Different life stages necessitate different approaches when deciding on the best health insurance plan for you. Whether a hospitalisation is anticipated or unplanned, having adequate health insurance coverage ensures you the flexibility you need. As you go through different periods of life, health insurance coverage that was sufficient in the past could no longer be. So what can you do to make sure that you and your loved ones are always well-protected? Simple. Make sure you have health insurance at all times of your life. After all, a medical emergency doesn't choose a specific time in your life to strike.
A study by Lancet, analysing data from 1990 to 2016, came up with the following findings:
- Non-communicable disease-related medical cases increased from 31% to 55% in India over 16 years.
- In India, injuries rose from 9% to 12% during the same period.
To ensure your dependents are financially covered as you advance through each stage of life, you must practise sound financial management and manage your insurance portfolio. The COVID-19 pandemic has demonstrated an unforeseen health incident's impact on a person's finances. One of the most significant errors is underestimating the possibility of having inadequate insurance as one progresses from one period of life to another. Therefore, it would be best if you thought about purchasing health insurance for you and your family at each of the following life stages:
The Young and Restless
Now that you have finished your studies, you can start looking for a job. One of your first adult responsibilities is setting up health insurance for you and your family's dependents. It is essential to have a personal health insurance plan as a backup in case you lose your job or need health insurance when changing employment, even if your employer provides a health insurance plan.
Select an individual health insurance strategy that best meets your needs. The right time in your life to insure yourself with personal health insurance and the health insurance that your employer may or may not supply is when health insurance premiums for young adults are cheap. To ensure you are always protected, try to obtain a combination of employer-sponsored and private health insurance.
Life as a Married Couple
After marriage and the beginning of a family, you get to a stage where you should also insure your spouse. To offset the risk, you might get family floater health insurance. You and your family would be protected with this coverage. Select the plan that best meets your needs rather than one with more range. Find a program that will provide you with maternity and newborn baby coverage.
When Your Family Grows
There are numerous medical bills for the mother and the newborn, even before your child's birth. It would cover prenatal care, delivery, postpartum costs, and pregnancy-related issues. At this point in your life, family floater insurance with pregnancy benefits will best meet your needs. However, pregnancy benefits typically have a waiting time. Check the coverage details as a result before you start a family.
The risk of health problems reduces if you choose a plan to ensure your children or child while they are young. Thus, the insurance provider would offer coverage at a lower rate. In addition, the insurance premium you pay is deductible from taxes under Section 80 D.
As You Enter Your Peak Earning Years
Your income is most likely at its highest between 30 and 40. Therefore, planning for retirement is best done now. Additionally, you must ensure that any illness or accident you have does not impact your children's academic performance and financial future. As a result, you must reduce your financial risks and improve your level of preparedness for challenges. During this time in your life, you should choose a more comprehensive health insurance plan. Additionally, you ought to add riders like critical illness insurance, hospital cash insurance, and personal accident insurance.
As You Embrace the Golden Years of Your Life
Your priorities and way of life have changed since then. Probably your paid-off loans and other debts. You can live life fully after retirement because you have no obligations. However, this is also when you are most susceptible to illnesses and infections, and your health is most at risk. You will still want sufficient health insurance even if you receive a pension. Therefore, a comprehensive health insurance plan that can cover practically all medical calamities is required. However, pre-existing conditions, which you are likely to have at this stage of your life, could up your premium. To cover various medical needs, you can either buy an individual policy or enroll your family in a family floater policy.
Conclusion
No matter where you are in life, health insurance is necessary. Planning is the key to ensuring a good life no matter what stage of life you are in. Regarding health insurance, there are no one size fits. Periodically, you should review your health insurance options. Remember to stick to your budget at every stage of your life when picking health insurance. The secret to striking the perfect balance is to purchase the appropriate amount and level of insurance in the proper phase of life.
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