How Senior Citizens Can Save on Health Insurance Premiums

With hospital costs in India increasing by 11.35% in the past year (as per a 2024 Acko Insurance report), finding affordable health insurance has become crucial for senior citizens. Here are some effective ways to reduce insurance premiums while ensuring good coverage:

1. Buy Health Insurance at a Younger Age

The earlier you get health insurance, the lower your premiums will be. A person who buys a policy at 35 or 40 will pay much less than someone purchasing it at 60. Starting early also ensures better benefits over time.

2. Consider a Super Top-Up Plan

A super top-up plan helps increase your coverage at a lower cost. It works well when combined with existing policies like:
🔹 Pradhan Mantri Jan Arogya Yojana (PM-JAY)
🔹 Corporate health insurance from an employer

This way, you get additional protection without a significant rise in premiums.

3. Use No-Claim Bonuses (NCB)

Insurance companies offer no-claim bonuses (NCB) as a reward for policyholders who don’t file claims. Over time, this discount reduces renewal premiums.

Seniors can further avoid frequent claims by maintaining good health through:
✔ Regular check-ups
✔ Fitness programs
✔ Preventive healthcare services

4. Opt for a Family Floater Plan

A family floater plan covers multiple family members under one policy, making it more affordable than separate individual plans. Since younger members tend to be healthier, insurers offer lower premiums. Some policies even provide discounts for covering more family members.

5. Join Preventive Healthcare & Wellness Programs

Many insurers encourage policyholders to stay fit by offering premium discounts for:
🏃‍♂️ Tracking daily steps through fitness apps
🩺 Routine health check-ups
🏋️ Meeting fitness goals

Maintaining an active lifestyle can help you save on long-term healthcare costs.

6. Opt for a Higher Deductible

A deductible is the amount you pay before the insurance coverage begins. Choosing a higher deductible can significantly reduce your annual premium.

For example, Digit Insurance states that selecting a ₹5,000 or ₹10,000 deductible can lead to 10-20% savings on premiums. This strategy helps balance affordability and comprehensive coverage.

Final Thoughts

With rising medical expenses, senior citizens must take smart steps to reduce insurance costs while maintaining good coverage. By choosing a family floater plan, utilizing no-claim bonuses, opting for higher deductibles, and staying active, seniors can effectively lower their health insurance premiums.