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Why Do You Need Health Insurance Coverage After Retirement?

Retirement marks the end of a person's working life, which brings a significant change in their lifestyle, income and expenditure pattern. One aspect that requires attention during this phase of life is healthcare.

With advancing age, medical emergencies and expenses become a more significant concern. Hence, health insurance coverage after retirement can provide a sense of security and peace of mind, ensuring that a person has access to quality healthcare without worrying about the financial burden.

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Importance of Medical Insurance After Retirement

Apart from the monthly expenses and lifestyle requirements post-retirement, health insurance is an essentiality that one must have to ensure financial security and peace of mind, especially at that age. 

Here are some reasons highlighting the significance of having health insurance coverage after retirement:

1. The Much-Needed Medical Care in the Ageing Years

According to the Report of the Technical Group on Population Projections for India and States 2011-2036, there were nearly 138 million elderly persons in India in 2021 and it is further expected to increase by around 56 million elderly persons in 2031. [1].

All thanks to medical science and technology advancements, we have successfully increased our life span. That means we have a longer span of post-retirement golden years. With age, as the body becomes frail and a person becomes more susceptible to illnesses and injury, they require more medical care. Here is when Health Insurance becomes essential. 

2. Financial Support for Unforeseen Medical Emergencies

A national survey carried out by the NGO HelpAge India has shown that as many as 47% of elderly people are economically dependent on their families for income and 34% relied on pensions and cash transfers.

Since most senior citizens rely on such fixed monthly incomes like pensions, the cost of medical emergencies might not be affordable for them. Health Insurance provides a financial cushion for these medical expenses.

3. Better Access to Advanced and Preventive Healthcare

Senior citizen health insurance gives you the financial security you need to access advanced healthcare. Not just that, most health insurance plans provide annual health check-ups and other preventive care that can help you detect and manage preventive health issues early on.

Thus, having health insurance after retirement is of utmost importance.

4 Reasons to Have Health Insurance After Retirement

Buying health insurance after retirement is essential as it ensures you have access to quality healthcare without worrying about financial constraints. Here are the top 4 reasons why you should consider purchasing health insurance after retirement:

1. Rising Healthcare Costs

Healthcare costs are increasing every year, and it's essential to have insurance that can cover these expenses. Health insurance saves you money on doctor visits, medications, and hospital stays.

In the retirement stage, it becomes more important to have a financial cushion for covering medical costs since you have a limited income source and more probability of adverse health situations at that stage.

A comprehensive health insurance policy can help retirees reduce their out-of-pocket expenses for medical care and hence be able to stretch their savings further.

2. Access to Better Healthcare

With health insurance, you may have access to a broader network of healthcare providers and specialists. This ensures you receive the best possible care and treatment for your health conditions.

Also, health insurance plans often provide access to preventive care services and complimentary health check-ups. By identifying health issues early and addressing them promptly, retirees can reduce their need for more expensive medical treatments down the line.

3. Handle Unexpected Medical Emergencies

With health insurance coverage in place and by paying a pre-determined premium in a planned manner towards a healthcare policy, retirees can better manage those unplanned medical situations, especially chronic illnesses or injuries, that can otherwise devastate their lifetime savings.

4. Peace of Mind

For retirees who are often on fixed incomes, health insurance can be a major factor for peace of mind. With health insurance up your sleeve, you are confident of affording necessary medical care if needed. It also provides access to affordable, preventive care with which you can be aware of your body's health. 

Things to Look for When Buying Health Insurance After Retirement

Here are some tips for buying health insurance after retirement:

1. Consider Your Healthcare Requirements

Take some time to think about your healthcare needs, both now and in the future. This can help you determine what type of insurance plan is best for you.

For example, if you have chronic conditions that require regular care, you may want a plan with low co-pays to help with out-of-pocket costs. Look for plans that cover regular and chronic conditions that require long-term care. 

2. Check if the Pre-Existing Conditions are Covered

As we age, the risk of developing pre-existing medical conditions increases. Waiting for years for your pre-existing conditions to be covered by insurance is not an option at this senior age. Hence, look for a plan that covers these pre-existing conditions and does not have any waiting periods for coverage.

3. Check for Domiciliary Care Option

Domiciliary hospitalization, also known as home care, is a form of care provided to individuals in their own homes by trained caregivers or healthcare professionals.

As a Senior citizen, you might require personalized care and attention to maintain your physical and emotional well-being. Hence, it is one of the major features to look for in your health insurance policy.

4. Evaluate Your Cost in All Aspects

Research and compare different kinds of policies from different insurers. Not just the premium, also consider deductibles, co-pay, coinsurance, and out-of-pocket maximums to get a better sense of the total cost of the plan.

Knowing what each option covers and what you are eligible for can help you make informed decisions.

5. Choose an Insurer with a Vast Number of Network Hospitals

If you have preferred healthcare providers or specialists, ensuring they are in your health plan's network hospitals list is always a good idea. Out-of-network care can be much more expensive and may not be covered at all.

Also, pay utmost importance to an insurer having many cashless hospitals. During a medical emergency, you do not want to worry about arranging for cash. Choose a health insurance plan that provides cashless hospitalization facilities to ensure a hassle-free experience.

6. Hassle Free Claim Process

The importance of hassle-free experience in a health insurance claim cannot be overstated, especially for senior citizens who are mostly not tech-savvy and may face difficulties in filing claims online.

A good health insurance policy should have a simple and straightforward claim process that is easy to understand and navigate, with clear instructions on how to file a claim. A dedicated team to assist senior citizens in filing claims and provide them with a hassle-free experience would be the icing on the cake.

7. Consider Supplemental Insurance

Depending on your needs, you may want to consider supplemental insurance, such as dental, vision, or long-term care insurance. These plans can help fill gaps in coverage and provide additional benefits that may not be included in your primary health insurance plan.

Remember that buying health insurance after retirement requires careful consideration of your healthcare needs and budget. By researching and asking the right questions, you can find a plan that provides the coverage you need at a price you can afford.

FAQs About Health Insurance Coverage After Retirement

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Can I Keep My Employer-Sponsored Health Insurance After I Retire?

It depends on the employer's policy. Some employers may allow retirees to keep their health insurance but with higher premiums or reduced benefits. It's essential to check with your employer to determine the available options.

What Are the Different Types of Health Insurance Plans Available for Senior Citizens in India?

There are several types of health insurance plans available for senior citizens in India, such as:

Individual health insurance plans
Family floater health insurance plans
Senior citizen health insurance plans
Critical illness health insurance plans
Top-up health insurance plans

Can I Still Purchase Health Insurance After Retirement?

Yes, you can purchase health insurance after retirement in India. However, the insurance cost may be higher than what you paid while employed.

Are There Any Tax Benefits to Purchasing Health Insurance After Retirement?

Yes, there are tax benefits to purchasing health insurance after retirement in India. Premiums paid for health insurance policies are eligible for tax deductions under Section 80D of the Income Tax Act. Also, this deduction limit for Senior Citizens is ₹50000/-

If I Find a Better Option, Can I Switch Health Insurance Plans After Retirement?

Yes, with portability, you can switch health insurance plans after retirement if you find a better option. However, there may be restrictions on when you can make changes, so it's essential to check with your insurance provider or agent.

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