Health Insurance for Different Phases of Your Life

At any stage of life, you may have to deal with a medical emergency. Therefore it is imperative to have health cover that can pay on your behalf. It is a back that can help and protect your family in case of a medical emergency.

Millions of people around the world have come under the grip of this deadly virus and many of them have lost their lives as well. In addition to the emotional turmoil, many families had to face the financial trauma because they had to pay a huge cost for treating the COVID infection. And all of this happened, because they did not have any

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If you have a full-proof health plan it can cover you for your life’s different circumstances. There are different stages of life that can bring with it own set of health challenges. And to help you overcome such challenges here is our simple guide suggesting health cover for varied stages of your life:

Marriage

Once you get married and start your family, this is the stage of life when you would need to get your spouse also insured. So, you can buy a family floater policy to cover the risk. This policy would cover you and your family members. You can choose to get coverage on individual sum insured options, with maternity and newborn baby cover.

Family Planning

When a child is born and even before the childbirth there are multiple medical expenses for the mother and the newborn. This would include the prenatal care, delivery, post-natal expenses, and maternity complications.

Furthermore, there will be health-related expenses towards the newborn, including vaccinations, which can be covered for up to 90 days in the insurance. By opting for medical insurance with maternity cover you can ensure the best treatment for the mother and child.

Also, both the parents can get best medical services without worrying about the cost of hospitalization. And this can later be enhanced with add-on covers like critical illness cover, personal accident cover, etc.

As the Child Grows Up

Once your child grows up, there can be other medical emergencies. And to cover them all, it is imperative to buy family health insurance plans that would offer to you and your children as well. And once your child becomes independent or gets married, he/she would need to buy a separate best health insurance cover.

If your children or child buys a health cover at a young age, the risk of health ailments is less and therefore the insurance company would provide coverage at a lower premium. Moreover, the policy premium that you pay is also eligible for tax benefits under the Section 80 D.

And the limit of deduction varies for individuals up to the age of 60 years and is higher for people above the age of 60 years. The premium that you pay for your parents and family is also eligible for tax-exemption u/s 80 D.

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The Golden Years

And one of the most important stages of your life when you would require maximum healthcare is when you grow old. These are your golden years, and this is time when you are most vulnerable to critical illnesses. And would need hospitalization expenses cover more than ever before.

During this time, you would be retired, and savings would be crucial for you. Even if you have pension income, you will still need adequate health cove. This can be a senior citizen medical insurance policy to pay for your age-related illnesses.

Buying insurance during this age can be difficult due to pre-existing illnesses. Therefore, buying senior citizen mediclaim policy at an early stage of your life would be easy on your pocket.

You can get covered under a family floater policy with your children or buy an individual cover to suit different medical needs. Including Ayush treatment, organ donor expenses, second medical opinion cover and medical check-up facilities. You could also enhance the coverage by option for add-on cover like a critical illnesses or cancer cover.

To Conclude

Irrespective of the stage of your life you are at, a medical insurance policy can be a perfect companion to ensure smooth journey. Since most of our responsibilities and priorities change with every stage of life, it makes sense to review your medical policies periodically. This will ensure that you have an adequate cover to meet the increasing requirements in the new stage of your life. Such planning would help you deal with uncertainties without any financial glitch.