Health Insurance at 50

How to Choose the Most Suitable Health Insurance for Over 50?

Health insurance is always a good idea to protect yourself from sudden medical expenses. If you or your parents are about to enter their fifties, they need to have adequate health insurance. Without sufficient coverage, the expenses from unforeseen medical conditions can greatly affect financial stability. Therefore, having health insurance at 50 is a must.

This article explains the importance of health insurance at 50, highlighting its benefits, ideal coverage required at this age, the key factors to consider while choosing the right plan and more.

What is Adequate Coverage for an Individual at 50?

An adequate and comprehensive health insurance policy for an individual aged 50 is one that offers:

• In-patient hospitalisation
• Daycare Treatments
• Pre- and post-hospitalisation expenses
• Home care or domiciliary care.
• Ambulance services
• Organ donor expenses, etc

Is Health Insurance Essential at 50?

Yes, as health issues are more likely to occur with age, investing in health insurance with higher coverage becomes more important. However, if you purchase health insurance before age 50, you can enjoy more benefits with lower waiting periods.

 Here's why health insurance is essential at 50:

• Financial protection: A comprehensive health insurance at 50 is essential because it offers financial security to you as well as your loved ones in this stage of life. You don’t have to worry about medical expenses as the insurer takes care of all.
• Longer waiting period than usual: At an older age, waiting periods for pre-existing disease and certain procedures may coincide with the time when you actually need medical care. This makes it essential to have health insurance to manage these costs.
• Restrictions due to medical history: Before getting a health insurance policy at this age, you may need to undergo pre-medical check ups, which may limit the amount that you can claim as an aged individual. Despite this, having health insurance remains important.
• Higher Premiums with Age: As we all know, premiums increase after 50 due to higher health risks and higher chances of submitting claims. Therefore, health insurance becomes essential at this stage to avoid paying high medical bills from one's own pocket.
• Limited coverage availability: At 50, it can be quite challenging to get all the policy benefits. Many insurance companies tighten eligibility rules, and existing conditions such as high blood pressure, heart disease, asthma and diabetes can sometimes restrict the coverage offered. Thus, making health insurance essential for financial protection.
• Importance of Early Coverage: Though investing in health insurance at an early age is quite beneficial, as it offers numerous benefits with lower premiums, but if you don’t have a policy yet, it's never too late. Health insurance for seniors still offers meaningful coverage, even if it has some restrictions or limitations.

Types of Health Insurance Plans Suitable for 50

Choosing the right type of health insurance plan is essential at 50. In India, there are numerous options available depending on individual health care needs.

Some common types of health insurance plans that may be suitable at this stage of life are:

Individual Health Insurance Plan

These plans are designed for one person only, and they are suitable for people who prefer independent coverage. Individual health insurance plans cover medical expenses such as hospitalisation, pre- and post-hospitalisation, day care treatments, etc., of a single person.

Family Floater Health Insurance Plan

It is designed for the entire family (such as spouse, dependent children) under a single sum insured. One advantage of purchasing a family floater plan is that the premiums are comparatively lower than those of other plans. However, it is important to select a sufficiently high sum insured to accommodate the medical needs of all the family members.

Senior Citizen Health Insurance Plan

It is meant for elderly individuals aged 60 or above, although some companies may allow individuals in their 50s to opt for these plans. These plans may come with some restrictions or limitations, such as co-payments or sub-limits. Therefore, review the policy terms and benefits before selecting it.

Critical Illness Insurance

People aged 50 and above, this type of plan works best for them as a supplementary cover.  It provides a lump sum payout on the diagnosis of serious illnesses or higher health risks ( such as cancer, heart attack, stroke, kidney failure, etc). However, remember that critical illness insurance should be taken in addition to a comprehensive health insurance plan, not as a replacement.

Top-up Health Insurance Plan

This can be utilised to pay for medical expenses if your base policy has been exhausted. However, it has a mandatory deductible and provides a high sum insured at a lower premium.

How Much Health Insurance Coverage Is Ideal at 50?

When choosing health insurance at 50, pick a plan with higher coverage because at this age, the risk of lifestyle diseases, hospitalisation, and medical inflation increases. Lower coverage may fall short in handling major treatments or surgeries.  

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.15–25 lakh
• Family floater: Rs. 25–40 lakh

However, it is advisable to consider top-up or super top-up plans at 50 to enhance your coverage without a substantial increase in premium.

What Should You Look for in a Health Insurance Plan at 50?

The factors that you should consider in a health insurance policy at 50 are:

1. Pick a Plan with a Higher Sum Insured: As age increases, health issues become more common, and the need for frequent medical care also rises. Hence, pick a policy with a higher sum insured. Health insurance experts usually recommend a coverage of Rs. 15- 20 lakh at this age.  
2. Pre-Existing Disease Coverage: At this stage of life,  you may have pre-existing conditions such as diabetes, hypertension, high blood pressure or arthritis. Therefore, check the health insurance plans that provide coverage for such diseases along with shorter waiting periods.
3. Choose Comprehensive Hospitalisation Coverage: OPT for a policy that provides coverage for pre- and post-hospitalisation expenses, ICU charges, daycare treatments, and other related services.
4. Look for network hospitals and Doctors: Ensure the policy has a wide network of cashless hospitals and health care professionals. In addition, make sure you understand all the benefits, limitations, and services that are provided under the plan.
5. Domiciliary Care coverage: Consider policies that include domiciliary care coverage, as this benefit may become essential at this age when treatment is required at home due to medical conditions or mobility issues.
6. Consider Critical Illness Add-ons: At 50, critical illness coverage becomes more important. Check whether the base policy covers critical illnesses. If not, consider buying an add-on for several conditions, such as cancer, stroke, or heart attack
7. No Co-pay clause: Select a policy with no co-pay clause, so you don’t have to pay a portion of the claim amount from your own pocket.
8. Understand the Sub-limits and Caps: Some health insurance policies include sub-limits on room rent, surgery, or ICU charges. However, go for plans with no or minimal sub-limits.
9. Coverage for Daycare Procedures: Choose a plan that covers daycare treatments such as dialysis or cataract surgery, chemotherapy, and other procedures that do not require 24-hour hospitalisation.
10. Preventive Health Check-Up Benefits: Many health insurance companies offer annual health check-up benefits. These are mainly beneficial for individuals aged 50 or above. This option helps in the early detection of health problems and timely treatment.

Summing Up

Turning 50 is an important milestone; yet investing in a health insurance policy in your 50s is essential for peace of mind. The earlier you purchase it, the better your access to full coverage, lower premiums, and minimal waiting periods.