Rising medical inflation and sky-high healthcare expenses have increased the importance of insurance coverage. As we enter different stages of our life, our insurance needs tend to change, and with this, we need to look for the right insurance plan.
Health insurance plans for different phases of life
You need to buy health insurance considering the stage of life you are at to get the full value for your money.
Stage 1: Young and unmarried
At this stage of your life, you are young and single and don’t have many responsibilities. You may be unemployed or might have just started your career, so getting a large medical insurance cover is not a good idea. You must purchase a standard health insurance plan that is budget-friendly and provides enough coverage at lower premiums. Investing in a personal health insurance policy is recommended even if you have employee health insurance. It is an excellent backup in case you quit or lose your job.
Stage 2: Married
Getting married brings new responsibilities and challenges. It is wise to purchase a health insurance plan to protect your spouse financially as well as mentally. Make sure your family floater plan offers maternity and newborn covers and includes your preferred network hospital in their list.
Stage 3: Family Planning
When you enter this stage, you must manage your finances properly and save funds to provide your child a good lifestyle. A health insurance plan is the best way to safeguard your children against unexpected medical emergencies. Select a plan that offers the right coverage for your family and fulfils all your requirements.
Stage 4: Retired
During this life stage, you are retired, and your priorities have changed. Your children must have become independent, and you no longer have to pay for their needs. The possibility of developing a critical illness rises as you age; thus, purchasing a health insurance policy early on is vital to living a stress-free retirement life and saving on premium costs.
What to consider while choosing the best health insurance policy?
There are multiple factors that one needs to consider before picking an ideal health insurance policy.
Sum Insured
Sum insured refers to the maximum amount paid to the policyholder for a year in case of hospitalisation. It has a direct impact on your health insurance premium amount. Always buy a health insurance plan with a sufficient sum insured amount to avoid any financial liabilities in future.
Network Hospitals
You must choose an insurance company with a long list of network hospitals. For example, Niva Bupa health insurance has a tie-up with over 8,000 hospitals. A network hospital is a hospital who signs an agreeement with an insurance provider to offer cashless treatment to the policyholder.
Claim Settlement Ratio
The claim settlement ratio helps identify the insurer’s ability to settle the raised claims. You should go for an insurance provider with a higher CSR for quick and smooth claims settlement.
Lifetime Renewability
It is a clause in a health insurance plan that allows you to renew your policy without any restriction. Opt for health insurance policies with a lifetime renewability option to continue enjoying its benefits when you age.
Waiting Period
It is a period during which an insurance company entertains no claims after buying the policy. The waiting period for a pre-existing disease usually ranges from two to four years. An insured should select a health insurance plan with a shorter waiting period.
In conclusion
A health insurance plan is essential for each stage of your life as it helps deal with financial challenges and keeps your savings intact. Before finalising one, you must look for different health insurance plans from different insurance companies.
