There is no denying to the fact that no matter, how much you try to stay fit and keep yourself away from infections or illnesses, there is always a possibility of a medical condition. There is no certainty about the fact that you will never face any illness. With growing age comes a risk of falling ill and fighting with various infections. Further, our lifestyle itself has become the reason of many ailments. Therefore, it makes complete sense to go for a comprehensive health insurance policy. A health insurance works like an umbrella at the time of a storm i.e.; medical emergency. It helps you get the best treatment without worrying about finances. A health insurance policy reimburses the amount spent by you towards medical expenses and gives you an opportunity to avail cashless service at network hospitals as well.
It is extremely important to buy health insurance based on your age. This provides maximum benefits, including tax savings.
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In your 20s
This is the period when you just settle in your first job and buying a health insurance might not be on your list. However, you should buy a comprehensive health insurance at this age because the premium will be low and you will easily get an insurance policy. Almost every health insurer covers certain ailments or medical conditions after a waiting period. If you buy the policy at this stage, you can easily serve the waiting period and get complete coverage for certain illnesses or medical conditions later in your life.
In your 30s
During your 30s, you will probably be married which means you also need to look at your family’s health. This is when you can purchase a family floater plan for yourself and your partner. Also, if you are planning a family, go for a health insurance policy which covers maternity as well. The health insurance should be comprehensive enough to include postnatal protection for the newborn. Note, maternity coverage comes with a waiting period of usually 2 or 3 years. If you have not purchased a policy in your 20s, then this is the right age to do so. As your age increases, the premium for the policy will also increase hence do not delay it anymore. If you are already suffering from a pre-medical condition, your premium will be high as compared to others.
In your 40s
As you set in your 40s, you face various illnesses that come with age. Post 40s, good health cannot be guaranteed by exercising or eating healthy only. Your family would also have grown, and if you have a family floater plan, it will help you. This is the right time to choose critical illness policies. These policies will give you lumpsum on the diagnosis of a critical ailment. There are also a variety of plans for cancer, diabetes, and other illnesses. You can choose the most suitable one based on your premedical history. If this is your first insurance policy, the premium will be high.
In your 50s, 60s
Now is the time to move from family floater plans to individual plans. Since your children have grown older, they can look after their individual plans. Being a senior citizen, your cover should provide for special health requirements of your age. Firstly, choose a plan that offers a cover for a maximum period of time. Purchasing a plan with a comprehensive coverage of three years or five years is ideal. This is also the right time to ditch those covers that you no longer require. Along with a cover, you can add a rider that will help you in the case of a specific illness. Super top up-plans along with a basic mediclaim policy will help you dealwith hospitalisation costs. The medical insurance for a senior citizen should be ideally chosen depending on the age and medical history of an individual.
Important points to consider:
Irrespective of which age group you belong to, here are some points that should be considered by all:
- Due to lifestyle and hereditary reasons, critical ailments can strike anyone at any point of time, therefore, buy a critical illness insurance plan early in your life
- If you are a newly-married couple, go for a health insurance plan which covers maternity as well
- Even if you have a corporate health insurance, buy an individual mediclaim policy which will cover you even when you leave your current job or after retirement
Choosing the right medical insurance is all about making the right choice based on your requirements and age. When it comes to purchasing a health cover, it is always better to make the decision at a young age when you are free from any medical condition. Choose wisely and live happily!
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