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Health Insurance at Different Phases of Life

Health condition of a person changes at different stages of his/her life and therefore, his/her health insurance also needs to change accordingly

11 Nov 2021
  • Informational
  • Health Insurance

How To Choose Right Health Insurance At Different Stages Of Life?

Today, a health insurance policy has become imperative for everyone. Rising cases of lifestyle diseases and constantly increasing cost of healthcare facilities have made health insurance a necessity for everyone. Apart from covering almost all healthcare expenses a policyholder may incur during a medical emergency, a health insurance plan also helps him/her avail regular health check-ups and income tax benefits.

But, have you ever wondered if a specific health insurance policy is enough to provide you sufficient coverage for your entire life? The answer is “No”. As your health condition keeps on changing throughout your life, your health insurance needs also change accordingly. For example, a young person who is usually fit and healthy require a relatively smaller health insurance cover than an elderly person who is more prone to diseases and infections.

In this article, we’ve tried to explain the health insurance needs of a person during the different phases of his/her life and how should he/she choose the right health insurance cover for himself/herself at every stage. Read on.

When you’re young and single (in early 20s)

During this phase of a person’s life, he/she is pretty healthy and barely has any responsibilities. That is why, a large health insurance cover is not required at this stage. Hence, you can take a standard health insurance policy with a coverage amount of around ₹ 2 to 5 lakhs. Additionally, you should also consider the points mentioned below:

  • Opt for a health insurance plan which fits your budget. As, at this stage of life, you are either not earning or have just started your career, paying high premiums for a health plan makes no sense.
  • If you can, go for a health insurance policy with higher co-pay or deductibles.
  • Consider your health condition and pre-existing diseases. If you have some pre-existing diseases or if you pay frequent visits to doctors, you should opt for a health insurance plan with higher coverage.
  • Also, consider your profession while choosing a health plan. If you’re in a profession which involves working in conditions which are hazardous for your health, opt for a plan with high coverage.

When you are in your 30s or late 20s

When you enter this phase of life, you will suddenly find a plethora of responsibilities on your head. During this stage of your life, you could either be already married or have started planning for your marriage. You might have even started thinking about having a child in future.

Keeping in mind the number of dependents and responsibilities on you, you will need to increase your health insurance cover during this phase. Also, this is the time when you could be facing a lot of stress while managing your professional and personal life. Ideally, you should opt for a health insurance cover of ₹ 10 to 15 lakhs during this stage. You should also keep in mind the points mentioned below:

  • You should get regular medical check-ups to find out if you have any pre-existing diseases. It’s common to develop certain lifestyle diseases such as Type II diabetes, hypertension etc. in this stage of life.
  • You can opt for a family floater health insurance policy. It will provide comprehensive medical coverage to you, your spouse, and your children (if any).
  • If you’re planning for a kid, you should go for a health insurance plan which comes with maternity benefits and new-born cover. In case your health insurance policy doesn’t provide maternity cover by default, you can add it as a rider.
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While a person may require a relatively smaller health insurance cover when he’s young and healthy, it should go up as he grows old

When you are in your 40s and 50s

When you go into the 40s, your responsibilities are at its peak and your health starts to decline. Also, you need to start planning for your retirement when you enter this phase of your life. You should make sure that any illness or accident suffered by you does not affect your children’s studies and financial future.

Hence, you need to lessen your financial risks and be more prepared for the adversities. You should opt for a more comprehensive health coverage during this phase of life. Also, you should include riders such as critical illness cover, hospital cash cover, and personal accident cover.

When you are a retired in your 60s

This phase is called the golden years of a person’s life. During this phase, he/she has no responsibilities and can enjoy his/her life to the fullest. However, this is also the time when a person’s health is the most vulnerable, and prone to illnesses and infections. Hence, there is a need for a large health insurance cover which can cover almost all medical adversities.

Do consider the following points while buying a health insurance policy during this phase:

  • You should buy a separate health plan for yourself and your spouse. It’s better not to include your children in your family floater plan.
  • Buy a health insurance policy with a minimum coverage of ₹ 20 to 25 lakhs. You should be adequately prepared for any medical emergency that may come.
  • Choose a health insurance policy that has a wide network of hospitals. Also, watch out for the network hospitals in your city or locality.
  • Opt for a health insurance policy that offers lifetime coverage.

ICICI Lombard provides health insurance plans like Complete Health Insurance, Personal Accident Insurance, Health Booster, Arogya Sanjeevani Policy, Corona Kavach Policy which offers people with the much needed financial backup during any medical emergencies.

To conclude

If you’re looking for a comprehensive health insurance cover for you or your family members, you can purchase ICICI Lombard’s Complete Health Insurance Policy. This policy provides numerous benefits such as coverage for coronavirus and other critical illnesses, and cashless treatment at over 6500 network hospitals across India. Moreover, the claim process is quick and hassle-free with 24x7 customer support availability.

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