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How Much Health Insurance Do You Need When You Are 70

Medical expenses grow at rates higher than normal inflation. In India, medical Inflation is growing at a rate of 14 per cent per year. So, do make sure that your health insurance policy accounts for inflated medical expenses over the years

Health insurance does not merely resemble a price tag; instead, it acts as an important safety net that helps mitigate the mounting medical bills that follow, likely due to health concerns that come with advanced ages, plus the peace of mind indeed bestowed on an individual when under good health cover. Your research must always consider your immediate needs and think over such needs, anticipating any future uncertainties.

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Issues To Consider

Existing Health Condition: Are there any types of medication or treatments already in place? Chronic diseases like diabetes, heart problems, or arthritis would need heavy coverage to ensure safety.

Future Health Needs: Always envision the risk as due to ageing surgical operations, hospital care, or long-term care might be required at any point in time.

Lifestyle And Family History Factors: Consider any genetic predisposition towards diseases along with lifestyle factors (like smoking or diet).

Geographical Mean: Different medical costs can apply to different zones, urban regions such as Delhi or Mumbai have generally costlier treatment compared with rural zones.

Policy Benefits: “Search for comprehensive policies covering hospitalization, outpatient treatment, diagnostics, and critical illnesses so that you eventually decrease your out-of-pocket expenses as well,” says Pankaj Nawani, CEO CarePal Secure.

The Effect Of Medical Inflation

Medical expenses grow at rates higher than normal inflation. In India, medical Inflation is growing at a rate of 14 per cent per year. So do make sure that your health insurance policy accounts for inflated medical expenses over the years.

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“Due to medical inflation, the costs attached to treatments, medications, and admissions could skyrocket in the long run. Then, of course, old age is complemented with additional medical risks, for which chronic diseases, surgical work, and long-term treatment increase the probability of the same becoming worse,” says Nawani.

As a result, the sum insured must be sufficient to cover current medical expenses as well as future medical expenses. Not considering such factors might lead to heavy out-of-pocket expenses draining savings or even forcing you and your family to compromise on necessary care. A sum insured of at least Rs 15 lakh is a must if you are living in a metro, though a higher sum assured is always recommended.

Due to increased health risks with age, insurance premium costs are higher since the premium calculation is directly correlated to the chances of occurrence of any disease. "Explore various policies, choose plans with co-payment options, or choose top-up plans that will increase the coverage but not heavily impact the premium,” says Nawani. Or also you can choose a plan with a deductible, as long as you have the funds or a base policy to cover the deductible amount. Here are some smart strategies for senior citizens to reduce their health insurance premiums.

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