1. Home
2. Blogs

Retirement Planning: Build a Suitable Healthcare Plan Post Retirement

• 
• 
• 
• 0
• 0

You surelydon’t want to spend your golden years stressing and worryingabout money, especially when you need it the most. Which is the reason why you are working so hard now! Hence, retirement planning is important to live a comfortable and happy life post-retirement. And just like planning a retirement home, monthly income source and other things, you must plan your post-retirement healthcare as well. Healthcare inflation is real, and a simple hospitalisation can take away a chunk of your savings and disturb your retirement budget.Hence, when you’re planning your retirement, you must plan your healthcare as well as for a worry-free life. This includes creating a medical expenditures portfolio, taking a good senior citizen health insurance policy, opting for a critical illness plan and so on.

Tips to build a suitable healthcare plan post-retirement

1. Plan your retirement keeping healthcare expenses in mind

With the rate at which healthcare costs are increasing, there will be a substantial surge in healthcare costs with every passing year. Other factors, like the increasing prevalence of life-threatening infections and lifestyle diseases, deteriorating health conditions, and more should also be considered when planning your post-retirement healthcare expenses. Also, with advancing age, the chances of suffering from different health conditions increase exponentially. Hence, you needhealth insurance with a higher sum insured for your future.

When you are planning your retirement healthcare expenses, you must also consider the hereditary conditions in your family. And your retirement healthcare expenses should include the healthcare costs of your spouse and children as well.

2. Create your medical expenditure portfolio

Keeping the rising healthcare costs in mind, it is important that you create a medical expenditure portfolio well in time. And when you’re creating a portfolio, you must consider different factors, such as family size, age of family members, pre-existing conditions and family medical history.

For instance, if you are below 30 and single, you can take individual health insurance. If you are above 30 and married, you need a family floater policy. As you grow older and your healthcare costs increase, you can topup your health plan for a higher sum insured. You can also take a senior citizen’s health insurance policy after attaining the age of 60 years. You must also consider pre-existing and hereditary health issues and opt for a health plan accordingly. You can consider taking a critical illness cover as well if there is a history of certain life-threatening conditions in your family.

3. Take an adequate health insurance policy

A good health insurance policy is a must-have for all. Healthcare costs are rising, and new infections and diseases are making things worse for many. The chances of suffering from different ailments also increase as you grow older and every hospital visit may cost you thousands of rupees. Even if you follow healthy lifestyle habits and do not suffer from any major illness, routine health check-ups, medical tests and medications can be expensive. Since the regular source of income shrinks after retirement, you must plan your finances well and take an adequate health insurance policy.Not having one can drain your retirement saving in no time and lead to financial woes.

According to experts, you must take health insurance early in life. It is easier to get health insurance when you are young, fit and healthy. The premiums are also on the lower side and you can enjoy a no-claim bonus for every claim-free year in the form of an increased sum insured or lower premiums. When you have health insurance, you can easily opt for cashless treatment at network hospitals and keep your saving intact.

4. Stay covered against critical illnesses

Thanks to unhealthy lifestyle habits, many Indians over 30 years of age tend to suffer from one or more critical illnesses such as high blood pressure, diabetes, kidney conditions and cancer. The cost of treating these conditionscan run into lakhs and this can create financial woes post-retirement.

Hence, if there is a family history of certain life-threatening conditions, you must take a critical illness policy and stay covered. Make sure the policy covers the diseases you are looking for. In case you get diagnosed with a critical illness, the insurance company will give you a lump sum that you can use for your treatment and other day-to-day expenses.

Advantages of adding health insurance early in the retirement portfolio

There are many benefits of including health insurance early in your retirement portfolio, such as:

• Affordable premiums:

If you take health insurance early, when you are fit and healthy, the premiums will be on the lower side. As you get older, the chances of suffering from different diseases increase and so do health insurance costs.

• Pre-existing conditions:

Young people are less likely to suffer from pre-existing conditions and this makes it easier to buy a good health insurance policy.Many insurance companies do not cover pre-existing conditions and they may even reject applications of those with medical complications.

• Waiting period:

Health insurance usually comes with a waiting period of 2-4 years. So, when you take insurance early, the waiting period will be long over by the time you may have to use your health plan to cover your medical bills.

Conclusion

To sum up, plan your finances and healthcare early and prudently for a happy and comfortable life post-retirement. When it comes to healthcare, taking an adequate health plan or a senior citizen’s health insurance policy will keep you at peace and make things easier for you during medical emergencies. And with health insurance, you can even opt for cashless treatment at a network hospital and save yourself from the hassles of filing a reimbursement claim.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

RELATED ARTICLES

From Health Insurance to Spending Time Together – A Few Thoughtful Gifts for Your Parents

From Monetary Misery to Financial Freedom for the Senior Citizens

Planning for retirement? Hope you have the right health insurance

---

• 
• 
• 
•