Life is unpredictable, but it’s constantly evolving. Even we, as humans, do the same by entering a new stage of life every few years. These changes usher in new priorities, especially concerning our health. After passing your early 20s, your body may not feel as spritely anymore. While alarming at first, these are all-natural changes that come as a rite of passage with ageing. However, that’s not all that comes along.
As you grow older or enter different stages in life, you will encounter new situations like marriage, maternity and childbirth, mid-life, etc. If you’re still in your 20s, this may seem intimidating. The best way to brace for these changes is to prepare with health insurance.
To ensure you receive all benefits of health insurance, here’s a guide to help you choose the perfect policies throughout your life.
Health Insurance Guide for Every Stage in Life
As you age and acquire more responsibilities, start choosing health insurance policies that align with your interest and health conditions. It is especially crucial if you already have pre-existing ailments. Pre-planning the stages of your life will secure the healthcare necessities for you and your family.
Stage 1: Young & Unmarried
When young professionals start their first job, it’s the ideal time to apply for health insurance.Though it’s true that you may receive coverage through your employer group health insurance - its validity is tied to your employment tenure. If you lose or quit your job, having a separate policy is always a great backup.
So, start browsing through policies that provide you and your dependants with adequate cover at a reasonable premium.
Also Read: A Millennial’s Guide to Buying Health Insurance
Stage 2: Becoming a Couple
Whether you’re engaged or newly married, you need to update your priorities. You need to add your spouse to your health insurance plan. Consider opting for a family floater health insurance to cover potential medical costs Furthermore, this will be beneficial if you plan to have children.
While considering a family floater plan, ensure it has the following covers and benefits.
- Maternity cover
- Newborn baby coverage
- The new estimated premium
- The closest network hospital nearby
While you browse through the features of family floater plans, inquire if your employer’s health insurance will cover your spouse. Request your spouse’s employer regarding the same for yourself.
Stage 3: Family Planning & Child Rearing
If you purchase your family floater plan earlier on, you can skip out on the heavy and multiple expenses before and after childbirth - for the mother and child. It includes prenatal care, delivery charges, post-natal care and other expenses for any maternity complications suffered.
Stage 4: Mid-Life Years
Around the time of your 30s and 40s, you should be reaching the peak of your income. While it’s advisable to pre-plan your retirement plan as early as possible, avoid further delays. Go through your health insurance and check if illnesses like cancer, heart attacks and strokes are under inclusions.
Try to estimate the number of doctor visits you may require. Also, while calculating your budget for the premium, re-evaluate the coverage for your family’s needs.
Stage 5: Exiting Your Golden Years
During these years of your life, you might want to ensure your policy includes coverage for nursing at home, critical illnesses, etc. Even if you haven’t experienced any serious medical issues yet, it’s best to prepare for blood pressure and diabetes. If you have diabetes, consider purchasing a diabetes health insurance plan that covers critical illnesses.
Stage 6: Retirement Years Ahead
Now that your children are financially independent, you need to utilize most of your income for your health. At this vulnerable stage, you’re very susceptible to critical illnesses and other health issues. Many insurance companies don’t offer health insurance to individuals over 65 years.
If you haven’t yet purchased health insurance, your children might add you under their family floater plans. Since you’re at higher risk for critical illnesses, it’s crucial that you upgrade or increase your health insurance coverage.
