Health Insurance: What are the things to keep in mind while buying health insurance at the age of 20, 30 or 40?

Health Insurance Tips: Nowadays, health insurance isn't just a policy; it's become the most reliable shield for life protection. Often, we think about health insurance only when a medical emergency arises. But by then, it's too late – premiums increase, waiting periods for illnesses begin, and claims are often rejected.

The true wisdom lies in choosing the right plan at the right time, based on your age. The needs of those in their 20s and the priorities of those in their 40s are not the same. Let's explore what to consider when purchasing health insurance in each decade to avoid hassles and a significant impact on your wallet.

Age 20s

If you're between 20 and 29, you're in the prime of starting health insurance. At this age, your body is stronger, illnesses are less common, and insurance companies are more willing to offer excellent coverage at a lower premium. This is the time to build your policy continuity. The sooner you start, the sooner the waiting period for pre-existing illnesses ends, making it easier to claim for future problems. You also benefit from tax exemptions under Section 80D.

In your 20s, people often think, "I'm fit now, why do I need insurance?" – but this is the biggest mistake. If you're employed, don't rely solely on your company's group policy. Be sure to get your own independent health insurance plan so that your coverage remains intact even if you change jobs or leave the company.

Age 30s
The thirties are a time of responsibility. Now you're responsible not only for your own health but also for your family's health. Children's education, loans, and medical expenses all add to the financial pressure. Therefore, purchasing a family floater plan in your 30s is a wise move. It covers the entire family in one policy and is more cost-effective than separate policies. Experts recommend adding a larger top-up plan to your basic plan. This increases your coverage significantly, but the premium doesn't increase significantly.

Even if your company already offers health insurance, maintain your own personal plan. Because changing jobs expires, leaving you without coverage.

Age 40
Forty is a time when your body slows down and your responsibilities increase. Diabetes, blood pressure, cholesterol, and heart problems are becoming more common at this age. Therefore, basic health insurance alone is no longer sufficient. At this age, you should add Critical Illness Cover to your plan. This policy provides a lump sum amount in the event of serious illnesses like heart attack, cancer, or kidney failure, reducing the burden of expensive treatment.

If your family has a history of such illnesses, this coverage becomes even more important. By the age of 40, the waiting period on your old policy is over, making it easier to upgrade or top up.

Age 50
The fifties are considered the most crucial time for health insurance. At this age, the body changes rapidly, and medical inflation is also rising rapidly. Therefore, the greater your coverage, the better. Experts recommend reviewing all your health insurance policies at this age. If children are now independent, exclude them from the family floater. Ensure coverage in your policy is at least ₹50 lakh to ₹1 crore to avoid any problems in the event of a major illness or surgery.

If you already have an accidental policy at this age, you may want to consider discontinuing it. Strengthening your health coverage is more important now, rather than investing in additional policies.

After 60
After the age of sixty, when a job or regular source of income ends, the biggest concern is medical expenses. Health insurance can be your biggest support at this time. If you were on a company's group policy, port it to your individual policy. If you already have an independent policy, continue with it and try to renew it regularly.

Opting for a new plan at this age can be expensive and difficult, as insurance companies impose requirements for medical checkups and limited coverage. In this case, adding your children as dependents to your employer's policy may be an option. Additionally, it's wise to maintain an emergency health fund or buffer for any emergencies.

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