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Health Insurance Policy for Different Stages of Life

Team AckoMay 19, 2021

Different stages of life call for different ways to approach while choosing the right health insurance policy for you. Having adequate health insurance coverage is always a flexible solution in case of planned or unplanned hospitalization. As you enter different phases of your life, health insurance coverage that used to be enough in the past may no longer be good enough. What can you do to ensure that you and your family are well-protected at all times? Read ahead to learn more about health insurance policy for different stages of life and how it can help you stay protected against costs arising due to hospitalization.

Health Insurance Plans for Different Life Stages:

The COVID-19 pandemic has shown just how an unforeseen health event can impact the finances of a person. One of the biggest mistakes is underestimating the risk of being under-insured when a person moves from one life stage to another. At each life stage, having a good health insurance plan with the right coverage will protect you against financial losses and help you avoid the unwanted financial trauma of high healthcare costs.

At every interval of each renewal of the policy, you have the opportunity to review the existing coverage and upgrade your Health Insurance Policy. Here are the different stages of life and their corresponding health insurance plan that you must consider buying for you and your family:

Young and Single: Full of Life

One of the first things any responsible young adult should do upon getting their new job is to get themselves and their dependents insured with a health insurance plan. While you may have an employee health insurance plan, having a personal health insurance plan is a backup in case you lose your job, or you need health coverage when switching jobs. Here are important questions that you need to ask yourself before choosing a health insurance plan:

  1. What is my budget for health insurance?

  2. Do I need to buy health insurance for my parents?

  3. Does my employee health insurance provide enough coverage?

  4. What are the benefits of my health insurance plan?

Once you have asked these questions, choose an individual health insurance plan that suits your needs the most. Health insurance premiums for young adults are affordable, and it is the right time in your life to secure yourself with personal health insurance apart from the health insurance that your employer may or may not provide. Ensure that you have a mix of both employer health insurance and personal health insurance so that you are covered at all times.

Couple: Planning the Future

Now that you are married, get your spouse also insured. Buy the family floater health insurance plan to cover any potential medical costs. There are a few questions you need to ask before you finalize the right coverage. Here are the questions:

  1. Does the family floater health insurance plan include maternity cover, and what is the waiting period?

  2. Does the plan include newborn baby coverage?

  3. Does my employer’s health insurance plan cover the spouse as well?

  4. What is the budget and how much coverage should I insure me and my spouse?

  5. Does the network hospital list include the hospital that you prefer?

  6. Does your spouse have an existing employer or personal health insurance plan?

Once you know the answers to the above questions, pick or choose the plan that suits your needs and not necessarily a plan with higher coverage. Ensure that you find the plan that will cover you during maternity and newborn baby cover.

Family: A Rewarding Life Stage

At this life stage, your financial needs may include family planning, home loan, and savings for kid’s education. During this period of your life, maternity cover takes priority over other financial needs. If you are looking to start a family or add to your existing family, then you should consider buying a family floater health insurance plan that provides maternity coverage. Here are questions that you need to ask yourself about the type of health insurance plan that you must have:

  1. Are you planning to start a family or add to your existing family?

  2. Does your spouse have existing personal or corporate health insurance, and what is the coverage?

  3. Is your employer’s health insurance coverage sufficient?

  4. Do you require out-patient coverage?

  5. Does the network hospital list have the doctor that you prefer for consultations?

  6. What is my budget for the health insurance premium?

Upon finding the answers to these questions, select a health insurance plan that offers the right coverage and is suitable as per your requirements. A family floater insurance which includes maternity benefit will best suit your need at this stage of life. Generally, maternity benefit comes with a waiting period. Hence, check the coverage details before you start a family life.

Middle-Age: Peak Earning Years

As you enter the 30s and the 40s, it is the right time when your income might be on the highest. This is the right time to plan your retirement since it is the most important part of your financial planning. It is important to anticipate possible critical illnesses or conditions; however, you need to keep peace of mind and ask the below-mentioned questions to select the right insurance plan for you and your family:

  1. Does my health insurance cover critical illnesses such as heart attacks, cancer and strokes?

  2. How often will I or my dependents visit the doctor’s clinic during the year?

  3. What is my budget for the health insurance premium?

  4. Does the network hospital list have a hospital that you prefer?

  5. Is the coverage enough for me and my family?

  6. Does the coverage include critical illnesses?

Answering these questions will help you choose the plan which best suits your needs. Use the health insurance premium calculator to understand the budget that you require. At this life stage, it is the right time to review the existing health insurance plan to include critical illnesses and other specific coverages for specific illnesses or diseases.

