Retirement is the time when a person wants fewer responsibilities and spends most of their time relaxing. It is also a time that requires some serious money management. On average, a person in India retires between the age of 58 to 65 years. While someone by this age maybe has enough savings to sustain a good lifestyle, they are also prone to many age-related diseases. With the rise in the cost of medical expenses, savings can sometimes not be sufficient to handle any severe medical emergency. This is why having an online health insurance policy is even more important for people nearing retirement. You can get a health insurance plan with the comfort of sitting at your home.
Tips for picking the best Health Insurance for Retirement
Choosing the right plan can be a little tricky as there are various Health Insurance plans in India. Below are some tips on how you can get the best coverage plan for retirement:
1) Compare the policies:
In today’s competitive market, there are many medical Insurance plans available. While most of these options may seem promising, it is crucial to do in-depth research. Know your requirements depending on your medical history, and carefully go through the list of things a health insurance provider is offering you in their plan. Paying attention to what a plan covers before investing in it can make a lot of difference to your medical bills later. Choose a plan depending on your needs and ensure beforehand that the policy you are picking will serve you adequately in times of need.
2) Family floater over individual plan:
Family floater plans are the ones that include your entire family in the plan, i.e. your spouse, up to two children and even parents in some cases. These medical insurance plans are known to be cheaper as instead of paying separate individual premiums; you are required to pay it for the entire family. If you are on a budget and want to get your family covered under one plan, this can be the suitable plan for you.
3) Pick the right amount:
To get the best coverage, it is necessary to pick the plan with the right sum insured amount. Selecting a higher amount can increase the cost of your premium, which can affect your budget. On the other hand, picking a lower amount may lead to an inadequate sum insured in times of need. Picking the sum insured amount as per your needs and your budget is extremely important.
4) Make sure you can keep renewing it for a lifetime:
Some health insurance companies offer a limited renewal period for their plans. The renewal period can end reaching a certain age. The best medical insurance for retirement will be the one that allows you to keep renewing your plan for a lifetime. Buying a new health insurance policy later could be really expensive. These policies, in general, cost more when purchased at a later age in life due to the risk of age-related illnesses. Therefore, to get the best out of your policy, you need to invest in it at the right time, along with ensuring that you will be able to renew it for as long as you need in life.
5) Opt for top-ups:
Purchasing a health insurance plan that offers the most coverage may be costly at times. Hence, it is suggested to opt for a basic plan initially with a lower sum insured and then add top-ups to it as per your requirement. Just as you buy health insurance online, you can also purchase these top-ups through your insurer’s websites.
6) Know the hospital network:
Every health insurance company has a list of hospitals in their network. It becomes easier to raise claims when you choose a hospital under their network for treatment. You may even be able to raise cashless claims in case of hospitalisation in one of those hospitals.
7) Ensure that they offer a no-claim bonus:
A no-claim bonus can provide you with a higher sum insured if you do not make a claim for a long period of time. If all goes well and a need to use your health insurance policy does not arise, you can make use of this feature.
8) Read about their waiting period:
A Medical insurance policy may come with a waiting period clause. This clause means that you can only raise a claim after a certain time duration for specific illnesses. The waiting period could be different for different insurers. Hence, it is necessary to check with the insurer about this clause, especially if you have a health condition.
9) Go for higher room rent:
Your health insurance plan defines what kind of room you will be getting in cases of hospitalisation. To avoid bearing any additional room costs to get a better bed, pick a plan that offers you a high room rent. Opting for a low room rent may lead you to compromise on services; for e.g., if your policy only covers the expenses of a shared room, you might have to share the room with someone or pay for a private room from your pocket.
10) What is their claim settlement ratio?
Before you decide on a health insurance provider, make sure you check what their claim settlement ratio is. