Health Insurance for Different Phases of Your Life

Health Insurance for Different Stages of Life

The gruesome impact of the COVID-19 pandemic has taught the importance of medical insurance like never before. Buying health insurance plans with adequate coverage can save you from burning a hole in your pockets. It can further reduce the financial burden from unforeseen hospitalization expenses. Here is the need for health insurance at different stages of your life:

1. Stage 1: Young & Single

   When you are young and single, health insurance might not seem like a top priority. However, this is the ideal time to secure mediclaim insurance for yourself. At this stage, you likely have fewer health issues and responsibilities, making health insurance premiums more affordable. Moreover, starting early will help you complete the waiting period by the time you will need your health cover.

   While buying health plans at this stage, you should consider the following questions:

   • Can I afford health insurance premiums within my budget?
   • Does the policy offer sufficient coverage for emergencies and routine care?
   • Are there additional benefits like wellness programs or discounts for young policyholders?

2. Stage 2: Marriage

   Once you get married and start your family, this is the stage of life when you would also need to insure your spouse. So, you can buy a family floater policy to cover the risk. This policy would cover you and your family members. While choosing a family floater plan, make sure you check if it contains maternity benefit and newborn baby cover for enhanced coverage.

   Have a look at a few questions that you should take into consideration while opting for mediclaim insurance after marriage:

   • Does the family floater policy adequately cover both my spouse and me?
   • Are maternity benefits and newborn baby cover included?
   • What is the policy's sum insured, and is it sufficient for a growing family?
   • Does the insurer offer a hassle-free claim process?
   • Can I add future family members to the plan easily?

3. Stage 3: Family Planning

   When a child is born and even before childbirth, there are multiple medical expenses for the mother and the newborn. This would include prenatal care, delivery, post-natal expenses, and maternity complications.

   Furthermore, there will be health-related expenses towards the newborn, including vaccinations, which can be covered for up to 90 days in the insurance. By opting for medical insurance with maternity cover, you can ensure the best treatment for the mother and child.

   Also, both parents can get the best medical services without worrying about the cost of hospitalization. This can later be enhanced with add-on covers like critical illness cover, personal accident cover, etc.

   Here are a few questions that you should ask yourself before buying a medical insurance policy during the family planning stage:

   • Does the policy include prenatal, delivery, and post-natal care expenses?
   • Are vaccinations and newborn care covered under the plan?
   • What is the maximum coverage limit for maternity-related expenses?
   • What is the waiting period for maternity coverage?

4. Stage 4: As the Child Grows Up

   As your child grows up, buying family health insurance plans that cover you, your spouse and your children is imperative. However, once your child becomes independent or gets married, he/she would need to buy a separate best health insurance plan.

   If your children or child buys a health cover at a young age, the risk of health ailments is less, therefore, the insurance company would provide coverage at a lower premium. Moreover, the policy premium you pay is also eligible for tax benefits under Section 80D of the Income Tax Act, 1961.

   At this stage of life, you should answer the following questions before buying a mediclaim policy:

   • Does the policy provide comprehensive coverage for my spouse, child, and myself?
   • Are regular vaccinations for the newborn baby covered?
   • Can my child continue with individual coverage after becoming independent?
   • Does the plan allow for an increase in the sum insured to meet rising healthcare costs?

5. Stage 5: The Golden Years

   One of the most important stages of your life when you would require maximum healthcare is when you grow old. These are your golden years, and this is the time when you are most vulnerable to critical illnesses. In fact, at this stage, you will need hospitalization expenses cover more than ever before.

   Following are the questions that you should consider before buying a health plan during your golden years:

   • Does the policy provide adequate coverage for critical illnesses?
   • Are there high co-payment or sub-limit clauses that could reduce benefits?
   • Are preventive health check-ups included as part of the plan?
   • What add-ons are available for better protection?

6. Stage 6: Retirement

   During this time, you would be retired, and savings would be crucial for you. Even if you have pension income, you will still need adequate health cover. Thanks to the senior citizen medical insurance policy that can pay for your age-related illnesses in your 60s.

   Buying insurance during this age can be difficult due to pre-existing illnesses. Therefore, buying a senior citizen mediclaim policy at an early stage of your life would be easy on your pocket.

   You can get covered under a family floater policy with your children or buy an individual cover to suit different medical needs. You can even enhance the base coverage by opting for add-on covers like critical illnesses or cancer cover.

   Listed below are the questions that you should ask yourself while buying health cover at this stage of life:

   • Does the policy cover pre-existing conditions without a long waiting period?
   • Is the premium affordable within my savings?
   • Does the plan include coverage for alternative treatments?
   • Are routine medical check-ups covered?

To Conclude

Irrespective of the stage of your life, a medical insurance policy can be a perfect companion to ensure a smooth journey. Since most of our responsibilities and priorities change with every stage of life, it makes sense to review your medical policies periodically. This will ensure that you have an adequate cover to meet the increasing requirements in the new stage of your life. Such planning would help you deal with uncertainties without any financial glitch.