Health insurance is an important financial product to include in your portfolio. However, it is often overlooked until it’s too late. But you don’t have to be guilty of this mistake any more, because today, we’re going to take a closer look at how you can maximise financial protection with a simple exercise — planning your health cover for different stages of life.

When you’re in your 20s, for instance, your health insurance needs will be quite different from what you’ll require later in life, say in your 40s. It is important to have a customised plan for each life stage rather than a one-size-fits-all plan for each age group.

So, let’s check out how health insurance planning for different life stages works.

In your 20s: Health insurance planning when you are single

This is the age group in which you will secure your first job. So, it is possible that you may receive health coverage from your employer. However, you need to assess whether that coverage is sufficient or if you need an additional health insurance plan. Often, it may be a smarter idea to get your own basic health insurance policy at this life stage for two key reasons, as outlined below.

  1. Health insurance costs less when you are younger
  2. You will lose your employee health coverage if and when you switch jobs

Considering that it is highly likely that you will eventually move to a different company, ensure that you have your own health cover in place during this life stage.

In your 30s: Health insurance planning when you are married

The next life stage is when you’ll be newly married — most likely in your late 20s or early 30s. If you’re getting married soon or if you’ve just gotten hitched, a family floater insurance plan may be a good choice for this life stage. Check if the total health coverage between you and your spouse is sufficient to handle any unexpected health emergencies or accidental injuries.

Then, once you decide to expand your family and have your first child, it may also be time to consider getting a maternity plan. This will cover the costs of any maternity procedures and treatments needed when you have your child. Keep in mind, however, that a maternity plan comes with a specific waiting period. So, plan your purchase accordingly.

In your 40s: Health insurance planning when your family has grown

By this life stage, you will have advanced a great deal in your career. On the personal front, you may also have had more children, with your family has grown further. So, your health insurance coverage will have to be adjusted accordingly. In this phase, you will possibly have the financial strength to increase your health insurance budget.

To keep the premiums low, you can opt for a higher deductible. You can also consider extending health insurance coverage to all the children in your family. This way, your finances will be protected even if any of your children need emergency medical care.

In your 50s and 60s: Health insurance planning when you (are about to) retire

This is another extremely important phase of life. In your 50s, you will be getting closer to retirement age. Alternatively, you may also choose to retire early, so your post-retirement life stage could have already begun by this time. Health insurance coverage is extremely important during this phase because the older you get, the higher the chances of developing a medical ailment.

That said, having a health cover that gives you access to a wide range of network hospitals is also important. This way, you can get the benefit of medical care at the top medical centres in the country without spending a huge sum of money out of pocket. Additionally, it is also important to ensure that the rest of your dependent family continues to enjoy adequate insurance coverage so you do not need to tap into your retirement fund in case of a medical emergency.


See how in each primary age group, you’ll have to focus on different aspects of health coverage. Now that you know how to customise your health insurance purchase, you can go ahead and ask the right questions in each life stage before adjusting your health coverage as needed. You can perform this exercise at each major milestone in life, such as when you get married, when you have children, and when you are ready to retire.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.