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Upgrading Your Health Insurance as You Level Up in Your Job

By Juhi Walia
17 October 2022, 4:08 PM

Each of us experiences delight when we receive a new job or a promotion. Our merit is acknowledged, our careers advance and our income increases. What else could be the cause for rejoicing if not this? Some people spend their money on the desired new phone; others arrange a gathering for their loved ones; some go on a much-needed trip, whereas others increase their savings and make investments. But, unfortunately, regardless of your chosen celebration, we frequently overlook the need for a substantial upgrade.

You must be wondering what kind of upgrade we are referring to. It is essential. It is medical coverage - a health insurance policy. Something is always put on hold when celebrating a job or promotion change.

Why Do We Need That Upgrade in Our Health Insurance?

For us, having health insurance is crucial. It guards against the shock of exorbitant medical emergency expenses hitting our money. Imagine having an accident, being hospitalised, and then being treated for it at INR 3 lakhs! If you don't have health insurance or only have a low-coverage plan, how do you think you would pay for these expenses?

When it comes to health insurance, a good coverage level and broad coverage are crucial, and achieving these two goals is the only way to ensure a positive future. However, financial resources are required to achieve these goals, and a work change or promotion offers the ideal chance.

It would help if you upgraded your health insurance plan every time your pay package grows. Why? Note it below - 

Expensive Medical Treatments 

Inflation is driving the cost of everything, including medicine. The price of pharmaceuticals is rising daily, along with the price of new procedures and therapies. For this reason, you need a high enough level of insurance coverage.

Contracting Diseases are Common Nowadays 

Even serious illnesses are on the rise, and an increasing number of people are contracting ailments that unavoidably require medical care. The prevalence of diseases is a problem because remedies are costly.

Upgrading your health insurance plan is vital, and when your finances are replenished, you should not hesitate or wait to do so. So, what should you do? Here are a few ideas for you:

Purchase a Plan 

This is for individuals who put off purchasing health insurance coverage until a later date. But what is your justification for prolonged indecision? Your budget allows you to purchase health insurance, and you should do so immediately!

Increase Your Coverage 

 If you were one of the fortunate people who decided to sign up for a health insurance plan, a career change should encourage you to do so. As was previously stated, inflation is a killer. Therefore, maintaining a healthy level now and into the future is crucial.

Go for a Top-up or Super Top-up 

Purchasing a top-up or super top-up plan would be the best option to increase coverage. These plans are inexpensive and primarily designed to increase the range at a low cost. Think of buying one now to protect your finances from the enormous expenditure.

Select Specialised Plans 

Purchasing specialised plans is the next step you may take for all-around protection if you already have a health insurance plan with the best coverage. Several specialist plans are available for your consideration, including critical illness plans and hospital daily cash plans. These policies offer a set of benefits and are helpful during situations when your health plan might not be sufficient. 

Buy Lifetime Renewal 

You should consider switching to a new plan or even a different insurer if your existing health insurance policy has an age limit for renewal. Choose a plan that offers lifetime renewal coverage. As your health will begin to decline as you get older, you should be able to use your medical insurance benefits whenever you need them.

Getting new coverage as you age won't be a practical choice. So instead, upgrade to a plan that can be renewed for a lifetime.

Upgrade Your Health Insurance Coverage 

You can follow a checklist to upgrade your health insurance coverage. Examine your health risks, your family's medical needs, and any other changes that might make it more difficult to maintain your health insurance coverage.

If you now have group health insurance but intend to change jobs, consider upgrading to an individual or family floater health insurance policy.

You should switch to a different health insurance plan if your present one has co-payments, sub-limits, and room rental caps. Select a health insurance policy that doesn't limit the kind of hospital room or room rented.

Select a Sufficient Health Insurance Coverage Amount 

 If you see an increase in your income, now is the ideal moment to upgrade your health insurance policy. You can upgrade to a more extensive sum insured to cover unexpected medical expenses. In addition, based on your medical history and claim history, your health insurance plan may be improved.

You could save time and work if you knew these things ahead.


A job move raises a lot of family expectations, particularly about financial stability. So upgrades to your health insurance coverage are a crucial first step to security.

When a medical emergency arises, a health insurance plan will protect your finances, not those expensive devices, international vacations, and parties for your pals. So what are you waiting for then? Your pay has increased, so why shouldn't your health insurance plan?

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1. Is there a maximum age for purchasing health insurance?

Yes, there is a maximum age for purchasing health insurance. The age requirements for health insurance policies are listed here; however, they may vary from insurer to insurer.

  • Minimum age: 3 to 5 years
  • The maximum age to enter is 65
  • Maximum renewal age for health insurance: Lifetime

2. What is the ideal amount to be insured for health?

A decent guideline is to get insurance coverage equal to around 50% of your yearly income. In light of this, if you make INR 20 lakhs in a year, a INR 10 lakhs health insurance coverage can be the best choice for you.

3. Does the cost of medical insurance go up with age?

Insurers believe it is riskier to offer health insurance coverage to older people, so health insurance prices do rise with age.

4. Is it possible to upgrade our health insurance at any time?

Every insurer gives you the option to raise your sum insured at the time of renewal. The advantage of this is that there is no waiting time, in contrast to choosing a new health insurance plan, which will include a four-year waiting period for pre-existing conditions.

5. Is it obligatory for insurers to offer lifetime renewability in the health insurance policies?

Yes, all insurers providing health insurance in India are required by the IRDAI to sell health insurance policies with a lifetime renewal option. You can get health insurance starting at age 65.

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