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The Complete Guide To Buying Health Insurance At Different Stages Of Life

There are several types of health insurance policies in India. You must select the best health insurance policy for yourself and your family so that you can take it easy while paying hefty medical bills.

The complete guide to buying health insurance at different stages of life
The complete guide to buying health insurance at different stages of life

Ill health not only affects your body but also your financial security. Based on NSSO surveys, an analysis carried out by Brookings India, comparing data from 2004 and 2014, discovered that over 7% of India’s population was being pushed into poverty every year[1] because of healthcare expenses. Such statistics emphasize the significance of health insurance. A good health insurance plan can ensure that long-term treatment does not throw a family into dire financial straits. By paying a small premium to the insurer, you can get cover from a comprehensive health insurance plan. This will shield your savings from sudden shocks of medical treatments. 

There are several types of health insurance policies in India. You must select the best health insurance policy for yourself and your family so that you can take it easy while paying hefty medical bills. You can get covered for the medical expenses with your health insurance plans and get facilities such as cashless treatment and quality health care at a reputed network hospital. 

Now, as we move forward with life’s journey, our responsibilities and needs keep changing. Even your financial requirements change as you grow old at every stage of life. For example, once you get married, your financial obligations increase and continue to increase after, say, you have a baby. At the same time, the probability of suffering from a health/medical issue also rises. For example, a study by Lancet, analysing data from 1990 to 2016[2], came up with the following findings:
●    The number of medical cases in India caused due to non-communicable diseases jumped from 31% to 55% in 16 years.
●    For the same period, the number of injuries suffered in India increased from 9% to 12%. 
Financial planning and the right management of your insurance portfolio are needed to ensure your dependents are protected financially as you grow at every stage of life. Read on to explore the list of stages in which you should consider buying health insurance.

At a young age
When you are young and single, you have limited responsibilities as you don't have any dependents. So the most crucial policy that you must invest in at this stage of your life is disability insurance. You need to protect yourself in the eventuality of being disabled during this phase and being rendered unable to earn. Another primary insurance that you must consider buying at this stage is Medical Insurance, as the cost of healthcare in the case of hospitalization is very high.

On getting married
This is the period where a health insurance policy becomes a necessity. In the case of any unforeseen mishap, you would want to ensure that your spouse remains financially secure. Also, during maternity, you may need health insurance to insure your spouse’s safety and cover medical expenses resulting from complications as a consequence of motherhood.

On having children
As your children grow up, they will have an active lifestyle. They will venture out to play, learn, eat, or participate in physical activities. But, unfortunately, no matter how much you try to protect your child, small mishaps affecting their health may still take place. So, it is vital to opt for health insurance plans for family members that provide extensive coverage for your children.

On growing old / retiring
The final and the most crucial stage of your life, from the lens of insurance, is when you grow old. This is when you are most vulnerable to ailments and need the best care. By this time, you would have retired and may be living on your own with pension and savings as your primary source of income. Medical expenses can be expensive and huge. So, having health insurance is crucial and required at this stage of life. You may come across expensive health plans for senior citizens , so it’s good that you buy health plans early on to save on premium amounts. 

Whatever phase of life you might be going through, planning is the key to having a good and healthy life. Along with wealth, it’s crucial to secure a healthy life. So, plan well, evaluate options, and ensure that you always stay covered and protected. You can look for Bajaj Allianz General Insurance Company’s health insurance plans that provide financial help, tax savings, and good medical care. In addition, you can benefit from cashless claims and quality medical care if you decide to get your treatment at a network hospital. A network hospital is one that has an agreement with your health insurance company, which enables you to get the best treatment without having to shell out from your pocket.

*Tax benefit is subject to change in tax laws

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale. ‘

Source:
 [1]- Link 1- https://www.niti.gov.in/sites/default/files/2021-10/HealthInsurance-forIndiasMissingMiddle_28-10-2021.pdf
 [2]- Link 2- https://www.healthdata.org/news-release/comprehensive-health-study-india-finds-rise-non-communicable-diseases 

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