Health Insurance at 45

Understanding the Benefits of Health Insurance at 45

Your health should be a top priority, but medical expenses can be unpredictable and expensive. A comprehensive health insurance plan can help protect you from these costs. Today, health insurance is a must, regardless of age, but the big question is: Do you have health insurance at 45? If no, don’t panic; it's never too late to get covered. You can still buy one that suits your needs as well as your budget. Let’s break it down in simple terms.

Need for Health Insurance at 45

When we reach our mid-40s, our bodies start to show the first signs of ageing. Our metabolism slows, our immunity gets weaker, and the possibility of chronic diseases begins to rise.

Along with that, medical costs also go up very quickly because of regular check-ups, doctor consultations and hospitalisation, if at all.

At 45, the common health issues that may arise are:

• High blood pressure
• Diabetes
• Heart-related problems
• Joint and back issues
• Thyroid disorders

However, the treatments for these health problems can be lengthy as well as expensive. So, having health insurance at 45 can offer you financial protection, thus helping you access quality healthcare without worrying about anything.

What are the Benefits of Health Insurance?

 The following are the benefits:

• Comprehensive Coverage: Health insurance plans take care of many different medical expenses such as hospitalisation, treatments, surgeries and many more.
• Flexibility: You can pick any hospital from the insurer’s network to avail cashless treatment services.
• Cover for day care procedures: Most health insurance companies provide coverage for daycare treatments to the insured person that do not require hospital stays.
• Cashless claim benefits: With a health insurance plan, the policyholder does not have to pay for any medical treatments at network hospitals.
• Cumulative Bonus: If the insured does not make any claims during the policy year, they can receive a cumulative bonus as a reward.
• Ambulance Services: Most health insurance plans cover the cost of ambulance services, and thus, they do not charge anything for transporting the patient to the hospital.  
• Income tax benefits: As per section 80D of the Indian Income Tax Act 1961, an individual can claim a tax deduction on the health insurance premiums paid for self, spouse and dependent children up to specified limits.
• Peace of Mind: Knowing that you are covered offers peace of mind and allows you to focus on your work rather than worrying about medical bills during urgent medical situations.

Essential Factors to Consider When Buying Health Insurance at 45 

Some factors which individuals should take into consideration when buying health insurance at 45 are:

1. Compare different health insurance plans available: This is the primary aspect you need to consider before finalising a health insurance policy. With so many options available in the market, you always need to compare different plans based on coverage, benefits, premiums, etc. Individuals can compare multiple plans online and choose accordingly.
2. Pick a plan with a minimum waiting period: It is one of the most important factors when opting for a health insurance plan. Consider a plan with a shorter waiting period, as with age, the chances of developing pre-existing conditions such as diabetes, hypertension, heart attack, etc., increase. By selecting a plan with a low waiting period, you can get coverage for your condition at the earliest.
3. Choose an ideal sum insured: If you are investing in a health plan, make sure your sum insured is adequate to cover your medical needs because medical costs are very high. If you cannot afford a higher sum insured, you can choose top-up or super top-up health insurance plans to increase your coverage.
4. Opt for a critical illness policy: Critical illnesses such as cancer, heart attack, stroke, kidney failure, etc are on the rise and at the age of 45, the chances of getting these illnesses are quite high. Therefore, choose a critical illness health insurance plan to protect yourself at this stage of life.
5. Need for medical check-ups: If you are 45 or above and are planning to buy health insurance, then you have to undergo a pre- entrance medical check-up.
6. Check if the option for premium loading is available: Sometimes, the insurance company charges a higher premium if you buy a health insurance policy at age 45. This extra cost may be due to health conditions or habits like smoking or drinking. So, it is advisable before buying a health insurance plan verify if any premium loading applies.

How Much Health Insurance Coverage Is Ideal at 45? 

When opting for health insurance at 45, choosing the right amount of coverage is important because the basic coverage may be insufficient to cover the cost of your medical expenses.

However, the ideal coverage can vary based on your health status, geographical location, and medical history. Health insurance experts generally recommend the following coverage at this age: 

• Individuals: Rs. 15–20 lakh
• Family floater: Rs.20–30 lakh

How to Select the Right Health Insurance Plan After 45? 

Here is the guide for choosing the right health insurance plan at 45:  

Evaluate your healthcare needs

Review your current health status, as well as think of possible medical needs in the future.  

Review coverage option

Choose a plan that provides adequate coverage, such as hospitalisation, doctor consultation, nursing care, outpatient care, ambulance services,  diagnostic tests, and surgeries.  

Look for network hospitals

Check the list of network hospitals along with healthcare professionals, mainly people who prefer specialised treatment.  

Coverage for pre-existing conditions

Confirm if the health insurance policy covers pre-existing conditions, and that too with shorter waiting periods.  

Preventive care

Choose plans that prioritise preventive healthcare services such as regular health check- ups and early screening tests.    

Premiums and deductibles

Assess the cost of premiums, deductibles, and out-of-pocket expenses, and ensure they are all balanced. However, higher premiums may be expensive, as they come with better coverage and lower personal expenses during treatment.  

Assess Customer Support Services

Select a health insurance company that is known for reliable customer service and support, ensuring all your queries or doubts are resolved.

What Decides the Premium at 45? 

The cost of a health insurance policy depends on a few key factors:

• Age: At 45, you need to pay a higher premium than those in their 20s or 30s.
• Type of Plan: Individual plans will cost you less than family floater plans.
• Place you live in: If you are 45 and are living in a metro city, then you have to pay higher premiums. This is because the cost of medical treatments is high in metropolitan cities.
• Add-Ons/Riders: Additional benefits, such as critical illness riders, can increase the cost of the premium.
• Health History: At 45, pre-existing conditions can also push the premium up.

Final Thoughts 

Growing health care expenses can wipe out your lifelong hard-earned money in one go. Therefore, investing in health insurance at 45 is essential to ensure financial protection against unexpected medical emergencies.