Your 20s were carefree and you had a blast, then you moved on to your 30s that were slightly less carefree. Now, in the current decade you’ve already come to terms with financial planning and a vital role of that life is played by insurance. 40s is the age in which financial planning and obligations are something that will bother you giving an immense headache, to top it all, there’s the fact that you’re already more than half way down with your working years. The impending EMIs of the personal loans and sufficient funds for your retirement years make it important that your earnings and savings not only multiply but also you have an anxiety-free path ahead of you. In addition, there is also your health, which makes health insurance plan mandatory during your 40s because in most of the cases ailments and illnesses creeps in after 40 years of age.
- Employer health coverage amount is often not matched with the increasing requirements due to age and responsibilities. An example would be that a Rs. 3-4 lakh coverage amount for employees of all ages will generally suffice for a 25 year old individual but not so much for 40 or 50 year old with a family of 3-4 members. Research has found out that a family of 3-4 members residing in Mumbai that has an ever increasing medical expense rate requires a minimum of 14 lakhs of health insurance coverage. This makes a difference of a drastic 25% in health coverage of an average 40 year old employee.
- 50 year old employees have only a handful of years to retire from their service and it’s quite common that most of their family is reliant on the single employee for their medical expenses. After retirement pursuing a part time job or sitting at home and then considering a health insurance package will make it difficult because it’s expensive to get a new health plan.
- The most important factor is we often consider ourselves invincible and think that nothing will happen to us. But in fact as we age our health deteriorates and we are susceptible to several illnesses. The worst thing is that we seek health coverage after we fall sick because of the waiting period during which the insurer wouldn’t claim the ailments.
These are the top reasons why people in their 40s should opt for Mediclaim insurance immediately.