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You are here : IndiaNotes >> Managing Money >> Insurance >> Health

Health Insurance after 45 Years

Guest Author | 10 Aug, 2016  | Follow Author | Add to my Favourites 
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At the age of 45, after securing your family’s future, now is the time to secure your own health. Mounting medical costs alert you to insure your health immediately. Here are some prerequisites to consider while insuring your health after the age of 45.


  • Poor health

Growing age invites more health issues. Frequent medical check-ups tend to burn a hole in your pocket. Be wise and insure your health while you still have age by your side.


  • Heavy Premium

Higher the age, heftier the premium you pay. This is known as premium loading which increases on a number of factors like your age, health condition or the numberof claims you make.


  • Unsuitable coverage

You must consider your present as well as future needs while buying a health insurance at this age. Do not look at health insurance plans as a temporary protection against health issues;plan for a longer term.


  • Pay higher or lower for your cover

You cannot ignore health issues at any age. Premium tends to rise after you cross 45. Sometimes, the amount goes beyond your budget. During such situations, it is best to decrease the sum insured.


  • Boundaries and constraints

When you buy an individual health insurance at a later stage in life, you lose out on the guarantee of cover and quality of insurance. After 45, there is a higher risk for the insurer. Even after paying higher premiums for a superior cover, there are certain exclusions.


  • Financial Status

After catering to the requirements of your family members, sometimes at a later stage in life or during your retirement, you become financially dependent on your heirs. In such a situation, it becomes difficult for you to insure your health. Therefore, you must set aside certain amount for your own well-being.


  • Tax benefit

You can get all tax benefits under section 80 D of the Indian Income Tax Act 1961 on buying a health insurance.


  • Medical check-up

Most of the companies make it obligatory for the insurer to undergo a complete medical check-up after attaining the age of 45.


  • Permanent Exclusions


Most of the health insurance plans exclude the following:

- Non-allopathic treatment, pregnancy and childbirth related complications, cosmetic, aesthetic and obesity related treatment

- Expenses arising from HIV or AIDS and related diseases, use or misuse of liquor, intoxicating substances or drugs as well as intentional self-injury

- War, civil war or breach of law

- Naturopathy treatment, acupressure, acupuncture, magnetic and other such therapies

- Treatment taken outside the country

- Any expenses arising out of Domiciliary Treatment


However, exclusions may vary from company to company.


You must consider these factors before buying health insurance plans after the age of 45. It is never too late to focus on your health.


Know more about health insurance policy at 5 Paisa Insurance

 




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