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Will my Health insurance premium run into Lakhs when i become a senior citizen?

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18 Oct, 2023 by  Manoj Krishnan

My dad is 75 yrs today i pay a premium of 60k for his 4 Lakh health cover. This is very high even for a upper middle class family every year i am scared to open the Insurance Renewal letter,i just did a calculation on my insurance premium when i turn 70yrs old, i am 43 yrs now when i turn 70 in 27yrs adjusted for inflation @ 6%my current premium which is 12k will be 1.41 Lakhs (Medical inflation is at 12% now but still let's be in the companies side for once) , Remember i have not added the age band increase in this which insurance companies add to the premium when i turn 45,50,55,60,65,70 etc. If I add that my premium would be around 3lakhs every year MINIMUM. I at that time will not have any income as i work in pvt company, what am I supposed to do ?

i know most people will say build a health corpus! Bhai i have to build a retirement corpus, Education corpus for kids, marriage corpus for daughter, pay term insurance, health insurance for me& parents, take care of House emi, bike or car emi (I have not added thinks like festivals birthdays marriages and many more)


This Himalaya of all expenses i can't build another corpus unless I skip breakfast and Diwali for the next 30 yrs

Your thoughts?



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Manoj

I do appreciate that the premiums grow up at a steeper rate as age grows. It is definitely not encouraging to see 60K premium for 4L cover. However, if you try seeing it this way - for a 10L cover, it won't be 1.2L. The first few lakhs is the most expensive per lakh. If the inflation in hospitalisation is between 12-15%, the insurance premiums can't grow higher than that, i.e. no more than double in 5 years (this is outrageous rate). To counter this and make it affordable, options like taking deductible of a first few lakhs may make the insurances affordable. Yes, I get this - premium bhi pay karo and then don't take a few lakhs of claim. But this works as a best way to sustainably keeping premiums at check.


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19 Oct, 2023
Manoj Krishnan
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