Health Insurance has become a necessity for everyone and there is no better time than this to invest in Health Insurance. While we make an investment, we need to be assured of the benefits it will reap in the future. Hence, it becomes essential to know about how Health Insurance can be beneficial during different stages of our lives and invest in the right plan at each stage of our lives.
People in different age groups have different health and medical needs. Hence it is wise to choose the right medical insurance policies for different phases of life. Here is a quick guide to choosing the right policy at each stage of your life.
Young and Single!
It is the phase of life during which you will tend to explore new things, starting your career or pursuing your higher studies. Health risks at these ages will be comparatively less. As a result, Health Insurance companies offer plans at low premiums. Moreover, most insurance companies do not make pre-medical screening mandatory for purchasing a policy.
Purchasing a Health Insurance policy at a young age comes with numerous advantages. To start with, you can buy a policy with comprehensive cover at a low premium. Another main advantage is the waiting period. As health risks a. comparatively low. ring these stages, you can easily pass over the waiting periods for pre-existing and specific diseases.
Since a small Sum Insured will be sufficient to cover the health risks of most people belonging to this age category, Individual Health Insurance plans with optimal premium will be economical. Further, you can reduce the premium by option for higher co-pay and deductibles.
Considering the health care needs of young people, Star Health and Allied Insurance offers Young Star Insurance Policy that addresses the unique needs of people aged between 18 and 40.
Stepping into Adulthood!
As people step into their thirties, their responsibilities will start increasing. It is the phase during which many people plan their marriages or start a family. Opt for a flexible Family Health Insurance policy that entitles you to add your new family members, so you do not have to look for a separate policy to secure them.
Instead of purchasing Individual Health Insurance plans for each family member, a Family Floater policy will provide coverage to the entire family under a single Sum Insured at an affordable premium. In most floater policies, you can add up to three dependent children. While choosing floater medical insurance plans, check if they cover your family’s medical needs such as delivery and maternity cover, new born baby cover, etc.
Middle Age!
Stepping into their fifties or later forties is a crucial phase of life as people will have responsibilities at peak. This is the phase during which people probably earn higher incomes, execute financial plannings, pay off debt, etc. This is also the time when health issues may pose risks to oneself. As India has a high rate of non-communicable diseases, there are chances that many people may develop the risk of lifestyle diseases like Diabetes, Cardiovascular illnesses, etc. It is so crucial to secure your and your family’s lives with a comprehensive Health Insurance policy.
It is wise to choose a higher Sum Insured to beat the medical inflation and be prepared for medical emergencies. Some people may require frequent doctor visits, in such case, opting for a policy that provides outpatient consultation cover will be highly beneficial.
Many Health insurance companies, on purchasing policies, offer wellness programs. These are the set of activities designed to keep track of one’s health. You can take part in such programs, earn reward points on achieving your health goals and redeem those rewards in the form of premium discounts at the time of renewals. In addition to providing monetary benefits, these wellness programs help you maintain your overall health and fitness.
Hence, choosing a policy that offers wellness programs can be highly beneficial at this stage of your life. In that regard, Star Health Premier Insurance Policy is catered to address the needs of people aged fifty and above.
The Golden Years!
The age of sixty and above is considered as the golden years of one’s life. It is the phase of life in which people plan for their retirements. At this stage, Health Insurance provides firm financial support and does not let you worry about the medical expenses.
If you are a senior citizen, look for a Health Insurance plan that provides comprehensive coverage including hospitalization, ICU, ambulance, etc. If you have a medical condition that requires regular hospital visits, opt for a policy that provides cover for outpatient consultation expenses. While choosing a policy, do not forget to check some features like co-payment and deductibles. You need to be aware that most senior citizens Health Insurance policies come with co-payment.
On the other hand, if you belong to some other age category and are looking to cover your parents under medical insurance, there is no better time than this to gift your parents a senior citizen Health Insurance policy.
Invest in your health!
Whichever age category you are in, Health Insurance provides solid financial support in times of need. Even while having coverage under Group Health Insurance plans, it is wide to invest in a separate Health Insurance to get continuous coverage.
Apart from regular medical insurance plans, there are special plans that cover certain diseases or illnesses such as diabetes, cardiac illnesses, cancer, critical illnesses, etc. Irrespective of age, such diseases can occur to anyone, hence it is best to be secured with Health Insurance.
This article has been written by Star Health and Allied Insurance Co. Ltd., one of the leading private health insurance company in India. www.starhealth.in
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March 02, 2023
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