Everything You Need to Know about Health Insurance After Retirement

After spending most of your life taking care of your family and toiling hard, retirement is a time when you want to enjoy life peacefully with the money you've saved up and your good health. However, when you reach your retirement age, it's not always easy to earn money like before. In such a scenario, if some unexpected medical problems pop up, things can become really tough.

In the expensive healthcare landscape, after retirement health insurance is a wise option. It helps ensure you're covered when you need medical help, even after you retire. And while everyone dreams of an easy retirement life, it often comes only to those who plan ahead, and consider health insurance an integral part of all their plans. Your medical coverage after retirement for you and your spouse will ensure that you get comprehensive health insurance, including annual health checkups, critical illness coverage, diagnostic test expenses, in-patient care, daily care procedures, and hospitalisation.

Let’s dig deeper into the following paragraphs to understand how to get comprehensive health coverage after retirement.

Why is Medical Insurance After Retirement so Important?

Last year, Rihana retired from her corporate chartered accountant post. She had a decent fixed deposit amount with a good portfolio of shares, bonds, and mutual funds schemes. She was happy that she had been enjoying a peaceful retirement age. A few months ago, when she was diagnosed with unanticipated chronic kidney disease, things changed.

Rihana always had the coverage of a group health insurance policy. However, the coverage came to an end the day she retired. At that time, she felt the need for a good health insurance scheme that could cover her weekly dialysis session needs. But, due to the lack of medicare after retirement, she soon lost a big chunk of her hard-earned savings. Her medical expenditures started to exceed her financial capabilities post-retirement life.

What happened with Rihana can happen to anyone. And therefore, smart investors should never forget to safeguard their future with the best health insurance after retirement. Let’s understand further why medical coverage after retirement is an intelligent and essential option:

1. No Source of Regular Income

When you retire, you lose your regular source of income. However, the expenses continue. Healthcare costs also increase with your advancing old age. At that time, you look for supportive healthcare after retirement that can aid you in bearing the expenses incurred on good quality hospital care, investigative tests, and medicines. Your one-time decision to buy health insurance after early retirement will help you lead a soothing retirement life.

2. Reduce Healthcare Costs with Customised Plans

It is a common myth that there are not many options when it comes to health insurance for seniors. As a senior, you can get a wide range of health insurance options when you plan a little ahead. Buying health insurance in your prime allows you to opt for plans that come with lifelong renewability. You can choose from numerous options according to your affordability and health needs. In the end, you will discover that your health insurance plan has eased all your financial stress.

3. No Corporate Health Insurance

After retirement, you will not get the benefits of corporate health insurance. Hence, you would need an alternative for your employee health insurance or teacher health insurance after retirement. You will require medical coverage that can be beneficial for you and your spouse. The earlier you start, the easier things will be.

4. Ease the Burden on Your Family

A modest pension might not be enough to cover your hospitalisation bills. Also, keep in mind that when a person becomes a victim of a critical illness, it is often the whole family that suffers. But you can secure your family's happiness by easing the burden of your medical expenses. The right medical insurance plan after retirement will come to your rescue in times of need. You will get insurance coverage and easy claim settlement with the right insurer.

5. Faster Recovery Options

When you have the right medical coverage, you will not have to compromise on your medical needs due to the lack of funds. If a health insurance plan after retirement is in place, you can opt for the best medical treatment in the best hospital. Your focus will shift from the medical bills to recovery, resulting in a more positive approach to the treatment.

>> Also Read: Government Schemes for the Benefits with Senior Citizen in India

How to Buy the Best Health Insurance After Retirement?

Given below are some pointers on  how to buy the best health insurance after retirement:

1. Choose the Right Time

It is often said that the best time to buy a health insurance policy is now! Simply put, whenever you realise its benefits and importance, it is the right time to buy it. However, it is also true that those who buy health insurance at a young age will have to pay a lower premium amount and will also have more choices. So, choose wisely.

2. Choose the Right Sum Insured

The amount of your sum insured should align with your prospective medical needs and affordability. So, before you go to buy a health insurance plan, make sure you chalk out your healthcare needs and budget.

Tip: Make use of the health insurance calculator to get an idea of the sum insured and the corresponding premium. This will ensure that you will get coverage for all your medical needs within your budget.

3. Understand the Waiting Period

Before finalising a health insurance plan after retirement, you should understand the waiting period of your policy. This will save you from any conflict when you will need to go for a claim settlement. Normally, a health insurance policy comes with  three types of waiting periods.

The first waiting period starts from the day you purchase the policy and lasts for 30 days. Here, any claim for an illness cannot be raised, except for  accidental injuries that require hospitalisation of 24 hours or more. 

The second waiting period applies to special disorders, including hernia, osteoporosis, and cataracts. This goes up to 24 months. 

The third waiting period is implemented for pre-existing illnesses such as hypertension, diabetes, and kidney disease. This can last up to three to four years, or more, depending on your policy and the illness.

Note: Waiting period is not optional. It is a crucial element of your policy, which every policyholder has to serve.

Know your policy

Every policy is distinguished based on its features, inclusion/exclusions, critical illness cover, annual health check-up, premium amount, sum insured or sub-limits on the sum insured, and much more. You should read the terms and conditions of your policies in advance. Complete knowledge about your policy will add more value, peace, and comfort to your retirement life.

Let’s Conclude

During your retirement, the key consideration should be safeguarding the medical interests of you and your spouse. The cost of health insurance after retirement can be expensive due to the risk appetite that comes  with age. With a vast network of over 22,900 network healthcare providers, Care Health Insurance offers the Senior Citizens Health Insurance plan that you can customise to fit your needs and budget. Plus, they make claim settlements easy, so you won't get caught up in complicated paperwork and processes.

Disclaimer: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.