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What Type Of Health Insurance Policy Should You Take According To Your Life Stage?

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Many people, especially those who are younger, do not feel the need of purchasing a health insurance policy for themselves. However, we must all realize that there is no telling when a medical emergency will strike. Being prepared for any unfortunate circumstances is the only way to beat them. That is why having a health insurance policy you can rely on is essential no matter what age you are.

There are several types of health insurance policies out there. Which one would be the most suitable for you according to your age? Let’s try to figure that out in this article.

Individual health insurance policy for your 20s 

Your 20s are likely to be two things – amazing and tough. You are probably going to become financially independent and earn money for the first time. It is important to invest this money in the right places. A health insurance policy may not seem like a very lucrative investment to you right now; however, it will be beneficial to you in the long run. You must also remember that the younger you are, the lower your insurance premium is going to be. A few thousand rupees a year can ensure that you have more than sufficient help during health emergencies in the future.

Moreover, any payment that individuals under 60 years of age make towards their health insurance is eligible for tax deductions up to Rs 25,000. So, you can claim tax benefits as well!

A regular individual health insurance policy would be perfect for you right now. Its coverage would prove adequate for your current needs.

Family health insurance policy for your 30s 

Like with many things in life at this stage, you may have to look out not only for yourself but also for your loved ones. Your 30s will probably be the time where you begin planning your family. Accordingly, you may have to replace your individual health insurance plan with a family floater policy. Make sure to choose a policy that covers your spouse, your young children, siblings, parents as well as parents-in-law. The premium you pay on this policy will probably be higher as compared to the premium you may have been paying in your 20s. Your coverage needs are going to increase as well, so a comprehensive policy that provides extensive coverage is needed.

Critical illness health insurance for your 40s and 50s 

There is a lot to deal with in terms of health during your 40s and 50s. As middle age approaches, so do a list of health issues and disorders. Any major illnesses that are going to affect you in the distant future begin showing their symptoms during this period. For example, 9 out of 10 cancers are diagnosed in people over 45. So, it is essential to cover oneself against the risk of major diseases, especially if you have a family history of critical illnesses.

Here, a critical illness insurance plan comes into view. This type of insurance provides a lumpsum benefit to the policyholder in case of diagnosis of a critical illness. This lump sum benefit is generally of a higher amount than the sum insured of the usual health insurance policy. The policyholder may use this sum insured for any purposes they deem fit. It can also act as an income replacement.

Investing in a critical illness insurance plan can be very helpful at this stage as it can help you prepare in case of the unfortunate event of a critical illness.

Senior citizen health insurance for 60 years and above

People at this age are the most vulnerable to illnesses and health disorders of various kinds. Moreover, since retirement happens by this age, having a reliable health insurance policy becomes doubly essential. A regular health insurance plan may not prove to be sufficient and may also have an age limit that does not include individuals above 60. In such a scenario, opting for a senior citizen health insurance plan would be the most ideal. These plans are designed keeping in mind the health needs and requirements of people over 60 years.

You can avail several features like additional tax deductions, no limits on the number of claims, a higher sum insured, annual health check-ups, and so on.

Do remember that the different health insurance policies and their features may differ from insurer to insurer. Always read the policy documents carefully before signing.

We hope this article helps you choose the best health insurance policy ideal for your life stage.

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