Jagdish R Khan

Age 25 To 70 - How To Buy Health Plans For Different Decades


You are about to buy health insurance, but are bogged down by the various jargon and terms you come across in every plan you look up. Buying health insurance can become confusing if you don’t know what you are looking for, when to buy the plan, if the plan is more affordable at certain stages or not, if you can still buy insurance after retirement…the list of questions is endless! We recommend doing your research about health insurance in India, before investing in a good family health insurance plan that covers all the bases.

Health insurance changes in nature and cost as you age. Thus, the plan you buy at age 25 may cost significantly less and be differently structured than the plan you buy at age 40. Policies are designed to account for different life stages and needs, and understanding these will help you buy the most suitable plan.

Read on to know the basics of what to expect when you buy health insurance at different life stages:

#1 Ages 25 to 30 years

As a 25-year-old, you are probably on your first or second job. Responsibilities are far less at this age, especially if you are not married. You might have dependent parents or a parent that is about to retire from work. At this stage, you might be thinking of settling down or may be years from doing so. Meanwhile, it helps to have a basic health insurance plan to supplement the company-sponsored one. If your parents don’t have health coverage, you should invest in a family health insurance plan that covers them, you and your dependent siblings. There is no need to pick an expensive plan, but it should be a good one. Once you reach your 30s, aim to enhance the coverage on the plan.

#2 Ages 30 to 45 years

These are critical years in every individual’s life. During these years, you are tasked with managing multiple responsibilities for the family and for yourself. By this time, you may have gained some stability in your job, but you might have a spouse and even a child or two. Meanwhile, your parents get older and have some health concerns. This is the best time to review your family health insurance plan to increase its coverage commensurate with inflation and future living costs. Please invest in a critical illness insurance plan if there is a history of the same in your or your spouse’s family. It pays a lump sum amount upon diagnosis of the critical illness so that treatment and medication can commence at once. Meanwhile, you should look into purchasing a personal accident insurance plan and/or term life insurance plan for you and your spouse. Picking policies that cover you for 15 to 20 years is important.

#3 Ages 45 to 60 years.

These years are crucial for ticking off all your financial goals. By now, you and your spouse may have developed mild to moderate health issues, which will only increase in intensity as you age. The premiums on health insurance plans are far higher if you purchase the plan in these years. Premiums keep increasing with every decade of your life, so if you buy the health insurance plan at age 60, you would pay considerably more than you would if you were to buy it at age 30 or 40 years. It is vital to have critical illness insurance and personal accident insurance coverage during these years. After reviewing your health coverage, you should also invest in a super top up plan to supplement it.

#4 Ages 60 to 70 years

The Government mandates that you cannot buy health insurance if you are over 65 years of age. However, the Arogya Sanjeevani Plan may be purchased during this time up to age 65, with a lower premium and a coverage amount of Rs 5 lakh. These are the years to relax and enjoy your retired life, secure in the knowledge that you have safeguarded yourself in your younger years and can now reap the benefits when you need to.

Please enlist the help of an insurance advisor to know more about the kind of plan that you should buy.

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