Health Plan Life Cycle
HEALTH PLAN LIFE CYCLE
The need for health insurance differs from stages of life, from youth to old age based upon lifestyles and genetics.
“How much and what type of health plans you should have as protection against poor health through various stages of life?” Does these type of questions pop up in your mind?
For this, Futurepreneur Hub-Personal Finance Services (FHPF) brings a solution.
- In your mid / Late 20s
Life Status: Single, good health, physically active, healthy lifestyle, financially independent.
Though you may not feel the need for a health plan at this age. It is better to be prepared for any medical emergency.
Futurepreneur Hub-Personal Finance Services (FHPF) advice:
- Basic Health Plan: This plan would cover hospitalization. It is good idea to check if OPD treatments are covered in the plan and you should always go for the plan which increases its cover size with age.
Cover Size: 3-5 Lakhs
- Accident Disability Plan: This stage is full of enthusiasm and we always try to stay ahead of others whether it is in profession or on road. If you have a job and active adventurous lifestyle, it’s good to buy this plan to cover the possibility of accidents.
Cover Size :20 Lakhs
- In your 30s
Life Status: Married, have children, family becomes dependent. Here responsibility comes into the picture.
You become more responsible since your family gets dependent on you. So you can increase your health cover by either buying a single big cover or opting for a small basic cover and supplementing it with a Top up plan. The latter is a better option since it will be cheaper.
Futurepreneur Hub-Personal Finance Services (FHPF) advice:
- Family Floater Plan: This plan covers all the family members and premium amount would depend upon the age of the oldest member. Make sure the plan covers maternity benefits and other fatal coverage for the new born child.
Cover Size: 3-5 Lakhs
- Accident Disability Plan: Continue with the same plan but increase the cover size.
Cover Size: 25 Lakhs
- In your 40s
Life Status: Children education, high stress level, lifestyle diseases (heart disease, hypertension, diabetes and so on).
Here comes a time to focus on healthy diet and lifestyle. In addition to the plans already bought you will need to buy critical illness plans. Also you can go for covers that reward and encourage healthy lifestyle.
Futurepreneur Hub-Personal Finance Services (FHPF) advice:
- Family Floater Plan
Cover size: 3-5 lakhs
- Top up Plan
Cover size: 10-25 lakhs(deductible of 3-5 lakh)
- Accident Disability Plan
Cover size: 25 lakhs
- Critical Illness Plan: The plan pays a lump sum of diagnosis, which can be used as desired. However most covers are for advanced stage of illness.
Cover size: 20-30 lakh
- In your 50s
Life status: Free from financial responsibilities, children get settled.
You are probably developing more medical issues. Continue focusing on a healthy lifestyle which includes yoga and meditation. Since your children have their own health plans by now, you can part to individual plans or a family floater for a couple which will be cheaper. You can let go of the accident disability at this stage.
Futurepreneur Hub-Personal Finance Services (FHPF) advice:
- Basic Health Plan:
Cover Size: 3-5 Lakhs
- Top up Plan:
Cover size: 10-25 lakhs(deductible of 3-5 lakh)
- Critical Illness Plan:
Cover size: 20-30 lakhs
- After 60s
Life status: Retired, probably on your own.
Now is the time to be well prepared for medical exigencies. Keep your insurance documents updated and continue paying premium so that your policy doesn’t lapse. If you have a corporate cover, plan to port it instead of buying new cover. If you have a combination of employer and independent plans, port the employer plan and continue with your own plan. There are plans designed especially for senior citizens but these are more expensive and come with restrictions. You could also avail of the group cover offer by your children’s employer as these will heavily subsidized. It’s best to go for a combination of insurance and buffer amount at this stage.
Futurepreneur Hub-Personal Finance Services (FHPF) advice:
- Basic Health Plan:
Cover Size: 3-5 Lakhs
- Super Top up Plan:
Cover size: 15-25 lakhs(deductible of 3-5 lakh)
- Critical Illness Plan:
Cover size: 20-30 lakhs
Disclaimer for Investor Education: The information provided under this section ‘Investor Education’ is solely for creating awareness and educating investors / potential investors
By: Ms. Kanika Ghai
Personal Finance & Investment-Trainee
Futurepreneur Hub – Personal Finance Services