As we move ahead in the journey of life, our financial needs, requirements and medical expenses change to a great extent. For instance, your goals shift as you enter different phases of your life and so does the cost associated with it.
The current covid-19 situation has created havoc and has accelerated the medical expenses. This has urged the need for health insurance for every individual. Health insurance certainly covers your medical expenses and hospitalization expenses. As you enter different phases of life, your medical expenses may differ. To help you overcome all of that here is a simple guide suggesting health cover for different phases of life.
Different phases of Life
1.Individual life
This is an early age of life where the responsibilities are quite limited and also there are no dependents on you. Being young, there is a rare chance of being prone to any kind of health issues. However, we really can’t assure when an emergency can strike. So, it is advisable to have term insurance at an early age. Also, having health insurance at an early age would cover you from uncertain hospitalization.
2.Married life
On entering into this stage of life, your family size increases and so do the responsibilities. At this point, you would require a family floater health insurance plan, where you and your spouse is covered. You can even choose to have an individual cover of each other to cover any potential medical costs.
3.Married Life with Child
At this stage of life, one must surely have term insurance, critical illness and also a child plan. You may want to review your health insurance plan to see if your family has adequate coverage. Going ahead, it is ideal to have a child plan insurance that will look after the various expenses of your child.
4.Family
Here in this phase of life, the medical expenses might spike up as the family size may increase with your newborn baby. The financial dependency increases, and taking care of your loved ones becomes the priority. Your spouse will require maternity coverage and to lessen other hospitalization expenses, having a family floater health insurance plan is a must! With growing age, the chance of being exposed to different illnesses is quite high. To reduce the burden of healthcare expenses, it is always advisable to have sufficient health coverage. One can opt. for critical illness cover along with a base health insurance plan.
5.Retirement stage
As your child grows and opt for their individual plan, you can shift to having a retirement plan for yourself. Not to forget the medical cost associated with this old age. The medical expenses at this age are quite high and therefore having sufficient health insurance cover is the key. Senior citizens require special health cover and there are numerous health insurance providers that cover various features in such plans.
Overview
Health Insurance is subjective to different requirements of each individual or family. After scrutinizing the requirements, one must certainly compare and buy health insurance for themselves and their family. You can visit MyInsuranceClub.com to compare the best insurance plans that suit your requirements.
