Different Health Insurance Plans Required in different Life Stages?
The popularity of health insurance has been increasing exuberantly over the past few years. During this COVID-19 pandemic, many people embraced various health insurance policies to stay protected against this lethal coronavirus. Having adequate health insurance coverage is the best solution under any planned or untoward hospitalization. Different stages of life demand different health insurance policies as your healthcare need will not be a constraint in every phase of life. Health insurance needs at different stages of life will not be the same. Health insurance coverage that used to be sufficient in the earlier stage of life may no longer be good enough in your present situation.
So, how to choose the right health insurance plan in different stages of your life?
The COVID-19 pandemic made people realize how an unanticipated event could drain out all their savings. One of the pivotal mistakes is that most people remain under-insured when they move from one phase to another. A good health insurance policy with adequate coverage will protect every stage of your life against financial losses. The right health insurance policy plan will also help you to sustain yourself in healthcare inflation.
Health Insurance Plans for different life stages
- Group health insurance
- Individual health insurance policy
- Family floater health insurance plans for couples
- A rewarding life stage (Maternity insurance coverage)
- Critical illness insurance (in between your 40s and 50s)
- Senior citizens health insurance (for people above 60 years)
At the initial stages of your life, your prime focus will be to make a scintillating professional career. If you have joined a reputed private company or have your own start-up, a corporate group health insurance policy could be the best choice at this stage. A corporate group, health insurance policy covers all employees and their dependents. You may include your spouse, children, or even your parents under this policy plan. This type of health insurance plan is ideal for young and enthusiastic professionals who have just started their careers. A corporate group’s health insurance boosts employee retention and uplifts the goodwill of the company. But you need to remember that this policy offers only the basic coverage for ailments or injuries; if you want additional coverage, you need to pay the extra premiums from your pocket. Moreover, this policy will become annulled if you left the organization.
Though you are covered under employers’ group health insurance policy, you must still purchase a personal health insurance plan as a backup in case you lose your job or switch to another company. Some imperative questions that you should ponder before opting for an individual health insurance policy are,
- What is my health insurance budget?
- Does my employee health insurance provide adequate coverage?
- What are the benefits of my corporate group health insurance plan?
After weighing all these questions, you must wisely select an individual health insurance plan that complements all your healthcare needs at this stage. Your health insurance premiums will be affordable at this initial stage. An individual health insurance policy offers coverage for medical emergencies and treatments for injuries and ailments. This type of policy bears other healthcare expenses as well.
So, an individual health policy is the best health insurance for 26 years old single professional enthusiast. Ensure that you have a combination of corporate group health insurance and personal health insurance to cover you at this phase of life adequately.
Family floater health insurance plans for couples
Once you are married, it’s your responsibility to get your spouse also insured. Here comes a family floater health insurance plan that offers all types of healthcare coverage. Under this policy, you can include your entire family. You can include your spouse, dependent children, and parents/in-laws under this policy. An individual policy for a big family could be expensive, and it will burn your pocket. Thus, a family floater policy is a smart alternative option. The sum insured will be equally divided among all family members. But before opting for a family floater plan, you should consider the below-mentioned questions.
- Does my family floater health insurance plan provide maternity coverage?
- Does the plan include newborn baby coverage?
- Does my corporate health insurance plan cover the spouse as well?
- Does the network hospital list include the hospital that I prefer?
After evaluating all these questions, choose a plan that suits your current healthcare needs and requirements.
A rewarding life stage (Maternity insurance coverage)
A newly married couple or those who are planning to start a family should consider this type of policy plan. This policy has a minimum waiting period of 2 years. You can purchase this policy as a rider with your existing family floater health insurance policy. This type of policy offers coverage for all medical expenses incurred during prenatal, child-delivery, and postnatal stages. Before opting for maternity coverage, you should consider the following questions.
- Are you planning to start a family?
- Is your employer’s health insurance coverage sufficient at this stage?
- Do you require outpatient coverage?
- Does the network hospital list possess the name of the doctor that you prefer for consultations?
Critical illness insurance (in between your 40s and 50s)
In your late 40s or early 50s, you are more susceptible to various illnesses. So, this type of insurance would be on your priority list at this stage. If you are diagnosed with any critical disease, this type of insurance will offer you a lump sum for your treatment. For example, a person who has a family history of cancer should purchase this type of policy so that in the case of any unfortunate event, the policy offers coverage for all expenses incurred during treatment, hospitalization, surgery, and other medical expenses.
Senior citizens health insurance (for people above 60 years)
This plan is ideal for senior citizens (60 and above years). Once you grow older, healthcare check-ups and treatments will become part and parcel of your life. You need more medical attention and care to maintain yourself. This insurance will offer coverage for medications, hospitalization due to accidents or ailments, pre, and post-hospitalization expenses, and treatments. If you purchased this type of health insurance plan, then you can enjoy your retirement wholeheartedly.
These are various health insurance policy types that you need in different stages of your life. Evaluate your needs carefully at each stage and then purchase the best health insurance plan that goes well with your evolving healthcare requirements and needs