5 Smart Ways Senior Citizens Can Lower Their Health Insurance Premium

Your post-retirement life depends on your health and the financial support you have for medical care. In India, most of the senior citizens struggle to cover medical expenses on their own. A health insurance policy will be beneficial by providing financial protection. For a low premium, you can secure quality healthcare without paying exorbitant amounts.

Here are the 5 Smart Ways Senior Citizens Can Lower Their Health Insurance Premium:

1. Start soon, keep policies active, and maximize discounts

Buying health insurance at an early age and keeping it active is a smart move because premiums are lower when you start early. For instance, a person who purchases insurance at age 35 and continuously renews it will get perks such as bonus rewards and cheaper premiums in contrast to another who purchases a first policy at 60.

2. Choose a flexible family floater plan

Senior citizens can also choose a family floater plan, which covers the whole family under one policy. This allows seniors to get medical benefits while sharing costs with younger, healthier family members. In this plan, the total insured amount is shared among all family members, making it more affordable than separate individual policies. Plus, many insurance companies offer discounts on floater plans based on the number of members included.

3. Choose higher deductibles and co-payment options

Senior citizens can choose a higher deductible to lower their insurance premiums. A deductible is a fixed amount they need to pay themselves before the insurance starts covering costs in a year. According to an insurance company, selecting a deductible of Rs. 5,000 or Rs. 10,000 can help reduce premiums by 10-20%.

4. Benefit from incentives and claim-free discounts

Senior citizens can lower their health insurance premiums by using preventive healthcare services like yearly check-ups and fitness programs. These can help them get discounts and other benefits, reducing their overall costs. This not only saves money but also helps them stay healthy.

Insurance companies offer wellness programs that reward people for staying healthy. These rewards can include lower premiums for walking regularly or getting health check-ups. Living a healthy lifestyle can help reduce insurance costs because it lowers the chances of hospital visits and long-term illnesses. Some insurers even give discounts to policyholders who reach daily step goals or maintain a healthy Body Mass Index (BMI).

5. Choose a standard policy with a super top-up add-on

Super top-up plans are a cost-effective way for senior citizens to get extra health coverage without spending too much. They can combine a super top-up plan with other health insurance, like the PMJAY scheme or a corporate health plan provided by their children, to increase their coverage at a lower cost than a regular insurance plan.