Health insurance is an integral part of financial management at every phase of life. Whether you are 18 or 80 years of age, you need a health insurance policy to cover your medical requirements. It is a crucial tool that helps you pay for unforeseen medical expenses that tend to shatter your bank balance.
In this blog, we will help you understand insurance needs at different stages in life, along with some recommendations for health insurance by age.
Understanding Insurance Needs at Different Stages in Life
Before learning about the best options for health insurance by age, it is important to understand insurance needs at different stages in life. This small step will help you identify coverage requirements based on your age and the phase of life you are going through.
Youngsters (early 20s
This is perhaps the most challenging yet beautiful phase of your life. At this stage, you don’t have many responsibilities and also any dependents. Therefore, you need to invest in policies that offer efficient financial coverage for your medical needs. Apart from this, you should also consider purchasing accidental health insurance or disability insurance to protect yourself from unprecedented events.
Important Questions to Ask When Purchasing Health Insurance for Youngsters?
- What is my health insurance budget?
- Should I purchase an individual health insurance plan or get covered in a family floater plan?
- Is my employee health insurance enough?
After finding answers to these questions, you can select the best health insurance plan based on your requirements. The best part about purchasing health insurance at this stage is that the premiums are very low due to low risk.
Married Couples (between late 20s and 30s)
This is like a transitioning phase of your life as you are introduced to new responsibilities. After getting married, your spouse becomes your dependent. Thus, in case of any unforeseen event, you must ensure sufficient financial protection for your spouse. Besides, you also need to insure your spouse as per their requirements.
When purchasing a health insurance plan for a married couple, it is necessary to consider your plans to extend your family. If you are expecting a child, invest in policies with maternity and childbirth coverage.
Important Questions to Ask When Purchasing Health Insurance for Married Couples?
Is maternity and childbirth coverage available with a family floater plan?
How much sum insured should I go for?
Is cashless hospitalisation available?
Does health insurance offer post-hospitalisation treatment?
What is the waiting period for family insurance plans?
Based on the answers to these questions, you can select a suitable plan to cover yourself, your spouse and your future children. At this stage, a standard health insurance plan with maternity coverage is the best option for you.
Family Owners (between 30s to 40s)
When you enter this stage of life, plenty of responsibilities are waiting for you. In addition, you have so many dependents, your kids, spouse and even parents.
Considering the increase in responsibilities and number of dependent members, you must invest in a policy with a higher sum insured.
Important Questions to Ask When Purchasing Health Insurance for Home Owners?
Does my health insurance policy cover routine check-ups for all insured members?
Can I include my parents in my family plan?
What is my budget for family health insurance?
Are there any special add-ons available with family health insurance plans?
You need a comprehensive or family floater insurance plan at this stage of life. The above-mentioned questions will help you finalise the right plan for your family based on requirements.
Mid-aged Individuals (between 40s to 50s)
Your responsibilities are at their peak during your 40s and 50s. But this is also the stage when your health starts deteriorating. Issues such as hypertension, diabetes, etc., are very common in this age group due to a stressful professional and personal lifestyle.
At this stage, you need a plan that covers you and your dependents in case of any mishappenings. In short, you need to stay financially prepared for whatever medical emergency life throws at you.
Plans such as critical illness insurance, chronic disease management, accidental health insurance, etc., are highly recommended to individuals belonging to this age group.
Important Questions to Ask When Purchasing Health Insurance?
Does health insurance cover critical illness?
Does health insurance cover pre-existing conditions?
What are the tax benefits under my policy?
What types of add-ons are available with comprehensive health insurance plans?
Once you find answers to the above questions, you can shortlist the best health insurance policies and select the one that fits in your budget and requirements. Whatever insurance plan you purchase, make sure it offers optimum coverage for critical diseases.
Senior Citizens (above 60s)
After touching 60, you finally enter the golden phase of your life. This is the most amazing time of your life as you don’t have any responsibilities or stress related to work or personal life. But you can not ignore the fact that your health also becomes uncertain as you age.
As you get old, you become more prone to a variety of illnesses and infections due to low immunity and strength. Thus, it is a good idea to invest in a health insurance plan that keeps you covered against potential critical illnesses. Besides, it should also cover the cost of your increased healthcare requirements.
Important Questions to Ask When Purchasing Health Insurance?
Do health insurance plans have any age-specific limitations?
What is the waiting period for the policy?
What types of treatments are available with senior citizen health insurance?
What diseases are covered under critical illness insurance?
Is cashless hospitalisation available?
Buying health insurance for retirees is very necessary due to increased risk and medical expenses. When purchasing Sr Citizen Health Insurance, make sure to address all the questions mentioned above before making any final decision.
Top Recommendations for Health Insurance By Age
Now that you have understood the insurance needs at different stages in life, it is time to discuss some of the best health insurance recommendations for different age groups.
Best Plans for Youngsters
Individual Health Insurance
Young individuals can invest in Individual Health Insurance as it offers sufficient financial coverage for their medical expenses.
Such plans often come with benefits such as OPD cover, pre and post-hospitalisation, routine check-ups, doctor fees, ambulance cover and more.
Accidental Health Insurance
You are exposed to a range of accidental injuries when you are young and active. This includes injuries from sports, road accidents, adventure activities, etc.
At this juncture, it is ideal to buy
Accidental Health Insurance. It offers coverage for injuries, disabilities and even death arising from unforeseen accidents.
Health Insurance for Students
Student health insurance plans are designed to offer dedicated coverage for students. Such plans make sure you can access quality healthcare during your studies without worrying about the hefty expenses.
