Health insurance is one of the most significant products offered by insurers to individuals, especially in today’s changing lifestyles, stress levels, and polluted environment. These are likely to pose a threat of diseases in the long-run. However, it is often seen that people availing a Health Insurance Policy are under-insured as the plan is not long-lasting.

This happens because one does not consider several factors that are not yet part of his life. Everyone is countered with several complex questions in their minds hampering them from creating a proper retirement corpus for their golden years. However, the answers need to reflect the reality rather than creating a bubble of health and happiness.

Is there really a lot of time remaining for retirement?

An individual who is still in his late 20’s or early 30’s thinks that his retirement age is too far off. In young age, people are generally ambitious. They are busy spending a large chunk of their income for travelling, parties, luxuries, and enjoyment with friends and family. The savings are most often not directed towards the prospective health expenses, especially those that might crop up in old age. However, the lack of proper planning can land one in trouble due to sudden illnesses arising in the old age. A recent survey conducted by Apollo Munich Health Insurance showed that more than 62% of people aged more than 45 years are under insured. This condition is exacerbated due to the higher premium in later stages of one’s life.

Are savings and investments enough?

While doing a job, even if one plans to save for expenses post-retirement, all these majorly include the educational and marital expenses of one’s children. Health concerns often take a backseat even if one saves. Moreover, when one is working, savings are often not done consciously enough for health emergencies that might arise around 20-30 years later. If an individual begins to save early, then, he can comfortably save smaller amounts for a longer period and ensure his and his family’s well-being in the long-run. But, for expenses as unexpected as health care, it is possible that the cost exceeds your planned savings, especially after retirement, and that can derail entire retirement financially. With stress and lifestyle related expenses on the rise among the young it is important to be covered at an early age, when you may not have enough savings of your own.

The Need for a Health Insurance Policy

Even though an individual may be saving enough money directed towards his prospective health requirements but there might be certain unknown emergency situations in future when his medical expenses might outgrow his savings. Thanks to the rising medical inflation rate compared to which the savings do not or cannot grow significantly.

So, here comes one more reason to avail a suitable health insurance policy early in life. The younger the insured is, the lower will be the premium. But, one needs to consider other factors also so that one can reap the benefits of the cover when one requires it the most.

Factors that govern the choice of a long-lasting health insurance plan and how they regulate the choice

Type of Service (Government or Private)

Those who do not have any option of saving money later through a pension or other schemes as provided in a Government service are most in need of a health cover.

Marital status

Any individual who is married is bound to bear the healthcare expenses of his spouse as well post-retirement.


If someone indulges in smoking or drinking, apart from trying to minimise or do away with these habits, a health insurance plan covering critical lung and cardiovascular problems becomes necessary to avail.

Family History

Certain individuals might be prone to hereditary illnesses, especially in old age. A suitable health cover can come in handy at the time most required.

Choosing a Health Insurance Plan for the Long-Run

It is important to research well before buying any health insurance plan. The research will enable the individual to make the right decision. The following points must be considered to build a retirement cover plan for oneself:

1. Critical Illness Cover:

There are many health policies which offer critical illness cover as a rider, there are also the policies which offer critical illness cover as an integral part of the health plan. But these integral policies reduce the flexibility offered by the standalone critical illness plan. Since, a traditional health policy does not cover life-threatening disease it is important to have a critical illness cover, especially after the age of 40.

2. Facilities of The Insurer:

If possible, one must also try to research for the services offered by the insurance provider. This will enable you to be sure of the kind of assistance you can expect from your insurer if you are hospitalized.

3. Past Illnesses Cover:

If an individual is closer to his retirement age, he must look for the cover for recent illnesses in the health policy as his source of income is going to stop. He can also avail some top-up plans to bear extra benefit.

4. Compare Unique Benefits:

Every insurer offers the insurance policy with certain unique advantages. So, one must compare these and the quotes to avail the right cover. For example, generally the pre-and post-hospitalization medical expenses are borne by insurers for a time of maximum 30 to 60 days.

But, some health insurance providers like Apollo Munich, are offering the coverage of the medical costs for 60 to 180 days, which will be helpful in case of longer treatment periods. These features may not be of much importance when one considers availing it at a young age, but at an old age with a higher chance of illnesses, such options can be beneficial.

A comprehensive health insurance plan, thus, paves the way for a happy, safe and healthy life post-retirement.