What is the amount and type of health insurance policy you need for the different stages of life

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The importance of having an adequate amount of health insurance – this is one of the big revelations during this whole coronavirus episode. Many were affected financially because they did not have health insurance and did not have enough health insurance to fund the huge costs of treating Covid-19.

It’s not just Covid-19, but the right amount of health insurance can help you overcome financial hardships with medical expenses in general throughout life. So what health insurance should you have? The answer to this is that the need for health insurance changes from youth to old age depending on your lifestyle and genetics. Read on to find out how many and what kind of health plans you should have to protect yourself against poor health at different stages of life.

Mid / late twenties

Life Status: Single, healthy, physically active, healthy lifestyle.

Requirement: While you may not feel the need for a health plan at this age, it is best to be prepared for any medical requirements.

Basic health plan: At this point, you will need an individual, no-frills compensation plan that covers hospitalization. It is a good idea to check if the OPD treatments are covered in the plan. You can also look for a plan that increases coverage with age and inflation. Arogya Sanjeevani is a good option as a first health plan for a young single person.

Cover Size:

Rs 5 lakh, if you are in a metro city / level 1

Rs 3 lakh, if you are in a city level 2/3

Accident disability plan: If you have an active, adventurous job and lifestyle, it is a good idea to purchase this plan to cover the possibility of accidents and the loss of income it can cause.

Cover Size: Rs 20 lakh

In your thirties

Life Status: This is the time when you get married and have children, which means now you need to secure the health risks for the whole family.

Requirement: You can increase your health coverage by purchasing a single large coverage or by opting for a small basic coverage and supplementing it with a supplemental plan. The latter is a better option because it will be cheaper.

Family floating plan: Such a plan can cover all family members and the premium depends on the age of the oldest member. Make sure the plan covers maternity benefits and provides postnatal coverage for the newborn.

Cover Size:

Rs 5 lakh, if you are in a metro city / level 1

Rs 3 lakh, if you are in a city level 2/3

Recharge plan: If you have purchased a Rs 20 lakh recharge plan with a deductible of Rs 5 lakh, the recharge will not start until the Rs 5 lakh has been completely used up. So if you receive a Rs 8 lakh bill, the basic coverage will pay Rs 5 lakh and Rs 3 lakh will be paid through the top up plan.

Cover Size:

Rs 20 lakh, with a deductible of Rs 5 lakh if ​​you are in a metro / level 1 city

Rs 10 lakh, with a deductible of Rs 3 lakh if ​​you are in a city of level 2/3

Accident disability plan: Continue with this plan, but increase the size of the blanket.

Cover Size: Rs 25 lakh

In my forties

Life Status: Your children are older, and so are you. Right now, stress levels are high and most lifestyle-related illnesses, such as heart disease, diabetes, high blood pressure, strokes, and cancer, are taking hold. It’s time to focus on healthy eating and living.

Requirement: In addition to the plans already subscribed, you must first subscribe to a critical illness plan. Additionally, you can opt for blankets that reward and encourage a healthy lifestyle.

Family floating plan: Stick to whatever plan you have, even though the premium will increase with age.

Cover Size:

Rs 5 lakh, if you are in a metro city / level 1

Rs 3 lakh, if you are in a city level 2/3

Recharge plan – Cover size:

Rs 20 lakh, with a deductible of Rs 5 lakh if ​​you are in a metro / level 1 city

Rs 10 lakh, with a deductible of Rs 3 lakh if ​​you are in a city of level 2/3

Accident disability plan: Continue with this plan.

Cover Size: Rs 25 lakh

Critical illness plan: The plan pays a lump sum upon diagnosis, which can be used as desired. However, most blankets are intended for the advanced stages of the disease. Additionally, if you have a family history of illness requiring long term care, purchase larger coverage or create a tampon.

