, treatment cost etc. Day by day these expenses are increasing and while paying all that, there is an increment in the health insurance premium payments. Besides all this, there are other important factors that play an important role in premium calculation are pre-existing medical conditions, family medical history, gender, profession, addictions etc.
After analyzing all these factors, the health insurance provider then develops a new profile for a category of clients to calculate the number of times when the clients will need medical support in a year and then decide the insurance premium cost and the coverage.
Other changes: Except the above changes, there are some other things that change as per age every year which are:
With growing age, the insurance providers start claiming on thorough medical-checkups to confirm about any pre-existing fare as in case of senior citizens, the treatment for some pre-existing conditions is covered only after one or two years of policy period.
But there are many providers who don’t add these fares in the coverage so people are advised to read them carefully.
There are also some good chances that the time of pre and post hospitalization for which compensation is given will get reduced with age.
Most of the insurance renewals are distributed only till 80 years of age while some has the limit of 69 to 70 years, so higher the bracket leads higher benefits.