Different phases of Life: Know Health Insurance plans for each


For instance, people in their late 20s may need completely different benefits from health insurance plans as compared to someone in their 50s. Therefore, understanding the features of health insurance plans that are best for different life stages is crucial.

We can determine five key life stages in a person’s lifetime. Let’s understand how health insurance plans get affected throughout these stages.

  1. Unmarried

A young unmarried individually who has just begun earning may have relatively lesser financial responsibilities. This is also the first life stage when you would start financially planning for the future. In this situation, it is best to determine suitable health insurance plans along the following lines:

  • Consider your living situation, i.e., with parents or alone.
  • Affordability in terms of your income
  • The budget for paying insurance premiums
  • Condition of your health and the frequency of hospital visits.

As this is the life stage where you are no longer covered under health insurance plans for family, it makes sense to consider individual health insurance plans. You can also avail of tax benefits associated with it to reduce the burden on your income.

  1. Married and Planning for Children

The next significant life stage comes when you are planning to get married and have a child. When you get married, your financial responsibilities also transform considerably. You have to take into account your partner’s needs to create a sound financial plan.

Therefore, you might require health insurance plans with different benefits at this phase of life. You should ask yourself the same questions as before, such as budgetary limits, affordability, and health conditions. However, this time it should include your partner’s needs as well.

Furthermore, it may be advisable to look at health insurance plans covering pregnancy-related medical costs for the future. Your priorities are likely to go through immense changes in the near future, and the health insurance plans should reflect it.

  1. Family Person

The increased responsibilities of a family person can quickly get overwhelming if you don’t plan for it appropriately. As worthwhile and rewarding as it is to raise a child, it also requires careful financial planning on a parent’s part. Like every parent, you wish to give your child the best possible facilities to protect them against unforeseeable circumstances.

While it is painful to imagine them suffering from a disease, it is precisely why you should get comprehensive health insurance plans. Hence, health insurance plans at this stage are imperative to give them a safe and healthy upbringing.

  1. Empty Nester

The empty-nester stage in life is when your child has grown up and is financially independent. Once your child is old enough to move out of the house, the requirements from health insurance plans change again.

At this point in life, people begin planning for their post-retirement years. Moreover, the older you get, the more you are vulnerable to medical problems. Keeping that in mind, health insurance plans that you purchase at this life stage should cover the cost of major surgeries.

It is also noteworthy that not each family has the same demands from health insurance plans. Even at the empty-nester phase of life, you may need to cover a dependent family member. Therefore, evaluate your personal situation carefully to make the best of health insurance plans.

  1. Retired

Retirement is considered as a time to relax after having worked for your entire life. Although this stage can be relatively less stressful, you must plan for it beforehand to ease into it comfortably.

Entering into your retirement years means another significant lifestyle change. You could require regular medical care and incur greater charges for it due to serious health issues. Health insurance plans at this stage typically cover the insured person and their spouse.

Opting for coverage with health insurance plans is especially important for this life stage because there may not be a steady income source. It can get extremely challenging to manage your regular expenses along with healthcare costs and remain financially healthy.