Medical inflation is skyrocketing, and health insurance policy is an utmost necessity in today’s day and age. It is almost impossible to be prepared for these medical exigencies and have a handsome amount to shell out for it. Moreover, it disturbs your financial plans too. So, a health insurance is a prudent option to make sure you have one less thing to worry about when it comes to seeking medical treatment, i.e. finances.
There is a common misconception that an insurance policy only compensates for hospitalisation. But that isn’t the truth. In fact, health insurance plans not only compensate for treatment costs, but also include pre as well as post treatment and other costs relating to the treatments like medicine expenses. One-size-fits-all is not the way to select health insurance in India. Different factors in tandem determine what should be your health cover, more particularly, your age. This guide will help you select a policy no matter what stage of life you are at. Let’s have a look:
Early career
This is the stage when you have just started earning. Generally, late 20’s to early 30’s is a part of your early career. People are healthy with high levels of enthusiasm not considering health insurance at all. But that shouldn’t be a mistake. Although there is lowest risk of health ailments or even pre-existing diseases, getting an early head start helps you save money in the long run. Since age is a critical component of determining the premium, the premiums at this stage are affordable. * Standard T&C Apply. Moreover, an extensive coverage for ailments can be opted considering the premiums are low and the benefits are going to accumulate as claims won’t be made.
Mid-career
During this stage of life, you start shouldering responsibilities, both personal as well as professional. For personal responsibilities, you are in the process of starting your family and you have parents growing old to look after. While your health might be perfectly all right, you need to have an all-round coverage for your family. Hence, family health insurance plans are a smart choice. Not only they offer coverage for all the beneficiaries, but also under one single insurance plan. This plan further offers the flexibility to add new members like your newborn baby ensuring health insurance coverage is available from day one. * Standard T&C Apply
Late career
This stage is where you have reached the peak of your career and your retirement age is nearing. Your children are also growing up along with parent’s age catching up soon. Thus, a family health cover may not be a smart choice since this policy charges premium based on the age of the eldest beneficiary. At this stage, you must consider buying a separate health insurance for senior citizens i.e. you parents. This helps lower the incidence of premium along with ensuring coverage suited to your parent’s age. This stage of life may also be right for you to choose a critical illness policy too. * Standard T&C Apply
Retirement
To enjoy your golden years without a need to worry about medical treatments, ensure you purchase a health insurance for senior citizens. At this age, your body is prone to ailments and trips to the medical facility are often. Along with that, income sources are limited and thus must be used sparingly. So, it is best to plan with a health insurance policy beforehand.
Purchasing health insurance at different stages of your life helps to relive any financial stress that medical emergencies bring. So, make a through choice of insurance cover depending on the stage of your life.
Please note that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.