5 Ways Senior Citizens Can Reduce Their Health Insurance Premium

Senior citizen health insurance plans provide a much-needed safety net to elderly citizens, saving them from hefty medical bills. However, due to their limited income and the high cost of insurance, the cost of insurance premiums may often be burdensome for retired individuals and senior citizens.

If this situation sounds familiar to you, then fret not. We have got you covered, as we share 5 ways you can reduce the premium of health insurance for senior citizens.

Reducing Senior Citizen Health Insurance Premium: 5 Effective Ways

Insure Yourself Early

The best approach for reducing premiums on senior citizen plans is to buy a plan at an early age. When a person invests in health insurance at the age of 35 years, he is more likely to benefit from a cumulative bonus and discounted premiums than a person who purchases health insurance at 60 years.

Secondly, insurers also provide wider coverage and discounts to long-term policyholders. Thus, it eventually reduces the cost of premium when you reach the senior citizen stage.

Invest in Government Schemes

The government rolls out various insurance schemes for the elderly population to provide them with financial assistance during medical emergencies. Investing in these schemes is an excellent option for senior citizens who want insurance plans with affordable premiums. For instance, you can invest in the Ayushman Bharat PM-JAY scheme which provides coverage of up to 5lakhs a year for individuals above 70 years.

Choose Higher Co-Payment and Deductibles

Under the co-payment and deductible options, a certain percentage of the medical expenses is paid by the insurer. This arrangement leads to reduced premiums as the liability of the insured is reduced. Senior citizens who want to pay a lesser premium while getting medical coverage can opt for higher co-payment and deductible plans.

Paying 5000-10000 as a co-payment or deductible reduces the insurance premium by up to 10-20%. However, choose the deductibles smartly based on your financial capacity.

Consider Adding a Super Top-Up Plan to the Base Insurance

If you want to enhance your health coverage cost-effectively, you can add a super top-up plan to your base health insurance. A super top-up plan enhances the scope of insurance without a steep rise in the insurance premium. For instance, if your base health insurance has a sum insured of 5 lakhs, you can opt for a super top-up plan of 10 lakhs to cover excess medical expenditure. 

The benefit of reduced premiums from super top-up plans comes as a result of the co-payment component. A high co-payment means a lower premium and vice versa. Thus, you must choose the co-payment amount carefully, ensuring it does not strain your finances.

Take Advantage of Insurer Incentives and Discounts

Many insurance providers also provide different types of incentives and discounts to the policyholders. These incentives can be an excellent way to reduce insurance premiums and save some money. For instance, your insurer may offer wellness programs to encourage a healthy lifestyle. When you enroll in such programs and achieve the goals, you may be eligible for incentives, such as a free diet program, discounted premiums, etc.

How to Choose the Best Senior Citizen Plan

Since senior citizens are more vulnerable to health problems, it is vital to choose a health insurance plan wisely. Here are some things to remember while buying a senior citizen’s health insurance.

1. Choose a plan with a high sum insured
2. Look for insurance plans with a lower waiting period
3. Choose plans with comprehensive coverage, including critical illness cover.
4. Opt for plans with preventive medical facilities
5. Look for plans that are specifically designed for senior citizens
6. Pay attention to the inclusions and exclusions
7. Opt for plans with lifetime renewability
8. Look for affordable premiums

Stay Protected in Old Age with TATA AIG Senior Citizen Health Insurance

Senior citizens must follow a strategic approach while purchasing health insurance to avoid spending huge amounts on insurance premiums. Opting for government schemes, co-payment and deductibles, etc., are some of the ways to do so.

While purchasing health insurance plans, it is also crucial to choose a reliable provider such as TATA AIG. They offer dedicated senior citizen insurance plans with affordable premiums and extensive coverage.

Besides, their insurance plans cover expenses incurred during treatment at the hospital, ambulance cover,  pre- and post-hospitalisation expenses, lab test and other charges and much more. Their insurance plans cover individuals from 61 years up to 96years +, providing them with the necessary health coverage.

You can also choose a sum insured that suits your medical requirements from 5 lakhs to 25 lakhs. And if you are looking for discounted premiums, TATA AIG offers a 10% long-term discount when you opt for a policy tenure of 3 years.

Visit their website today and get affordable yet inclusive medical coverage.