6 Reasons Which Highlight the Prominence of Health Insurance for Retirees


Retirement might be the most awaited phase of your life, as you get to travel to places you couldn’t earlier, due to work, or participate in some other activities that you always wanted to, etc. However, you also stop receiving your monthly salaries. Keeping in mind the fact that a senior citizen is more prone to most of the illnesses, the treatment for the same can cost you all your money you were saving for your much-awaited trip. You can relax, as there are so many health insurance plans available out there to choose from.

It is always good to have financial security in the form of a health insurance policy, it is even more important to have it if you’re a retiree; here are 6 reasons why:

  1. Provides financial security during medical urgency

You must know for a fact that you will be more vulnerable to diseases in your old age, i.e. mostly after your retirement. If you have a comprehensive health plan already, you don’t have to worry that much, as you at least have security during an emergency. Well-reputed insurance companies provide you with a specific amount to cover expenses for dialysis, chemotherapy, etc. that might not be possible for you without an insurance cover. Along with that, expenses such as pre and post hospitalization expenses, pre-existing medical conditions, will also be included in the policy coverage. To get even wider coverage that can cover life-threatening conditions as well, you can purchase health insurance for senior citizens, which is tailor-made to suit the needs of the elderly. In short, a health insurance plan can be used as a supplementary source of income that addresses all your concerns related to health after retirement.

  1. You can include family members

Yet another benefit of a health insurance plan is that you have the provision to extend the cover when needed on the addition of a new family member. All you will need to do is pay a slightly higher premium, and inform your insurance provider about the same. This way, you can have extended coverage for your entire family, without having to disturb your savings for your ‘after-retirement plans’.

  1. Coverage is provided for healthcare expenses

Medical inflation can harm your retirement savings. And on top of it, if you wish to get the treatment from a private health care sector, you must know that the expenses are only going to rise again which can affect your entire life’s savings. However, if you are insured, you won’t have to go through this. All the hospital-related expenses, such as nursing, ambulance charges, doctors’ fees, hospitalization expenses, diagnostic tests, and cost of medicines, must be taken care of under a comprehensive health insurance plan.

  1. Provides a list of network hospitals

Many health insurance providers offer you with the facility of cashless health insurance if you take the treatment from a network hospital. In this case, the majority of the expenses are settled by your insurer directly with the hospital.

  1. Provides tax benefits

This has to be one of the most important reasons for investing in an adequate health insurance policy if you are retired, as the premiums paid to the insurer qualify for income tax exemptions under Section 80D of the Income Tax Act, 1961.

  1. Offers you peace of mind

Once you hit your retirement, you know you’ve taken care of so many responsibilities and finally getting some time for yourself. Hence, all you would wish for would be a little peace of mind, which can be easily attainable with the help of health insurance.

Read more: Buying Health Insurance for the First Time? Here’s All You Need To Know

Therefore, it is said that you should purchase health insurance policy early in life, so you won’t have to go through the hassle of purchasing one in your old age and can save yourself from paying high premiums.

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