25 and single ---- Hospitalization cover
30 and married ----Family Floater Policy
35, married, with children ---- Top-up cover planDependant Parents Do you have dependent parents who are retired and need to be covered as well, or do they have a health insurance policy of their own? With health care costs increasing manifold, senior citizens can make quite a dent in their savings if they have to pay the healthcare expenses on their own. At around 30 years of age, a person needs to check if the parents who are about to retire or already retired have a health insurance to take care of the growing medical costs. If a retired parent is/was a government employee, then they have “Central Government Health Scheme” (CGHS) which provides comprehensive health care facilities even after retirement. In such case, a simple top-up cover to the CGHS cover would suffice. There are many corporates and large MNCs that provide a retiree policy under the group health cover. This has to be figured earlier in life rather than later because as the parents age the lesser are their chances of getting a cover. If not, then depending on the stage of life you are in, you would need to ensure that they are covered as well. Occupation The occupation of the person has an impact on his health insurance portfolio. For example, for a sales professional whose job involves traveling a lot, a personal accident policy is a must-have. This health insurance policy not only covers death and permanent disability, but also provides a cover for the loss of income for the period that a person is unable to go to work due to the temporary disability caused by accident. Pre-existing or Hereditary Health Problems If you have a family history of certain medical ailments, such as high blood pressure and diabetes, then you should opt for a critical illness cover early on in life. Most companies have very strict underwriting guidelines or norms for acceptance under critical illness policy since these are benefit policies for which one-time lumpsum amount can be paid out. You, therefore, need to take the policy when you are healthy so that there are no acceptance issues. With this policy, you can insure yourself against the risk of serious health problems. Remember that in case of a critical illness cover, the younger you are, the lesser your premium will be. For example, an additional critical illness policy premium will be different for a person aged 25 years than for a person aged 46 years, as the chances of developing an ailment increases as we age. For more information on how to make the best health insurance portfolio, visit our health insurance page! This article was authored by Dr. Renuka Kanvinde, Assistant Vice President, Health Administration Team, Bajaj Allianz General Insurance Co. Ltd.