How Much Health Insurance Should You Buy And When? An Age-wise Breakup

    People frequently underestimate the significance of obtaining insurance in their early years, believing it only provides value later in life. However, regardless of age, unforeseen circumstances can arise at any time. The amount of insurance a person needs depends on several variables, including age, income, expenses, debts, dependents, location, current health status, lifestyle choices, and budget.

    Here are some general guidelines regarding the amount of insurance one may require based on their age:

    Insuring in the 20s

    People in their twenties are healthy and full of vitality, which may explain why they disregard the significance of investments and insurance. One of the health insurance benefits of obtaining insurance at a younger age results in lower premium costs due to the absence of age-related illnesses and hazards. Enrolling in health insurance as soon as one becomes eligible is advisable, as premiums are much more affordable. Individuals in their twenties can purchase base insurance first and, if necessary, add coverage later in life. This will have many long-term benefits because they can save more gradually.

    Insuring in the 30s

    Increased responsibilities towards work, family, finances, and dependents accompany the thirties. Now is the time to assess one’s financial situation and health and purchase insurance on a health insurance app accordingly. If one has a cover, one can increase its value after every significant life event, such as marriage or the purchase of a residence. Additionally, they must plan for a comprehensive health insurance policy for their family that covers not only the costs of emergency medical care in the event of unforeseen circumstances but also out-of-pocket costs for doctor consultations, diagnostics, medications, etc. This will also ensure financial well-being. *

    Insurance in the 40s and 50s

    As one matures, the cost of insurance increases, so it is prudent to anticipate any health issues that may arise at this time. When individuals reach their sixties, it becomes a significantly more expensive proposition. During this stage of life, one should begin contemplating retirement and researching suitable plans for it. Additionally, it is essential to evaluate insurance coverage annually. Increase the coverage by 10 to 15 percent after 30 to avoid paying a higher premium later. Planning is vital for both wealth and health. Therefore, consider all the health insurance benefits carefully and invest in comprehensive health coverage plans. *

    Insurance For Those 60 and Older

    As people approach this age, they may be more susceptible to lifestyle-related chronic diseases such as hypertension, diabetes, and arthritis. They may necessitate more frequent medical care, which could increase healthcare costs. For individuals over 65, healthcare requirements may become more complex and require more frequent medical care, including knee replacement and other orthopaedic surgeries. *

    A health insurance plan that promotes comprehensive coverage for preventive health care, including outpatient treatment covering doctor visits, investigations, prescription drugs, management of chronic diseases, and hospital stays, may be suitable for your requirements. It is recommended to have insurance coverage of a higher sum insured amount considering the medical inflation. *

    Get insured anytime, anywhere! Check out the Bajaj Allianz General Insurance website to learn more and download the app now.

    * Standard T&C Apply

    All savings are provided by the insurer as per the IRDAI-approved insurance plan.

    Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.