How do different health insurance plans keep you covered through various stages of life?
The severe impact of the COVID-19 pandemic has taught everyone the importance of having health insurance policies. The best health insurance policies in India will not only offer you good coverage but also lessen the burden on your pocket under any medical emergency. Good health is the most valuable asset, but it keeps changing with your age. With evolving times, reputed health insurance companies offer numerous policies for various stages of life. Therefore, rather than picking up one policy, you should choose different health insurance plans that will meet your requirements as per your age.
A plethora of people have been affected due to this lethal virus, and many people have lost their lives. In addition, this menacing virus created emotional turmoil, and people have faced financial difficulties because they had to pay a hefty amount for the treatment of COVID-19. This is because most of them didn’t have holistic health insurance plans that would cover various financial needs at different stages of their lives.
During your 20s (when you are single, young, and full of life)
- Independent Health Insurance: After getting your first job, you should look for an independent health insurance policy. Independent health insurance policies are specially designed for young and single individuals. This policy covers all health emergencies and treatments for accidents and diseases. Moreover, this policy also bears other medical expenditures (like dental cover).
- Group Health Insurance: During your 20s, you should give priority to your career. If you are working for a company or have your own start-up, group health insurance could be the best option for you. This kind of policy gives utmost protection to the employees, enhances employee retention, and uplifts the image of the company. Once the employee leaves the organization, this group health insurance policy won’t cover him/her anymore. Young people want to buy health insurance online to save taxes.
During the 30s
At this stage, you have married already and want to start your own family. Instead of considering your personal health requirements, you should select affordable health insurance plans for your family members. Now, you can go for insurance plans like,
- Family Floater Insurance Plans: This insurance is imperative when your family grows. Under this single policy, your entire family will be covered. The coverage can include your spouse, dependent children, and parents/in-laws. Though you can opt for an individual health policy for each member, it would be very expensive. Thus, a family floater insurance plan is the best family health insurance policy in India.
- Maternity Health Insurance: You can purchase this policy as a rider with your existing health insurance policy. This type of policy covers all medical expenditures in the prenatal stage, child-delivery, and post-natal stage. The married couples who are planning for babies should consider this policy. The waiting period for this policy is 2 to 4 years.
During the 40s
Critical Illness Policy: Once you grow older, you will become more susceptible to various illnesses despite following healthy diets and regular exercise. At this time, you should focus more on regular health check-ups and other preventive measures. Even a minor bone rupture can burn Rs 4-5 lakhs from your pocket if you are not properly insured. For the middle-aged, people should consider critical illness policies.
Critical illness policies are specially designed to cover some serious diseases once detected. For example, if a person has a family history of cancer, then he/she must opt for this policy. If anything happens in the future, this insurance policy will cover all expenses, including treatment, hospitalization, surgery, and other add-on expenses. Critical illness policies usually offer a hefty amount that can be utilized for your treatment once it is diagnosed. Separate plans are there for diabetes, cancer, and other major health issues. This policy usually covers diseases at all stages of severity.
You should be calm and composed while selecting the best health insurance policies in India for yourself as well as your family. Consider the below points while picking up the best health policy.
- Does my existing health insurance cover critical illnesses like heart attacks, cancer and strokes?
- What would be my premium amount if I choose a critical illness policy?
- What are the hospitals that accept my health policy?
- Is this coverage sufficient for my family and me?
During the 50s, 60s, and above
At this stage, your children are grown up, independent, and thus, they choose their own plans. This is the time to discard the family insurance plan and back to the best individual health insurance plan that offers customized benefits as per your health requirements. For example, if only one member has diabetes, then opting for an entire family health plan may cause needless expenses. So, you can go for senior citizen health insurance plans.
Senior citizen health insurance plans: This plan is best for those who are 60 years and above. As you grow older, you need more health check-ups and treatments. This insurance policy will bear the cost of medicines, hospitalization (accidents and diseases), pre-and post-hospitalization charges, and treatment costs. With this policy, you can stay relaxed and don’t need to worry about financial expenses. Instead of choosing a single-year renewal policy, you should consider a policy that gives coverage for a minimum of 3-5 years at a time.
To stay healthy and wholesome, you may choose alternative treatment methods like AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homeopathy) at this stage. In addition, many leading insurance companies like Apollo Munich, Star Health, HDFC ERGO, etc., offer plans that cover alternative treatment methods.
A health policy will certainly make your journey smoother and comfortable at various stages of life. After evaluating your requirements at different stages of life, choose the best health insurance plans that resonate with your needs. This will ensure that you are adequately covered at every stage of your life without any financial glitches.