Health Insurance for 55-Year-Olds: Protect Your Health and Finances

Discover health insurance plans designed for 55-year-olds with coverage for critical illnesses, pre-existing conditions, and affordable premiums.
Check Health Insurance Plans
Get Quote
3 min
27-December-2024

As we age, our healthcare needs increase, and at 55, this is particularly true. At this stage in life, it becomes crucial to ensure that we are adequately covered with health insurance that caters to the changing medical landscape. Whether it is for managing chronic conditions, covering unexpected hospitalisation, or securing a healthier future, health insurance can be a lifeline. This article explores why health insurance is vital for 55-year-olds, what to look for in a plan, and the various options available for older adults. Additionally, it offers guidance on choosing the right policy, especially for those with pre-existing conditions, to help make informed decisions for better health and financial protection.

Why health insurance is a must at 55

At 55, your health insurance needs are significantly different from when you were younger. Ageing brings about an increased risk of health conditions like hypertension, diabetes, and heart diseases, all of which require regular medical attention. With medical inflation on the rise, the cost of healthcare can become unaffordable without the proper coverage. Health insurance for individuals in this age group ensures timely and effective treatment without the burden of exorbitant expenses. Additionally, many insurers offer policies specifically designed for older adults that provide better coverage for age-related health conditions. Having health insurance at this stage can significantly reduce financial stress during medical emergencies and provide access to necessary healthcare, ensuring peace of mind.

What to look for in health insurance for 55-year-olds

When selecting health insurance for those aged 55 and above, it is important to ensure the policy meets the specific needs of older adults. Here are the key factors to consider:

  • Coverage for age-related conditions: Choose a policy that covers common age-related health issues like joint problems, heart conditions, and diabetes.
  • Pre-existing conditions coverage: Most insurers offer coverage for pre-existing conditions after a waiting period, so ensure your policy includes this.
  • Higher sum insured: Opt for a higher sum insured to cover the potential rise in medical expenses as you age.
  • Cashless treatment network: Check if the insurer has a wide network of hospitals for cashless treatment.
  • No-claim bonus: Some insurers offer a no-claim bonus that reduces premiums in subsequent years.
  • Family coverage: Consider policies that offer coverage for your entire family health insurance, providing protection for all members.

Affordable health insurance plans for older adults

Finding an affordable health insurance plan is crucial for 55-year-olds. Here are some tips to keep in mind while looking for cost-effective policies:

  • Compare premiums and coverage: Compare policies from different insurers to find the best balance between premiums and coverage.
  • Look for plans with higher co-payments: Choosing a plan with a higher co-payment can reduce your premiums. However, ensure the co-payment is affordable for your budget.
  • Opt for critical illness coverage: Adding a critical illness rider to your health insurance can be an affordable way to secure coverage for serious conditions like cancer or heart disease.
  • Check for discounts and offers: Many insurance providers offer discounts for healthy lifestyle choices or for purchasing policies online.Select policies with flexible terms: Some insurers offer policies that allow you to adjust the sum insured or add riders as needed, ensuring that your policy remains affordable as your needs change.

Benefits of health insurance for 55-year-olds

Health insurance provides numerous benefits for individuals aged 55 and above:

  • Financial protection: Health insurance shields you from high medical costs, which can be particularly burdensome during retirement years.
  • Timely treatment: With health insurance, you can receive timely medical treatment without worrying about finances.
  • Pre-existing conditions: Many insurers offer coverage for pre-existing conditions after a waiting period, ensuring that your ongoing medical needs are covered.
  • Mental peace: Knowing that you are covered by health insurance gives you peace of mind, reducing anxiety during medical emergencies.
  • Tax savings: Health insurance premiums qualify for tax deductions under Section 80D of the Income Tax Act, offering financial relief.
  • Access to top-tier healthcare: Health insurance policies often grant access to a large network of hospitals, allowing you to choose the best healthcare providers.

How to choose health insurance with pre-existing conditions at 55

Selecting health insurance when you have pre-existing conditions requires careful consideration. Here are a few steps to guide you:

  • Look for plans with shorter waiting periods: Many insurers offer policies that cover pre-existing conditions after a waiting period of 1 to 4 years. Choose one that offers the shortest waiting period.
  • Ensure adequate coverage: The policy should offer sufficient coverage for your pre-existing conditions, including any treatments or medications that you may need.
  • Check exclusions: Review the policy terms for any exclusions related to your pre-existing condition. Some policies may not cover certain illnesses.
  • Add a critical illness rider: If your pre-existing condition is a serious one, adding a critical illness rider can offer extra protection.
  • Opt for a higher sum insured: As medical expenses rise, having a higher sum insured will ensure that you are adequately protected in the event of hospitalisation or surgery.

Conclusion

Health insurance is a crucial tool for individuals at 55 to ensure they are financially prepared for the healthcare needs that come with ageing. By choosing a policy that covers age-related conditions, pre-existing conditions, and offers comprehensive treatment options, older adults can ensure they receive the best possible care without facing crippling medical costs. It is essential to compare plans, check for affordability, and consider add-ons like critical illness cover to protect your health in the long term. With the right health insurance policy, you can maintain your health and peace of mind, safeguarding both your well-being and your financial future.

Frequently asked questions

Can a 55-year-old get health insurance with pre-existing conditions?
Yes, a 55-year-old can get health insurance with pre-existing conditions, but there is usually a waiting period before coverage kicks in. Most insurers cover pre-existing conditions after a waiting period of 1 to 4 years.

How much does health insurance cost for a 55-year-old?
The cost of health insurance for a 55-year-old depends on the insurer, policy features, and coverage amount. On average, premiums may range between Rs. 15,000 to Rs. 40,000 per year, depending on the coverage and pre-existing conditions.

What types of health coverage are essential at 55?
At 55, it is essential to have coverage for age-related conditions such as heart diseases, diabetes, and joint problems. Critical illness cover, hospitalisation, and outpatient care are crucial to ensure comprehensive protection.

What are the best health insurance plans for 55-year-olds?
Some of the best health insurance plans for 55-year-olds include those with coverage for pre-existing conditions, critical illness cover, and a high sum insured. Policies with a shorter waiting period and a wide network of hospitals are also recommended.

Show More Show Less

Bajaj Finserv App for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.

  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements, and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

GET THE APP

Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.



Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.

Show All Text