Revisiting Your Health Insurance Needs
Life is unpredictable and change is inevitable. While there is no doubt about the fact that health insurance is one of the most important things that one needs to have, it is also important to keep your health insurance updated with your changing needs. A young individual who is just on the verge of starting their career and is in the best of health might not need a huge cover, but when the same individual grows up and starts their own family, or when their parents become senior citizens, he would need to review his insurance plan to accommodate their growing healthcare needs.
Buying health insurance when you’re young is a great idea as the premiums will be lower and you will easily be able to ride out the waiting periods for pre-existing illnesses, regular check-ups, maternity cover, etc. However, that does not mean that you stick to the same insurance plan for the entirety of your life, simply renewing it year after year. Every time you are about to renew your policy, re-evaluate your healthcare needs at the time and then compare different policies to find the one that suits you best.
Here is a short guide of what you need to keep in mind when revisiting your healthcare needs:
In Your 20s: When You Are Starting Out
This is generally the time when people think about getting out of their family’s floater plans and buy individual health insurance. Most people start working around this time, so they should get health insurance that covers basic medical expenses. Since many are provided group mediclaim cover, they tend to deem that sufficient. However, since most such plans are co-pay, you tend to pay a lot from your pocket. With lower premiums on offer and no inspection under 30 years, this is the best time to invest in individual health policy.
Look for insurance plans that cover hospitalization for common diseases and ailments, diseases like Dengue or Chikungunya, daycare treatments that do not require overnight hospitalization, personal accidents, dental care, and so on, based on your personal needs.
In Your 30s: When You Start Settling Down
By this age, most people are well settled in their jobs and a lot also get married by their late 20s or early 30s. Now, for health care coverage, your focus should shift towards protecting your family. The insurance should offer financial support to your family if something was to happen to you. Look for a family floater plan that offers protection for both (you and your spouse), covers a range of daycare surgeries, has provision for reinstatement of sum insured, disability coverage, and dental and vision care coverage. It should be a comprehensive cover that offers complete protection.
In Your 40s: When the Responsibilities Increase
This is the time when even regular exercising and healthy eating cannot guarantee good health. Shift your focus now to regular diagnostic checks and preventive measures. As your family grows, your floater plans should too. Make sure your children are covered as well. This would also be a good time to consider critical illness policies and specific policies that cover diabetes, cancer, etc.
In Your 50s: Preparation for Retirement
Older age means higher premiums, and you need to start thinking of long term care. Consider going back to individual plans for you and your spouse, and look for plans that offer lifetime renewal benefits. Make sure your plan covers critical illnesses, disabilities, chronic illnesses, and dental and vision care.
Beyond Your 60s: Living the Retired Life
After retirement, people have limited sources of income, and health insurance becomes all the more important. When you buy a policy, prioritize medical care and remember that a lifelong renewal option is necessary now. Now, make sure that your plan covers domiciliary treatment, alternate treatments like AYUSH, homoeopathy, allopathy, prescription drugs, and offers dental and vision coverage.
As life changes, the only way to keep pace is to evolve with time. Make sure your health insurance is evolving too!
Read more on why health insurance is necessary
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**