Planning for Retirement? Know Which Medical Insurance Cover Is Best For You

Many of us look forward to the second innings of our lives. These are the golden years where we get to sit back, relax, and smell the flowers. Retirement can be a meaningful time for us, as the responsibilities of daily life ease down and we can spend more time with the family and pursue interests other than work. However, it can sometimes also bring with it certain health issues. As one progresses towards their sixties, one’s body can become weak and develop ailments that may need frequent medical attention. Thus, when planning for one’s golden period, it is wise to also invest in a health insurance cover that can take care of the medical costs and leave one free to enjoy the other wonderful aspects of life. In this article, let us discuss which health insurance plans might be the best for you in the retirement years.

• Senior citizen health insurance plans

The first type of insurance cover that you must consider is a senior citizen health cover. This policy is specifically designed to look after the health contingencies that arise with increasing age. Other than treatment cost, a senior citizen policy provides coverage for preventive check-ups that are crucial at an older age. Early detection of illness helps tackle them with oral medication instead of surgeries. Many health insurance for senior citizens provide a cashless treatment facility. Coverage for pre-existing diseases is essential when buying a senior citizen cover, as there is a higher chance of an already existing ailment requiring treatment in the future. Further, a policy with lower copayment terms must be chosen, as it helps keep your out-of-pocket expenses during a claim, within a specified limit. Higher entry age for senior citizen plans helps elderly individuals opt for insurance coverage. This age limit, in some cases, can go up to 70 years. * Standard T&C Apply

• Critical illness plans

Unlike standard health insurance cover, critical illness policies are insurance covers that are aimed at tackling severe medical conditions such as heart attacks, renal failures, and cancer of varying intensities. With a critical illness policy in your insurance portfolio during retirement, you can manage the treatment cost of these ailments that otherwise might burn a hole in your retirement savings. Moreover, the payout from these insurance plans is made at the diagnosis stage and not after the treatment. Thus, the entire sum assured is available for you to seek the right treatment from the beginning. You can not only manage the treatment costs but also support the livelihood of your family. * Standard T&C Apply

• Top-up policy

Other than the above two insurance plans that can be bought specifically during your retirement stage, a top-up policy is something that can be purchased in addition to your existing health insurance cover. Thus, you can keep renewing your existing health insurance and top it up using a top-up cover. Top-up policies are plans that have a separate deductible and terms apart from your base insurance coverage. Thus, your current health insurance policy can be extended in coverage and sum assured, both, by using a top-up health cover. * Standard T&C Apply With these forms of health insurance plans helping tackle age-related ailments during retirement, you need not worry about the rising medical costs. However, it is essential for you to know what is health insurance and what are the benefits offered by a policy before buying any insurance cover. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.