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Most people are healthy during their younger years and start facing health issues as they age. Hence, a health insurance policy that sufficed your needs when you are in your 20s might not offer adequate coverage when you enter your 30s or 40s. In addition, you grow old, get married, have children, and your body goes through wear and tear. All these phases mean that your medical costs could increase. In this article, we will talk about how your medical needs can change with time and why it is important to review your health insurance plans every year.
Importance of Age in Health Insurance
The health insurance premium is calculated based on a range of factors, with the primary aspect being the age of the policyholder. When you buy a policy at a younger age, you can expect better coverage, more choices, and a lower premium amount. However, these options reduce as you age since the possibility of getting diagnosed with a serious illness increases.
Hence, the insurer finds it difficult to predict the medical costs and charges a higher premium to offer health coverage. Hence, it is important to buy a good health policy at a young age. You can start considering purchasing a critical illness insurance plan as you age based on your family’s medical history and your medical condition.
Common Health Issues Associated With Age
The human body goes through a lot of wear and tear. As a result, most people face some health-related issues by the time they cross 40. Here are some common issues that people usually face as they age.
- Between 30 and 40 years of age
In India, many people are vegetarian and do not have a lot of exposure to sunlight. Hence, they tend to develop bone problems by the time they cross their 30s. Two of the most common problems faced by people in the age range of 30 to 40 are arthritis and osteoporosis, which can be attributed to potassium deficiency, calcium deficiency, a low-protein diet, and deficiency in Vitamins B12 and D3.
- Between 40 and 50 years of age
In India, most people above the age of 40 need prescription glasses. However, in rural areas, people avoid getting these glasses; they complicate their condition and suffer more.
Additionally, Indians are three times more likely to die of a heart attack or stroke compared to people from other countries. Blood pressure issues are also common among people above 40 years of age.
- Between 50 and 60 years of age
While youngsters can manage a cold, cough, and sore throat, people above 50 years of age can suffer from complications like pneumonia and breathing issues. Many people in this age group also suffer from hearing difficulties.
- Between 60 and 70 years of age
While cancer can strike at any time in life, it is more common among people above the age of 60. In addition, cancer treatment is expensive, and hence, having a comprehensive insurance cover is essential to manage the costs.
- Above 70 years of age
Dementia, memory loss, Alzheimer’s and other similar conditions are common in this age group. People are also prone to falls and accidents and can take a long time to recover.
Thus, you need to understand the importance of health insurance and choose a plan according to your age and requirements.
Summing Up
As you can see, different medical issues are possible at different stages in life. For example, if you buy a health insurance policy at 25 years of age and don’t change it, then it might not offer adequate coverage when you are, say, 40. Hence, it is important to ensure that you review your health insurance policy every year and choose the best health insurance plan. This will allow you to understand your changing insurance requirements and make modifications to the medical insurance plan to get you optimum protection from medical costs. Good Luck!
