As we get to the retirement age, our healthcare needs change drastically. And after we pass the retirement age, we find that we get sick more often. This has the direct consequence of sucking our retirement funds dry if we do not have a comprehensive Health Insurance plan.
Most Indians do not understand the need to have an insurance policy, as health insurance is something that is, unfortunately, still not taken very seriously in India.
What are the common healthcare needs of retired individuals?
Most of the Indians who are in the post-retirement age often find that they have special healthcare needs. This is because with age comes various chronic and age-related illnesses.
Diseases like diabetes and hypertension have become part and parcel of the lives of most of the retired individuals. These healthcare needs have to be satisfied and if one had not put plans in place to take care of them, they could have a lot of financial difficulties.
With the increase in medical costs and the rise in inflation, it is essential to opt for a good health insurance plan. This is often geared towards settling part of the medical bills that you may accrue when you are retired.
This is based on the fact that the number of bills that needs settling when you are retired is often more than those that need settling when you are a lot younger. It takes a really good health insurance provider to make sure that you are not crushed under the weight of all these medical bills.
Why you need to incorporate insurance needs into your retirement plans
The healthcare needs of a retired individual are often very demanding. The situation gets trickier for couples who have individual health needs and who are looking for a good health insurance policy. The choice of a good health insurance plan will ensure that the couple does not have to incur healthcare costs once they are retired.
Perhaps one of the biggest reasons why one has to incorporate health insurance into their retirement is so that they are able to get good health coverage and use the money that they may have saved for their Pension for other pressing needs.
Medical care needs of a person rise at an older age, so do the cost-benefit analysis before finalizing a comprehensive health insurance plan that covers existing and critical illnesses that are likely to encounter at an older age and get information on the health insurance companies that offer this type of bundled benefit.
What constitutes grounds for health insurance claims?
In most of the cases, the grounds for lodging the insurance Claim are cases where the treatment falls in the list of Insured illnesses. You have to keep in mind that there are illnesses or diseases that are not covered by the insurance company, for example, in cases where the treatment was a result of self-inflicted injuries.
In cases like this, the individual has to foot the bill. Cases like these are not common in retired individuals so there is no need to worry about that. It is also important to note that the claim has to be lodged in the time frame specified so as not to be disqualified.