Best Plans for Married Couples
Maternity and Childbirth Cover
Those who are family planning should definitely consider investing in a good maternity and childbirth cover to manage the upcoming delivery expenses.
It is one of the most useful health insurance add-ons that offers coverage for expenses incurred during pregnancy. This includes doctor fees, delivery charges, newborn vaccination fees, and in-patient treatment.
Comprehensive Health Insurance
Comprehensive Health Insurance is another great option for married couples with children. For instance, ourRelianceHealth Global Planoffers broad coverage for a range of healthcare expenses such as pre and post-hospitalisation, daycare procedures, in-patient/out-patient care, medications, doctor consultations, diagnostics, routine check-ups and many more.
Best Plans for Family Owners
Family Floater Health Insurance
Family Floater Health Insurance is an excellent option for individuals who have multiple dependents. With this type of plan, you can cover yourself, your spouse, children and dependent parents in a single plan. Not just that, you can also cover your in-laws with your family insurance policy.
Parents Health Insurance
Although it is possible to add parents and senior family members to standard health insurance plans, it is highly recommended that they be covered with dedicated insurance for parents or Senior Citizen Health Insurance plans.
These plans offer focused coverage for medical emergencies faced by ageing individuals. Benefits include routine check-ups, critical illness coverage, pre-existing disease coverage, ambulance costs, OPD treatment, etc.
Mental Health and Wellness Coverage
To ensure the good mental health and well-being of your family members, you can also consider having mental health and wellness coverage. Such add-ons cover the expenses of therapies, wellness sessions, etc.
Best Plans for Mid-aged Individuals
Chronic Disease Management Cover
Chronic Disease Management Cover, as the name suggests, is a useful health insurance add-on that covers the expenses arising from the treatment of chronic conditions such as hypertension, diabetes, asthma, strokes, etc.
Having this type of add-on will help you manage the cost of long-term treatments for the aforementioned conditions.
Alternative Treatment Coverage
Our health insurance requirements change drastically with our age. This is a phase where you may seek alternative treatments such as Ayurveda, Unani and Homeopathy, among others. Thus, make sure to look for alternative treatment coverage when purchasing a suitable health insurance policy for yourself.
Best Plans for Senior Citizens
Senior Citizens Health Insurance
Senior citizen health insurance is a specially curated plan for individuals over 60. Since senior citizens are prone to numerous health conditions and lead uncertain lives, these dedicated plans are the best way to cover their growing healthcare demands.
Critical Illness Insurance
Critical Illness Insurance is one of the best insurance plans for ageing individuals. It offers coverage for a wide range of life-threatening conditions, such as cancer, heart attacks, kidney issues and more.
Unlike other insurance plans, this type of plan provides you with a lump sum amount upon diagnosis of a critical condition defined under the policy wording.
This amount helps you manage the expensive treatment costs of critical diseases. Critical Illness Insurance can be purchased as an individual policy or an add-on to your existing health plan.
How to Purchase the Best Health Policy?
No matter what stage of life you are at, considering the below points will help you opt for the best health insurance plan to match your coverage needs.
Outline Insurance Needs
First things first, sit back and outline all your insurance needs. You can refer to the first section of this guide to understand insurance needs at different stages in life.
Select Sum Insured
Once you are certain about the type of plan you need, decide on the sum insured amount. When choosing the right sum insured, consider factors such as your income, number of insured members, coverage requirements, etc
Select Premiums and Deductibles
Next, select the value of your premiums and deductibles. If you want to lower your premium rates, consider opting for higher deductibles (out-of-pocket expenses). Make sure that your premiums align with your income and budget to avoid any additional financial burden.
Look for Dedicated Coverage
To meet your unique coverage requirements, consider purchasing useful add-ons with suitable health insurance plans. For instance, you can purchase Critical Illness Insurance cover to stay protected against life-threatening conditions.
Compare Multiple Plans
Instead of buying any random policy that matches your requirements, consider comparing multiple plans to select the
best health insurance policy. It will help you get the best coverage at your price point.
Reliance General Insurance - Tailored Health Insurance Plans for You and Your Family
Health insurance is an integral part of financial planning at every stage of your life. It is a necessary tool that protects you and your family against a range of financial emergencies that can arise due to unforeseen medical expenses.
Whether you are looking for an individual health insurance plan for yourself or dedicated parents or sr citizen health insurance for your parents, we have got you covered.
Our plans are affordable and customisable and come with benefits like 100% claims settlement, cashless hospitalisation, unique add-ons and a paperless online purchase.
Visit our homepage to explore a complete range of health insurance policies tailored to meet your unique requirements at every stage of your life.
Contact us for more information!
Frequently Asked Questions
What is the right age to purchase health insurance?
There is no right or wrong age to purchase health insurance because health-related emergencies can happen regardless of your age. Hence, it is always better to purchase health insurance as soon as you can. By purchasing your plan at a young age, you can benefit from low premiums, additional benefits and multiple other rewards.
Do I need a separate health insurance plan if I am already covered under group health insurance at my workplace?
Group health insurance plans offer limited coverage because the benefits are shared among all members of the group. Thus, to have dedicated coverage and a customised plan, it is recommended to purchase an individual health insurance plan to meet your specific medical requirements.
Is comprehensive health insurance expensive?
Comprehensive health insurance is slightly more expensive than basic health insurance plans due to its broader financial coverage and the range of benefits it provides. However, a comprehensive health insurance policy is highly recommended due to its enhanced financial security.