5 ways senior citizens can reduce their health insurance premium
post-retirement life will be depends mainly on your health conditions and the financial support system that you have to get proper treatment if needed. The number of senior citizens who have adequate funds to cover all expenses by themselves is not significant in India. However, a health insurance policy helps you to get a good amount of health insurance protection by paying a much smaller amount as an insurance premium.
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However, many seniors face affordability challenges even in paying this premium, which rises with age. As you age, complications and issues related to your health-related complications are also bound to rise.
According to a 2024 report by Acko Insurance, India’s hospitalization expenses surged by 11.35% last year, based on data from around 60,000 claims filed on its portal during FY2023-24. The average claim size stood at Rs 70,558 in 2023-24, a sharp rise from Rs 62,548 just a year ago.
And with India’s medical inflation currently hovering at around 14% as per the same report, hospitalization costs are only set to surge in the coming times.
This underscores the grave need to have a solid health insurance policy in place, especially for senior citizens. While it is impossible to avoid old age and, consequently, the rise in health insurance premiums payable, senior citizens can certainly take some proactive measures to make sure
