Health Insurance Policy for Different Stages of Life

The importance of health insurance plans can not be understated today. The rising cases of lifestyle diseases and increasing cost of healthcare facilities have made it imperative to have medical insurance for every household. The benefits of having a health insurance policy are not just restricted to covering healthcare expenses, it also provides tax benefits along with regular health checkups. Also, having a particular health insurance plan would not suffice for all ages as our health conditions keep changing as we age.

Let’s know about the health insurance plans for different stages of life and reasons you should keep upgrading the plans.

Health insurance plan when you are single

At this age, you are in your best health with less responsibilities. This is also the age when you have just started earning and your salary isn’t that high. So it is prudent to choose a health insurance plan that provides coverage of 3 lakhs to 5 lakhs. Here are a few pointers you need to focus on when buying a health insurance policy at this age.

• As you have just started earning, paying higher premiums for health insurance doesn’t fit well. Choose a plan that suits your budget or the ones with higher co-pay or deductibles.

• Always mention if you have any pre-existing disease or if you are frequently visiting the doctor for follow-ups. In such a case, it is better to choose a higher coverage that would cover the expenses of your pre-existing disease. 

• Keep your profession in mind while choosing a health plan. If you are in a job that involves working in risky conditions consider choosing a higher coverage for health insurance policy.

When you are married;

Probably during your late 20s or in your 30s when you get married you jump into a lot of responsibilities. Also this may be the time when you are planning for your child. Here choosing a health plan while keeping in mind your dependents are necessary. You would need to increase your health plan coverage basis your dependants. This is also the time when your professional life becomes stressful and your lifestyle changes drastically due to professional stress and family responsibilities. A coverage around 10-15 lakhs would be needed during this time. The pointers that you need to focus on are:

• Choose a medical plan that offers regular health check-ups to help diagnose any existing medical disease.
• Opt for a comprehensive health insurance plan or a family floater health insurance plan that covers your spouse and your children
• In case if you are planning for children, choose a plan that offers maternity and newborn benefits. 

When you are in your Midlife i.e age 40s or 50s

This is the period when you are saving for your child’s future, planning for your retirement, paying EMIs for your loan. At this point, you must assure that any illness or accident doesn’t put a hole in your savings or disrupt your investments. Hence during this time you must

• Extend the coverage for your family floater plan
• Add riders to your existing health insurance policy
• You can also opt for critical illness cover and personal accident cover

When you retire:

During your sunset years, your responsibilities are almost over and you are living a financially stress-free life. This is also the age when your health is vulnerable and your immunity is low. Also, you do not have a regular income to bear exorbitant healthcare costs. At this point, it is vital to have a health insurance plans that can cover all your medical adversities.

Consider these pointers when buying a health insurance plan at this stage

• It’s better to exclude your children from the plans and have separate plans for your.self and for your wife

• Choose health insurance plans with coverage of 20-25 lakhs. 
• Watch for health plans that offer a wide hospital network, especially those near your locality. 

• Opt for a lifetime coverage health insurance plan. 

Pro-tip:

Before finalizing any health insurance plan, check with a health insurance premium calculator to know the premium you would have to pay for the health insurance coverage. Some health insurance calculators also assist you with the riders you may need for your family at different life stages while helping you know your change in premium. 

Final word:

The pandemic has shown the importance of having a health insurance plan for yourself and your family. Not having a health insurance plan can impact your finances and disrupt your financial stability for the following years. Also, any health emergency in the family can be quite stressful, leave aside your financial worries. So a robust health insurance plan can keep your financial worries at bay while completely focusing on your health and staying beside your dependants when in need.