Retirement refers to when one leaves an active profession and working life behind, often after age 60 or when no longer capable of work. People generally retire due to various reasons, including health conditions, relaxation, or aging in general – such as retiring due to incapacity. People typically enjoy peaceful retirements to focus on maintaining health without worrying about expenses such as hospitalization costs; for this purpose, older individuals need to have active personal health insurance in retirement.
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Retirement Health Plans Offer Many Advantages; Let’s Briefly Review Them Now.
No Need to Break FDs/ Sell Properties:
Most individuals do not wish to risk their money when entering old age; thus, they typically invest their savings in Fixed Deposits as these have the lowest risks. Other people invest in properties, including flats and houses, which can only be quickly converted to cash at certain points during ownership. Without proper health insurance protection plans during retirement, one would need to break Fixed deposits or sell properties due to unexpected medical emergencies, so having such coverage now would prove highly advantageous.
An appropriate health insurance plan would fully meet all your insurance needs. Any excess funds can be paid out-of-pocket as copayments under your health plan.
No Dependence on Children:
No one likes being dependent upon others for their medical needs. Relying solely upon children for your healthcare is impractical and may lead to emotional discomfort; their salaries might not cover your health insurance expenses every time, so either they could purchase one on your behalf, or in the retirement phase, you could purchase your policy as it can decrease reliance upon them for coverage. A personal health plan reduces dependency.
Your children might only sometimes be within easy reach when it comes to attending to any emergency medical needs that arise, which makes having personal health insurance plans helpful in relieving some of this pressure on them. A cashless hospitalization facility could eliminate having to incur expenses yourself before having them reimbursed by the insurance company.
Most retirees seek peace and serenity once they stop work or family commitments, yet is retiring worthwhile if there’s no lasting peace after retirement?
Constantly considering healthcare expenses can create an atmosphere in which it becomes impossible to enjoy life fully, with colleagues or people your age being admitted to hospitals regularly and you being subjected to unnecessary stress as you witness their hospital admissions. Without health insurance, you might become subject to chronic anxiety during old age or after retirement, adversely impacting your mental and physical well-being. You could live an unworkable existence free from healthcare worries with proper protection.
Counter Medical Inflation:
Medical inflation refers to increased medical expenses over time, typically rising 14% yearly in India – far and away the highest among Asian countries. Countering it requires suitable health insurance in old age – no investment can guarantee returns of 14% each year for countering it! Imagine having surgery today that costs Rs 10 Lakh but could cost an extra Rs.1.4 Lakh next year due to inflation! Can inflation have such an enormous effect on lives – an extra amount equivalent to an extra year’s income being lost each year? That’s inflation at work: every additional amount adds up.
Keep the medical inflation of the country in mind when increasing your sum insured from time to time; otherwise, upgrading it comes with various conditions attached that include waiting period applicability for the increased amount and no claim bonus being calculated separately on the new sum insured, etc.
Covers Diagnostic Tests:
Most health insurance plans provide free annual medical exams as part of a claim-free year, including diagnostic testing such as urine or blood exams. As you age, your need and frequency for tests should increase yearly to detect major illnesses early. With health insurance plans offering these tests for free under their policies, this preventive health check could save money!
Undergoing such tests is beneficial both to the insured and their insurance carrier.
Personal health insurance during retirement offers numerous advantages that ensure peace of mind for individuals. Retiring should be about relaxing with loved ones without worrying about health issues; to get more information on which plan would suit you best, book a call with Ethika Insurance Broking’s experts, who are happy to guide and assist depending on their requirements.