Golden Age: The Finals

At this life stage, your priorities and needs might have changed. Perhaps your children do not require health insurance as they might be working or do not qualify as dependents. Probably your loans and other debts that are paid off. That being said, you still need health insurance protection. Here are the questions that you need to ask at this stage of your life about the type of health insurance you need:

  1. Should I continue the coverage for my children?

  2. Does the existing health insurance coverage include medical care such as nursing at home, critical illnesses, diabetes, etc.?

  3. Does the hospital network list have a hospital of your preference?

  4. What is my budget for my current health insurance plan?

  5. How many times might I have to visit the doctor in a year?

Your children might no longer require health insurance under your policy. They might be working and have their resources to cover themselves and their dependents with a family health insurance plan, or they can opt for the individual insurance plan. At this stage of life, you might have already experienced financial needs for medical care, especially in the case of blood pressure, critical illnesses, diabetes, etc. It is time to find a plan which answers the questions above. You may have to buy a diabetes health insurance plan if you are a diabetic person, or a plan which covers critical illnesses.

Retired: Healthcare Takes Priority

During this period of your life, you need to utilize most of your income towards health insurance. Now that your children are probably settled and financially independent, you need to invest your money in your health. This is the time when you are vulnerable to critical illnesses and other health-related issues. Not all insurance companies would be willing to insure you with a health insurance plan during this stage of life. Most insurers offer health insurance for persons below the age of 65. Ensure you retire with a personal health insurance plan because it will cover your medical costs without draining your savings. Before you buy a health insurance plan, ensure that you ask the questions below:

  1. Are you covered under your children’s family floater health insurance plan?

  2. Is your existing health insurance coverage sufficient?

  3. Does the existing or the new health insurance plan provide alternative medicine treatments such as Ayush, Homoeopathy, etc.?

  4. Do you need add-on covers such as cancer over, critical illnesses, strokes, etc.?

  5. Is dental and optical care included in the current or the new health insurance plan?

This is the stage of life when you will be at a higher risk of critical illnesses. If you do not have health insurance or the existing plan does not answer the questions above, you need to upgrade or increase the coverage.

Also, read: Difference Between Life Insurance and Health Insurance

Conclusion:

Health insurance is essential at any stage of your life. Whichever stage of life you are in, planning is the main factor to ensure a good and healthy life. There is no one-size-fits-all when it comes to health insurance coverage. You need to evaluate your health insurance plans periodically. When you are choosing health insurance at any stage of life, remember to know the budget and stick to it. 

Health Insurance Policy offers financial protection against any unplanned or planned hospitalization. Ensure that the health insurance premium is not more than your income. That being said, insufficient coverage may be a financial risk as well. The key to finding the right balance is to buy the right coverage and amount of insurance at the right stage of life.

Frequently Asked Questions:

Health insurance is not complicated if you know the answers to some frequently asked questions. Here are a few of the questions:

1) Is it okay to have two health insurance plans?

It is okay and wise to have two health insurance plans for you and your family. You can have employer health insurance and personal health insurance. You can also buy two different personal health insurance to cater to different needs. Also, you and your spouse can each have respective employer health insurance. It is important to have a second health insurance plan in case the other is insufficient or has expired. Additionally, having two health insurance plans increases the coverage or the sum insured amount.

2) What is a family floater health insurance plan?

A health insurance plan for the entire family with the payment of a single premium is known as a family floater health insurance plan. This type of health insurance brings all the members of the family under a single plan instead of a separate individual health insurance plan for each member. A family health insurance plan is typically advantageous when you want to cover your spouse, dependent children and/or parents.

3) Who is not eligible to be covered under the family floater health insurance plan?

In a family floater health insurance plan you can include your partner or spouse and dependent children. However, if the dependent children reach a certain age as defined by the policy, they will not be eligible to be covered under the family floater plan.

4) Can I include my daughter-in-law in the family floater health insurance plan?

Most family health insurance plans do not have the option to include a daughter-in-law as a member of the family floater health insurance plan. You need to check with the concerned insurance company for more details.

5) Can I convert my individual health insurance plan to a family floater health insurance plan?

Yes, you can convert your individual plan to a family floater plan. Approach your health insurance company and apply for the conversion of the plan. You need to check the terms and conditions of the transfer and how it affects the premium and if there are any waiting periods before pre-existing conditions are covered.

6) What are the types of health insurance plans for an individual?

There are different types of health insurance plans for an individual based on different requirements. Below are the details:

  • Individual

  • Family Floater

  • Group

  • Senior Citizens

  • Critical Illness

View Infographic: Health Insurance Policy For Different Stages Of Life

Infographic: Health Insurance Policy for Different Stages of Life

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