Reviewing Health Insurance Policy | Importance & benefits

As you grow older every year, your health status may change, and so do your needs for health insurance. You may get married, have a child or even develop lifestyle related illnesses. As life progresses, medical costs usually only go up.

How do I choose a health insurance plan based on my age?

Ideally it is advisable to buy a health insurance plan as soon as you start earning, at a young age when diseases are at bay. The younger you are, the more cover you get, at a lower cost and with a wide variety of choices. As you age, these options reduce because you may get diagnosed with a few chronic illnesses, the course of which becomes difficult to predict for an insurer. They may charge an increased premium or permanently exclude certain health conditions from your plan. This is a good reason to start as early as you can so that everything is covered.

What are the health issues associated with age?

As you grow older, normal wear and tear of your body takes place. Things are never the same as they were in your youth. There is always that one bone that just doesn’t feel right or that one weird position you put yourself in which causes pain, your vision will deteriorate and it will get harder, if not impossible, to do the things you once loved and didn’t think twice about.

If you ask most people above the age of 40, especially those with a sedentary lifestyle about their health they will rattle on about problems that could range from a bad back, vision difficulties, blood pressure issues to sometimes more serious and chronic conditions.

We don’t have an adequate number of doctors, so even access to basic medical care is sometimes restricted to those who can afford it, and who have good insurance.

Below are the most common health issues categorized according to the age at which they are likely to happen:

Ages 30-40

Bone and muscle related issues

Because a significant part of India is vegetarian, and also does not get enough exposure to sunlight, it is seen that our bones aren’t as strong as they should be. Calcium deficiency, Potassium deficiency, Vitamin B12, D3 deficiency, and a diet low in protein and high in carbohydrates has caused a multitude of problems, the first of which is bone issues like osteoporosis and arthritis.

Ages 40-50

Vision loss

This is very common, with most people above the age of 40 needing prescription glasses. However, it is seen that in rural areas, people tend to ignore their vision needs and suffer in silence.

Cardiac and vascular conditions:

Indians are thrice as likely to suffer from a heart attack or brain stroke as compared to people of other nations, perhaps due to our genetics and a combination of lifestyle factors like diet and exercise. High or low blood pressure is also very common.

Ages 50-60

Influenza / Flu

Often, we get colds, coughs and sore throats and ignore them. However, for those in the age group of 55 and above, it is important to get a flu shot, usually every year, as they are the people most likely to suffer complications of the flu like pneumonia and other breathing difficulties.

Hearing loss

Because of long-term exposure to loud noises, our hearing abilities also degrade with time. Hearing aids and other treatments have advanced through leaps and bounds over the past decade, which leads to a significant improvement in the quality of life.

Ages 60-70

Cancer

While this one can strike anyone at any time, it is more common as we age. Early detection, and treatment is our only method of ensuring a long and healthy life. However, treatment is prohibitively expensive, and can drain a family’s savings if not covered by good health insurance and or a critical illness cover.

Age 70 and above

Dementia

Memory loss and dementia, conditions such as Alzheimer's disease are increasingly common in people as they age. Managing these conditions takes a toll on the family of the patient as well.

Falls / accidents

As we get older, our body takes a lot longer to heal from accidents and falls. We all know of a person who has become bedridden after a fall, and suffered the rest of their life.

Conclusion

You should plan to increase your cover as you get older to account for the increase in medical costs as also a growing family.

It is essential to be ready and well prepared to face medical uncertainties with adequate health insurance cover rather than be taken by surprise at short notice. Being financially prepared to face illness is a big weight off your shoulders, so you can focus on getting healthy again.

If you need any assistance, do not hesitate to contact us.