The kind of health insurance you must buy as per life stages

Posted by amrina alshaikh on January 7th, 2022


With the pandemic continuing to wreak havoc around the world, people have become much more invested in their health and fitness than before. Apart from regular exercise and eating nutritious home cooked meals, scores of people are investing in their future good health by buying the best health insurance plans.

However, health insurance has a different nature at different life stages – it can mean something completely different when you are in your 40s as compared to your 20s. This article discusses how health insurance needs must evolve at various life stages.

#1 Ages 25 to 30 years

Relatively young people in their 20s are in in good health and may be on their first job. Most of them do not have families to support (except in some cases, where they may support aged parents). With fewer responsibilities and their eyes trained on their careers, people in this age group are far more focussed on saving money and making short term dreams (travel, expensive phones, eating out) come true. At this age, if you are healthy, have a steady source of income but do not wish to invest in an expensive or comprehensive health insurance plan, then a basic one such as the Arogya Sanjeevani Policy. It is quite comprehensive with an affordable premium. Do aim to increase your coverage once you hit age 30 years.

#2 Ages 30 to 45 years

These years comprise some of the most significant ones in every person’s life. At a personal level, one is more settled into their relationships and has even started a family or is married. At a professional level, one has better prospects at work and is making much more money than in the previous decade. At the same time, there are many more responsibilities to fulfil and your income is stretched in more directions than before. During these years, you must mandatorily review your health insurance needs and upgrade not just the policy coverage but also its benefits. You might consider buying a family floater plan to include wedded spouse, dependent children and your parents in one health insurance plan. Doing so gives you the peace of mind to know that you have health insurance for each family member at an affordable cost. If you don’t wish to buy an expensive plan, you can buy a reasonably priced Arogya Sanjeevani policy as the primary family health plan, with a super top up plan to supplement coverage. But if you are willing to pay more on health insurance, then you can even invest in critical illness insurance plan and personal accident insurance. At this life stage, do pick plans that cover you and your loved ones for about 15 years.

#3 Ages 45 to 60 years.

Once a person crosses the age of 40 years, there are a new set of financial goals to tick off the list. A few years later, some of you will see children off to foreign colleges, a little later you will arrange for their weddings. Meanwhile, you will start thinking of retirement. It is possible that you and your spouse experience the first signs of impending health issues during this life stage. Given your advancing years and propensity for developing certain diseases, the premiums on health insurance plans will marginally increase. Please buy critical illness insurance, if not personal accident insurance during this time. Buying a super top up plan and enhancing coverage on your base policy are a must.

#4 Ages 60 to 70 years

It is not simple to buy health insurance if you are over 65 years of age in India. If you are able to, then you must not have pre-existing diseases for over 10 years. However, there are certain policies such as the Arogya Sanjeevani Plan that may be purchased before you turn 65 years old, with an affordable premium and a coverage amount of Rs 5 lakh. Once you retire, you will need substantial amounts of funds to take care of your failing health. Senior citizens often experience a range of age-related illnesses and it is best to treat these with the help of a good health insurance plan.

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amrina alshaikh

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amrina alshaikh
Joined: April 24th, 2018
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