In Focus 26 Nov 2020 A guide for buying h ...

A guide for buying health insurance at every stage of life

SPOTLIGHT
Published Nov 26, 2020, 6:50 pm IST
Updated Nov 26, 2020, 7:13 pm IST
If there is one thing that the Coronavirus crisis has taught the world, it is the importance of having health insurance
Investing in health insurance plans, and with sufficient cover, could be an answer to such unforeseen medical expenses not only in times of the Coronavirus, but in general as well.
 Investing in health insurance plans, and with sufficient cover, could be an answer to such unforeseen medical expenses not only in times of the Coronavirus, but in general as well.

If there is one thing that the Coronavirus crisis has taught the world, it is the importance of having health insurance. Almost 50 million people across the world have already come under the grip of the COVID-19 virus with over 1.2 million deaths*. The second wave of the deadly virus has already begun in Europe and the possibility of a second wave in India is high. Already, around 8.5 million people have been infected in India and the number is rising with every passing day, Many of them had to face a financial setback as well, along with emotional trauma, because they did not have health insurance to cover for the huge costs for treatment of the infection.

Investing in health insurance plans, and with sufficient cover, could be an answer to such unforeseen medical expenses not only in times of the Coronavirus, but in general as well. A medical emergency could happen at any stage of your life, and hence it is imperative that you have a plan in place to ensure that your other goals are not compromised due to that emergency. And a fool-proof plan is one that evolves as your circumstances change. From the moment a child is born till the time he grows old, there are different stages that he or she goes through and each stage comes with its own set of challenges.

 

Even before a child is born, and soon after, there are health-related expenses not only for the child, but also for the mother. These include medical expenses for the delivery of a baby, for prenatal and postnatal hospitalisation and expenses arising as a result of complications as a consequence of maternity. Then there could be medical expenses towards the treatment of your newborn baby, since infants are vulnerable to infections. There are also expenses incurred due to mandatory vaccinations of the newborn baby up to 90 days from the date of birth. It is crucial to secure the health of your newborn baby, as well as her mother, by opting for health insurance with maternity cover benefit and newborn cover. This would cover all maternity medical expenses while also ensuring your newborn gets the best care when she needs it the most.

 

As your children grow up, they would have an active lifestyle. They would go out to play, learn to ride their new bicycle, eat too much candy or ice cream, go for a physical sport activity, go rock-climbing or trekking. No matter how much you protect them, small mishaps can happen. So in order to protect them when you cannot physically protect them, it is imperative that you look into health insurance plans for family members that offer a more all-inclusive coverage for your children as well.

When a child attains adulthood, it is the time when he or she gets the first taste of responsibilities. If you are in your early 20s, you would have good health, fewer liabilities, and time on your side. However, you may start your first job and may start thinking of flying out of the nest. While till now, you may have been a part of your parents’ family insurance plan, it is time to get your first individual health policy. With lower health risk at this age, you would have the advantage of locking in a big health cover at a small premium cost. Since you are earning now, not only this policy would protect you against any unforeseen illness, it would also come with tax benefits as the premium paid on it up to Rs 25,000 would be deductible from your taxable salary.

 

And as you get married and start your own family, you may want to swap the role with your parents as you would now need a plan that delivers full protection not only for yourself, but also for your family. At this stage of your life, the right choice would be a family floater health insurance that gives you the option to cover yourself and your family members with individual sum insured options, immediate family cover, maternity and newborn care cover.

The last and the most important stage of your life from an insurance perspective is when you grow old. This is the time when you are most vulnerable to ailments and need best of care. By this time, you would have retired and may be on your own with pension and savings as your main source of income. Healthcare costs can be huge and therefore having health insurance is a must at this stage of life. Of course, senior citizen health plans can be expensive and it is always good that you purchase the health plan at an early age to save on the premium amount. However, if that is not the case, you could consider specially designed health insurance for senior citizens.

 

Bajaj Allianz General Insurance offers health insurance solutions for all stages of your life from childhood, to early adulthood, to middle age and finally for senior citizens. It also offers comprehensive family health insurance plans that protect you at all stages of your life. Health Care Supreme plan by Bajaj Allianz is one such one-stop solution that offers health insurance for your whole family with maternity cover benefit as well as newborn baby health insurance. Its Health Guard - Family Floater Health Insurance plan is a good option if you have dependent parents apart from your spouse and children. Both Health Care Supreme and Health Guard are family plans that are most suitable for a young couple, who are planning to start their family.

 

For senior citizens, Bajaj Allianz General Insurance has a specially-curated plan that covers members up to 70 years of age. The policy comes with free health check-ups and coverage of pre-existing illnesses after only one year of issuance of policy.

The company also offers individual plans to suit different needs including ayurvedic and homeopathic treatment, day care procedures charges, bariatric surgery, pre and post hospitalization charges, organ donor expenses and ambulance expenses. You could also customise these plans with different riders including those to cover critical illnesses.

 

No matter at what stage of life you are at, a health insurance plan can be the perfect companion for you in this journey. And since your priorities and requirements keep changing with each stage, it would be a good idea to review your policies annually to ensure that they still meet your needs. At the least, you must review them every time you enter into a new life stage and make sure you are not exposed to any uncertainty.

 

Disclaimer: No Deccan Chronicle journalist was involved in creating this content. The group also takes no responsibility for this content.

 

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