Medical Planning Post Retirement
Sep 30, 2020

How to Manage Medical Expenses Post Retirement?

It is said that ‘life is a meal and retirement is the dessert’. It is a time that you want to enjoy to the fullest without having to worry about anything. For most people, life begins after retirement and hence, it is considered as the golden age of life. There is no work-related stress during this phase, but medical issues cannot be ruled out no matter how hard you try. With age come health issues followed by high treatment costs. Hence, you need to give your health priority, especially as you approach retirement. Follow these steps and prepare yourself for a tension-free retirement.  
  1. . Purchase an adequate health insurance policy
It may so happen that, health insurance plans provide benefits that you might not be aware of. Post-retirement, you wouldn’t want to spend your pension on treating health issues. If you opt for a good health insurance policy at the right time, your medical expenses will be taken care of. However, when you select retirement insurance, consider the following points:  
  • Go for a plan that covers a majority of health problems. Also, inquire about the maximum sum assured in your plan. In short, your main aim must be obtaining maximum health benefits from your insurance policy to get the most of what you are paying.
  • Look at the number of hospitals in your insurer’s network. This can help you avail cashless treatment if you ever need to be hospitalized.
  • Entry and renewal age is another condition that a health insurance plan has. The age for entry must ideally be 60-70 years. This is the maximum age for renewing your health plan. Therefore, look out for health insurance for senior citizens that allows the highest renewal age.
 
  1. . Break the costs in small portions
To manage your healthcare costs, you must first recognize the smaller expenses and follow it up by breaking the costs into your monthly needs. Make a list of all the medicines that might be required every month and the money required for getting a regular health checkup. A senior citizen needs to go for routine checkups at least once a month. Also, it is advised to visit the doctor for a full-body checkup twice a year. The results of these routine checkups must be filed and maintained in case of any emergency.
  1. . Be prepared for the worst
When planning for the future, you should always consider worst-case scenarios. You won’t necessarily face such situations, but you can always be prepared financially. Sometimes, a person can have pre-existing diseases. There are insurance companies that cover these but you need to inform them of the same at the time of purchasing the insurance. Apart from this, it is also important to consider your medical history and the chances of you contracting an illness. On the basis of your health condition and predictions regarding the same, purchase a policy that covers all these diseases. Make it a habit to read all policy documents carefully before purchasing and look into cashless health insurance to enable faster and simpler claims. Go through the inclusions as well as exclusions of your insurance policy along with the terms and conditions. After this is over and you finally buy a policy, it is essential to renew health insurance on a timely basis to keep it active. This small step will ensure that you are fully prepared to face health-related concerns during retirement.  

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