Do health insurance Premiums increase with age?

Do health insurance premiums increase with age in India?

Yes, that’s right. The health insurance premiums increase with the age of the policyholder in India. And this is true even for the existing policyholders. Their premiums can increase at the time of renewal.

But does it mean that the health insurance premiums will increase every year?

No, not necessarily.

Health insurance premiums in India increase with age but don’t increase every year. The base premiums are set for specific age groups like 0 to 18, 19 to 30, 31 to 35, 36 to 40, 41 to 45, 46 to 55, 56 to 60, etc. The policy premium will remain constant as long as one is aging within the same age bracket. But as soon as one shifts from one age bracket to another (like from move from 35-40 to the age band 41-45) the premium will increase.

So why do insurers increase the premium with age?

The general belief is that with the rising age, chances of health problems and age-related issues also rise. So with increased health problems, chances of making claims by the policyholder also increase. So to cover the increased risk, the insurers increase the health insurance policy premium amount with age. They would ask for a higher premium amount for the same plan offered to a younger individual.

But age is not the only factor that increases your premium when you renew your health cover. There are others too. Like:

  • If you make a claim on your insurance cover in a given year, then chances are that your renewal premium will increase (called loading of premium for the additional risk the insurance company).
  • Healthcare inflation in general in India
  • Change in insurance coverage benefits

If you ask me about health insurance premium age slab or age slab for health insurance in India, I would only guess here. As different insurers may have different age brackets for health insurance. But in general, it’s like 91 days to 18 years, 19 to 35 years, 36 to 45 years, 46 to 55 years, and so on.

So that is how does age affect health insurance premiums in India 2021. And why are health insurance premiums increasing for you with age passing year?

But if you still feel that paying for health insurance is unnecessary, then let me remind you the in reality, health insurance is wealth insurance. You may not realize it. But that’s a fact. And if you think employer group health insurance is enough, then that’s not always true.

I hope this short article answers your questions related to:

  • Do health insurance premiums increase with age?
  • Why health insurance premiums increase with age?
  • Why health insurance premiums increase on renewal?
  • Why health insurance premiums increase every year?
  • Do health insurance premiums increase every year?

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