Ascertaining the Ideal Health Cover at Each Stage of Life.

Definition of good health can vary depending on age when you opt for health insurance cover.

A single person does not have the same health needs as retired individual. This is why one should select health insurance plan as you approach different stages of life.

When single one must think of plans covering risks like hospitalization for treatment for communicable & common diseases along with cover for accidental treatment.

When married with kids, your health insurance must provide you with family floater plan for yourself, your spouse & kids along with maternity cover for the birth of your child with post-natal protection for new-born.

When one approach retirement, you should think of individual health insurance plans with higher sum insured options along with critical illness policies that offer lump-sum benefits upon diagnosis of covered ailments.

Retired individuals should think for tailored coverages that provide the best benefits for your unique health requirements and should opt for policies providing coverages with no pre-insurance medical test required, covering pre-existing diseases, medical consultations as an outpatient, higher Sum Insured options & guaranteed lifetime renewals.

We would say that Health Insurance cover is more critical than life insurance as it covers the eventuality in case one gets ill and needs a major surgery/treatment/hospitalization.

It helps minimize hospitalization expenses that burn a big hole in the pocket reducing unexpected financial losses without hampering productive working years.

Life Insurance on the other hand basically covers the eventuality of death. Below mentioned are the details mentioned separately for various stages of life.

Buying health insurance when single

Most of the singles start thinking about buying health insurance policy once they start with their jobs with an intend of tax benefit.

Tax benefits are essential, but it should not be the primary factor for buying health cover.

The plan which the insured wish to buy must cover risks like hospitalization for treatment for communicable & common diseases and ailments even if one thinks he/she is young & healthy.

One should think of health cover with accidental treatment which shall guard against mishaps with active lifestyles at this stage of life.

Buying health insurance when married with kids

At this stage one should look beyond personal health requirements and include those of family’s as well.

Health insurance must now offer benefits such as Family floater protection for you, your spouse & kids. You can think of the maternity cover for the birth of your child with post-natal protection for new-born with the option of including his/her name in the same plan.

While average waiting period is 2-3 years, some insurers offer a waiting period of as less as 9 months

Buying health insurance when approaching retirement

As you grow older and approach the retirement age, it is more likely that you are suffering from metabolic disorder like Diabetes mellitus or stress related Hypertension.

To opt for insurance at this stage, insurer’s demands pre-insurance medical screening to rule out the severity of the conditions usually stated as pre-existing. These ailments invites for increase in premium in addition to the loading imposed & limited Sum Insured options made available.

Furthermore, this age is the right time to opt for critical illness policies that offer lump-sum benefits upon diagnosis of covered ailments.

Buying health insurance for retired Individuals

This is the high time for individuals to think on tailored coverage’s that provides the best benefits for their unique health requirements.

Health insurance coverage’s are available in the market for Senior citizens aged between 60 to 75 years. You can think of buying policies with insurers providing coverage’s with no pre-insurance medical test required, covering pre-existing diseases, medical consultations as an out patient, higher Sum Insured options & guaranteed life time renewals.

You must also know that there are two kinds of health insurance policies-indemnity and benefit. While indemnity policies such as individual and family floater pay hospital bills, benefit policies such as critical illness pay a lump sum if you are diagnosed with a disease that you are covered for.

Your first policy should be a basic indemnity plan that covers hospitalization. These policies reimburse room rent, doctor’s fee and other hospitalization expenses. After this you should look at specific plans such as critical illness and disease-specific covers.

It is not easy to buy insurance when you are suffering from serious diseases. In such a case, you are asked to undergo tests. Despite that, your application may be rejected. Disease-specific plans fill the gap, but premiums are very high for these policies.

Note the benefits, exclusions and waiting periods. Look for treatment-respective limits which cap the amount you can claim for a particular surgery. Therefore it is advisable to buy these plans early in life to avoid any issue while making claims under policy.

Medical costs have been rising at 15-18% a year, double the inflation rate. This calls for large covers. But not everyone can afford to pay high premiums.

This is where top-up plans are useful. These reduce costs through in-built deductibles. The deductible is the amount that must be paid for treatment before the insurer pays.

Other aspects can be coverage’s for maternity treatments you need to check waiting period, generally waiting period is as less as nine months. Cover for treatments abroad, the high cost of treatment in most developed countries, the money spent on travelling, food and accommodation of the attendant can be huge.

Hospital Network is Important Parameter; check the hospital network where you can get cashless hospitalization.

As you grow older, you may explore alternate treatments like AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) to keep you in good shape.

There are some new age health plans which provide alternate forms of treatment in their policies.

Having the right health insurance cover will make things far easier. Instead of adopting a buy-it-and-forget-it approach, assess your present and future needs and opt for the right health insurance plans at different stages of your life.

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