What, according to you, is the right age to buy a health insurance policy?
Many of you believe that health insurance is needed when you are older because that is the age when you are most likely to suffer from illnesses or diseases. However, the fact is quite different from this belief. A health insurance policy is needed at all ages, even for a new born, because illnesses, injuries and diseases are not age specific. Even children can become a victim to diabetes or heart related ailments. So, you need to insure yourself and your family members under suitable health insurance plans at all ages.
Health insurance plans are also designed in such a manner that they fulfil the specific needs of individuals at different ages. So, let’s have a look at the relevance of health insurance at different ages and which insurance policy would be right to provide the required coverage –
Health insurance for new-borns
New-borns are prone to infections and illnesses since their immunity is very weak. That is why you take utmost care when raising a new born baby. If the baby suffers from any illness after delivery or if the delivery is complicated and baby needs additional medical attention, the medical costs can be considerable. Moreover, the cost of vaccinations in the first year is also quite high. That is why a health cover is needed for new-borns.
You can invest in a family floater health plan which has coverage for the new born baby as well. Usually, such plans cover the baby for up to 90 days post birth. After that, you need to pay an additional premium to get the baby covered. Look for plans that also cover first-year vaccinations so that the vaccination costs are also handled.
Check the limit of coverage on the new born baby. Opt for a plan which has a high coverage level for adequate cover.
Health insurance for infants and dependent children
Infants are also in their growing stages when they are prone to illnesses and diseases. In case of children aged 5 years and above, there are increased chances of accidental injuries. Moreover, children can also contract diseases and lifestyle illnesses given their changing lifestyle habits. That is why you should have a health insurance cover for your children so that when they get sick, the policy would cover your medical expenses.
Buy a family floater health plan and cover your dependent children under it. Ensure that the plan has an optimal sum insured to cover the expensive medical costs.
Dependent children can be covered from 91 days to up to 23 or 25 years. After the maximum age, you need to insure your children under an individual health plan.
Health insurance for young adults
Young adults, i.e. those in the age group of 25 to 35 years, need health insurance plans to cover them against possible illnesses and injuries. Moreover, when you buy a health plan young, you can avail comprehensive coverage and even wait out the waiting period applicable for pre-existing illnesses.
If you are married, invest in a family floater health plan for you and your spouse. Choose a plan with maternity coverage if you are planning a family soon so that the maternity costs would also be covered under the plan. If you are not married but would be married soon, you can buy an individual coverage and then convert it to a floater plan after marriage.
For your dependent parents, opt for an independent senior citizen policy. This would help you avoid frequent claims and also give you an additional tax benefit.
Health insurance for adults
As you age, you become prone to illnesses. As such, a health insurance policy is a must for you and your family members.
Invest in a comprehensive family floater plan covering all your family members. Choose a senior citizen policy for your dependent parents and cover them separately. Opt for a high sum insured or buy super top-up plans to enhance the coverage at affordable premiums.
Try and supplement your health plan with a critical illness plan as well. This policy would give you an added financial assistance in case of critical illnesses.
Health insurance for senior citizens?
Once you cross 60, your health slowly starts deteriorating and different ailments set in. Your employer sponsored cover also expires once you retire leaving you without coverage. A health insurance plan is, therefore, essential in older ages.
Choose senior citizen health insurance plans if you don’t have an independent health insurance policy. If you already have an independent health plan, check the sufficiency of the coverage. While your existing plan allows lifelong renewals, you should enhance the sum insured for sufficient coverage.
Health plans that cover senior citizens have a co-payment ratio wherein you are responsible to pay a part of the claim yourself. Check the co-payment ratio of the policy when buying.
As you can see, health insurance is needed at all ages and there are policies designed to provide you coverage at whatever age you are in. So, assess your and your family’s health insurance needs and pick the right coverage for an all-round protection.