1Five Financial Products Where You Need To Invest For Tax Saving
We can all agree that as we age, our lifestyle habits, relationships, financial goals, and needs change, and we adapt to them by making changes in our lives. Similarly, different stages of life require different approaches when it comes to selecting the best health insurance policy for you. For instance, when you get married, your financial commitments will automatically grow and will continue to grow once you have a child. Simultaneously, as you age the risks of developing a health or medical problem increase.
Additionally, the pandemic has further made people realize the importance of a comprehensive health insurance plan.
At every stage of your life, having a good health insurance plan with the right coverage will protect you from financial losses and help you avoid the uninvited financial trauma of skyrocketing healthcare costs. To know how you can keep yourself and your loved ones safe at different stages of life ?
Continue reading this article and know which type of policy will be best suited for you when you are:
1. Young and single- The 20s
Your professional life is most likely just getting started when you are in your mid or late twenties. And, since you have no dependents when you are young and single, you have a very few responsibilities. This is the time to be a responsible young adult and invest in a health insurance plan.
A fundamental principle that many people are ignorant of is that insurance should be purchased early in life, when the danger of illness is low, but most people overlook it at that time. Further, as you become older, your chances of experiencing health problems increase. Everyone rushes to acquire insurance at this time, but getting a health plan with no caps and low premium becomes increasingly difficult as you grow old. For example, a 30-year-old man based in Delhi can get a one-crore Health plan for a monthly premium of Rs. 1000-1200. (Depending from insurer to insurer).
Lastly, while you may have health insurance through your employer, having a personal health insurance plan is a safety net in case you lose your job or need health care when changing employment.
2. Married and Planning the future
Now that you're married, you should insure your family as well. Consider buying a high sum insured family floater health insurance plan to cover any potential medical costs. Additionally, you may require a health insurance plan with maternity cover for pregnancy to ensure your spouse's safety and to pay hospital bills. Secondly, as we all know children go outside to play, learn, eat, or engage in physical activities. And, no matter how hard you try to protect your child, minor mishaps affecting their health may still occur. Moreover, as health problems now start emerging in people in their 30s itself due to sedentary lifestyle, and external environment it is essential to have a plan which keeps you and your family safe and secure in all these situations.
3. The golden years
The two most crucial things one needs after retirement are first, the affection and support of your loved ones, and second, a stable health. However, this is when you are most prone to illnesses and require the best treatment. You may have retired by this time and be living on your own, relying on your pension and savings as your primary income sources. Moreover in today's time when medical bills can be enormously expensive, having health insurance is necessary at this stage of life. Also, at this stage when you are vulnerable to illnesses, It's important to take note that a family floater plan will no longer be sufficient and one needs to invest in health plans for senior citizens which will provide them with the required protection and are designed in ways which will help cut down on your medical expenses simultaneously providing you with the best medical treatment.
To sum up
Planning is the key to living a happy and healthy life, regardless of what stage of life you are in. Also, along with wealth, ensuring a healthy life is essential. So, think ahead, evaluate your needs, and make sure you're always covered and protected.
18 Apr, 2022