Why is Health Insurance Important for Retired People?


why is health insurance important for retired people

Know why having a health insurance policy is a must once you are retired

Retirement is considered a new phase of your life as you have no responsibilities and have enough time for yourself. It is that phase of life, when you make time for your hobbies, spend time with your family and relax. 

For all the peace that retirement brings in your life, getting retired also means an end to your monthly income. You would not be getting a monthly salary to your bank account. Furthermore, with increasing age, you are more prone to develop various ailments. It forces you to plan your finances so you can spend your old age in peace. If you are above the age of 60, you can opt for health insurance for senior citizens that will help you in financial planning.   

In this article, we will tell you why getting a health insurance policy is a necessity for you once you are retired.

  1. It provides coverage against increasing healthcare expenditure: With the increasing medical expenses, not having health insurance can exhaust your savings. A good health insurance plan offers coverage for hospitalization expenses, ambulance cover, and automatic recharge. All these benefits can help you in case of medical emergencies. Also, you can save your hard-earned money
  2. It offers financial aid during medical exigency: Once you are retired, the occurrences of various health issues are expected to rise. Hence, it is advisable to opt for a health insurance policy earlier so that you have a backup in case of an emergency. In this case, getting health insurance is like a savior that can address all your health issues post-retirement.
  3. It offers cashless treatment for your ease: Most health insurance plans come with cashless treatment that can be availed at network hospitals across the country. With the help of this facility, the medical expenses are being settled between the hospital and the health insurance company. In this case, you need not spend money from your pocket.
  4. It helps in saving tax: Having a health insurance plan will not only protect you from medical emergency; but also helps in saving tax. If you are thinking of buying health insurance for senior citizens, you can consider Care Senior from Care Health Insurance (Formerly Religare Health Insurance). With the help of this health insurance policy, you can save tax on a premium of up to 75,000 according to Section 80D of the Income-tax Act, 1961.   
  5. It allows you to live stress-free life: After fulfilling your personal and professional responsibilities, you now want to live a peaceful life. Hence, getting a health insurance policy is beneficial as it acts as a financial cushion, and you need not be dependent on anyone else. Buying a health insurance policy earlier will make you pay a lesser premium.

In a Nutshell

Retirement means spending your life peacefully and having a great time with your family. It is advisable to opt for a health insurance plan early as it will give you financial security in the long-run. You may have aspirations to fulfill that you may not be able to when you were young. Hence, it is wise to opt for an adequate health insurance plan.

Care Health Insurance (Formerly Religare Health Insurance) offers several comprehensive health insurance plans that suit your requirements and budget. Make sure to go through the policy wordings and brochure before buying a health insurance plan.