Insurance Plans You Should Consider At Different Life Stages

A health insurance policy is crucial to financially protect you and your family from hefty treatment costs. Nevertheless, the health care requirements change over the years as you age. Thus, it is necessary to choose a health insurance plan appropriate for different life stages.

Considering this fact, the insurers also offer a gamut of plans such as a maternity insurance policy, pre-existing illness insurance policy. Now, based on the particular stage of life, one can choose an ideal insurance policy to ensure optimum coverage and avoid financial strain in cases of emergencies.

Discussed in this piece are the different insurance plans that you should consider based on the life stage. So, pick the right health insurance plan suitable for you and your family members after referring to the list below: 

Choosing the Right Insurance Plans For Every Life Stages

Following is the list of popular health insurance policies based on your current life stage: 

1. Individual health insurance policy (for young and single individuals )

This particular health insurance policy is appropriate for the category of individuals mentioned above. Although customisation is available for this type of insurance plan, the following are the basic features of this plan:

The individual health insurance plan covers a range of illnesses and provides coverage for the following: 

1. Accidental hospitalisation 
2. Illness related hospitalisation
3. Pre and post hospitalisation expenses
4. Critical illness benefits
5. Maternity and infertility related expenses 
6. Annual health check-ups
7. Psychiatric benefits 

This plan also accompanies benefits like Organ donation, AYUSH treatments, Bariatric Surgery and likes. 

Besides, the insured person can also avail of benefits like a hassle-free digital claim settlement process, zero restrictions on hospital room rent and many more. 

Also read: Why it is important to have a health insurance plan?

2. Deductible health insurance plans (For career focussed individuals)

The deductibles and premiums are two essential aspects of a health insurance plan. The deductibles refer to a certain percentage you need to pay upfront while claiming the reimbursement for the incurred treatment costs. 

The premium and deductibles are inversely proportional. It means higher deductibles, lower premiums and vice-versa. Typically, health insurance plans come with two variants; low deductibles and high deductibles. 

Also read: What are a claim settlement ratio and its importance in insurance?

3. Family plans (For married individuals)

Married individuals can choose a customised family health insurance plan so that the entire family can be financially protected while seeking the best healthcare available. 

Usually, such family health insurance policies offer the coverage mentioned below:

• Pre and post-hospitalisation expenses 
• Critical illness benefit
• Daily hospital cash cover
• Annual health checkup

Besides, this particular health insurance plan provides benefits as follow:

1. Cashless treatment at network hospitals in India
2. Covers treatment costs for COVID-19
3. Does not include age-based copayment
4. Additional sum insured in case of accidental hospitalisation and critical illness
5. No restrictions on rent for hospital rooms

Also read: Are COVID-19 deaths covered in life insurance?

Note that the specifications and coverage available against a family health insurance plan varies across insurers. 

4. Family floater plan and maternity benefits (For mothers)

This health insurance plan is specially designed to financially cover all family members. Usually, the members included are spouse, dependent child(ren), elderly parents. 

However, women planning to conceive should choose a family floater with maternity benefits. A maternity insurance policy is suitable for mothers and young couples planning for pregnancy alike as it covers the following benefits:

• All medical expenses related to labour and delivery (as per sum assured)
• The cost of Caesarean section or C-Section
• The costs incurred due to hospitalisation and room rent during delivery of the baby
• Infertility treatment 
• Pregnancy-related complications 

Besides, in some cases, this also covers medically necessary terminations as specified in the plan. 

Also read: IVF Treatment: food and diet advice for those trying to conceive

5. Senior citizen health insurance plans (For elderly couples and for the retired)

The health complications increase with passing age. Thus, it is imperative for elderly couples and retirees to stay financially safeguarded with a health insurance plan curated for them only.

Typically a health insurance plan for senior citizens or retirees includes the following:

• Hospitalisation charges in case of medical emergencies
• Covers critical illness such as all types of Cancer, Heart Attacks, Kidney Failure and Paralysis
• Reimbursements against costs incurred during hospitalisation of insured individuals 
• Covers charges for Domiciliary Care that elderly people often need at home
• Pre and post hospitalisation expenses 
• Coverage for illness-related hospitalisation 

As per a Government survey, almost 30% of the 103 million people aged 60 and above suffer from depression. It also shows that one in every 12 elderly persons in India has depression.

Keeping this factor in mind, leading insurers also offer Psychiatric Benefit that allows insured people to claim sum assured for the expenses incurred if hospitalisation is caused by trauma or other such conditions. 

Also read: Simple ways to relieve stress and anxiety

These are the most common health insurance plans individuals can consider while looking for the best one as per the current life stage they are in. 

Be it a maternity insurance policy or family plan, before choosing one, read the terms and conditions related to the health insurance policy carefully!