The pandemic has raised varied health concerns among people all over the world. It has made us all take a step back and reflect on our health and lifestyles. While some have joined online exercise and yoga sessions to get back in shape, most have availed a solid health insurance plan to keep us medically and financially secure. When it comes to health insurance policies, though most plans provide exhaustive coverage, not all cater best to all age groups. Then, how do you protect yourself and your family members at all times?
Since different stages of life call for different kinds of healthcare policies, the best way to go about it is to review your policies during every renewal and find the policy that best suits your requirements at that point of time. This way you can continue to keep yourself and your family protected at all times. Here’s a simple guide to help you choose the right health insurance policy at every stage of life.
Details of Health Insurance Policy for Different Stages of Life
Young Adult: As a young adult, one of the responsible things to do once you secure a job is to avail a health insurance policy for you and dependent family members, if any. Employers, these days, are equipping their employees with general health insurance. But, these plans only hold good until the end of their service in the organisation. So, you can either buy a plan that suits your needs or customize the plan provided by the employer and continue to pay for it after you quit your job. If you are worried about the premiums, then fret not, because the premiums for young adults are economical and affordable.
Couple: Once you are married, it is important to get your spouse insured if they are not insured already. If your existing plan or your spouse’s is nearing its end, it is ideal to buy a family floater plan at a lower cost than you can customize as your family grows in the future. Before finalizing the plan, you should also go over the list of network hospitals listed under your insurer and check if your preferred hospital is included under it.
Family: This is an important stage in life where every aspect of your life needs meticulous planning to ensure smooth and seamless functioning. Your finances might include loans and savings for the future. In this stage, you might want to start a family or add to your existing one. So, it is advisable to find out if your policy provides maternity and newborn coverage and the waiting period for the same. Further, you should add your children to your family floater plan to keep your child protected.
Middle-Age: At this stage of life, you might have an optimal income which makes it an ideal age to plan your retirement. This is the most important, yet most neglected part by most individuals. You should review your existing insurance plan to ensure that it best suits all of your medical needs or upgrade your plan as per your existing medical conditions. Further, it is advisable to be well-protected with critical illness insurance that provides coverage for any potential or anticipatory critical illnesses.
Senior Citizen: As a senior citizen, you might not have as many dependent family members, except your spouse. You might not have as many financial commitments as you previously did. So, you can invest in a better retirement and health insurance plan that will ensure a pleasant present and future. Also, it is important to ensure if your existing plan provides home nursing and critical illnesses if any.
Retired: At this point in time, you have entered your golden years when it is time to reap all the seeds of your whole life. You will be enjoying the benefits of your retirement plan while keeping track of your health. You might be vulnerable to some critical illnesses or any health conditions. While most insurers might not insure you with health insurance, you could always find a plan that provides at least minimal medical costs so as to not drain your savings. You could check if your plan provides coverage for alternative medical treatments, if any, and covers dental and optical care.
It goes without saying that health insurance helps secure you financially and medically at any stage of your life. It ensures a peaceful and stress-free life and can save you from financial distress in case you have to face medical emergencies.
