Policy holders often worry about health insurance premiums rise every year. It is because of several factors like: Aging, Medical Inflation, Rising Claims and Lifestyle Patterns.
🤔How Age Affects the Health Insurance Premiums?
Health insurance is a safety net that covers medical expenses but with advancing age insurance premiums also increases because insurers view older individuals as higher-risk customers.
👉Young Policy Holders(20s-30s): Low premiums due to low health risks.
👉Middle-Aged Policy Holders(40s-50s): Moderate premiums due to growing risks.
👉Old-Aged Policy Holders(60+): High premiums because of high risk of serious illness.
🤕How Medical Inflation Affects the Health Insurance Premiums?
Medical inflation directly drives up health insurance premiums because rising healthcare costs force insurers to charge higher rates to cover claims. In India medical inflation was reported at 14% one of the highest rates globally.
Some key factors of medical inflation include:
âš¡Raising Cost of Medical Equipments.
âš¡Doctor-Consultation Fees.
âš¡Technology & Innovation Costs.
âš¡Hospitalization Costs.
😀How to Reduce Health Insurance Premiums?
Are you wondering how you can reduce premium cost without compromising on the coverage, there are many smart ways to lower the premium cost while staying protected.
💡Purchase the health insurance policy at an early age.
💡Instead of buying separate policies for each family member choose family floater plans.
💡Maintain a healthy lifestyle.
💡Premiums vary widely across insurers for similar coverage so always compare policies before buying.
💡Check for coverages to cover inflation, age factors, enhancement of sum insured, depending on insurance company on no claim years.
Lock in Lower Premiums Today—Secure Your Health Insurance with Growease Before Age and Inflation Catch Up.