Buying a health insurance varies depending on your age. The cost of health insurance increases as your age increases. This is because older persons are always prone to illness and has higher chances of having pre- existing diseases. This is one big reason why one should opt a health insurance at a very early age.
When you delay in taking a health insurance, there’ll be a significant hike in the premium rates. It also becomes difficult to get a policy at the later stages of life. There are two important age milestones that you need to be concerned of, 45 years, when the premium shoots up higher and 60 years, when you’ll be tagged as a senior citizen!
For example, if you take a health insurance policy worth of 5 lakhs cover, the premium price tag for 25-34 year old would be around Rs. 6500. People who fall on the 35 to 44 year old category will have to pay around Rs. 7500 per year. But when you cross the 45 year old age category, the premium will hit a skyhigh of around Rs. 11500. This is applicable till you turn 56 years old, when your premium hits further high of about Rs. 21000, which you will have to pay for the next three years. That’s not it! When you cross the 60 year age limit, you will be paying a whopping sum of money as premium of about Rs. 37000 per year!
So it becomes extremely important to choose your health insurance wisely and start investing in it at the earliest stages of life!