Cover Size:

Rs 30 lakh, if you are in a metro / level 1 city

Rs 20 lakh, if you are in a city level 2/3

In your fifties

Life Status: Your children are settled and financially independent. You are also free from most financial responsibilities and obligations. However, you are likely to develop more medical issues, so continue to focus on a healthy lifestyle, which includes yoga and meditation.

Requirement: Since your kids will now have their own health plans, you can upgrade to individual plans or a family float for a couple, which will be cheaper. Look for a plan that guarantees lifetime renewal and has fewer exclusions. You can also waive the accident disability plan at this stage.

Basic health plan: Focus on individual or family floating plans tailored to your medical condition.

Cover Size:

Rs 5 lakh, if you are in a metro city / level 1

Rs 3 lakh, if you are in a city level 2/3

Recharge plan – Cover size:
Rs 20 lakh, with a deductible of Rs 5 lakh if ​​you are in a metro / level 1 city

Rs 10 lakh, with a deductible of Rs 3 lakh if ​​you are in a city of level 2/3

Disability plan in the event of an accident: Continue with this plan.

Cover Size: Rs 25 lakh

Critical illness plan: If you feel the need, you can increase the size of the blanket.

Cover Size:
Rs 30 lakh, if you are in a metro / level 1 city

Rs 20 lakh, if you are in a city level 2/3

After 60

Life Status: You are retired and probably alone. Now is the time to be well prepared financially for the medical demands. Keep insurance documents up to date and pay regular premiums so your policy doesn’t expire.

Requirement: If you have a corporate blanket, plan to wear it instead of buying a new blanket. If you have a combination of employer and self-employed plans, transfer the employer plan and continue with your own plan. If you don’t have a plan, it will be impossible to get one at this point. There are plans specifically designed for the elderly, but these are more expensive and have restrictions. You can also take advantage of the collective covers offered by your children’s employers because they will be heavily subsidized. It is best to go with a combination of insurance and buffer amount at this point.

Basic health plan: Continue with a smaller base plan and combine it with a super supplemental plan, which is better than the supplemental plan because it takes into account the deductible for all hospitalizations for a whole year. Increase the amount, if possible.

Cover Size:

Rs 5 lakh, if you are in a metro city / level 1

Rs 3 lakh, if you are in a city level 2/3

Super Recharge Plan – Cover Size:

Rs 25 lakh, with a deductible of Rs 5 lakh if ​​you are in a metro / level 1 city

Rs 15 lakh, with a deductible of Rs 3 lakh if ​​you are in a city of level 2/3

Critical Illness Diet: Continue with the plan.

Cover Size:
Rs 30 lakh, if you are in a metro / level 1 city

Rs 20 lakh, if you are in a city level 2/3

Insurance lingo you need to know

Co-payment: This is the percentage of the sum insured or the amount you pay out of pocket in the event of hospitalization. So if you have taken a cover of Rs 5 lakh with a 10% copayment, you will pay Rs 50,000, while the remaining amount will be.

Deductible: It is also a type of cost-sharing arrangement, where the insurer pays a certain percentage of the total medical costs incurred by the patient. So if you have a policy of Rs 5 lakh with a deductible of Rs 2 lakh, it means that the insurer will pay Rs 3 lakh and the amount of the deductible is taken care of by a supplemental plan or comes from your own pocket.

Claims settlement rate: This is the percentage of claims paid by an insurer in a year, or the number of claims for which the insurer has paid the amount out of the total number of claims it has received during the year. one year.

Freelook period: This is the period, usually 15 days, after the policy is issued, during which the insured can decide to terminate the health plan without incurring any costs or penalties.

Indemnity: This is a health care plan where the insurer covers the costs caused by hospitalization.

Exclusion: This includes anything an insurance company won’t cover, whether it’s treatment for a particular illness, procedure, or medications used. It varies between plans and insurers.

Bonus without claim: For each year that you don’t make a claim, you get a discount on the premium you pay when you renew. This is the no-claim bonus.

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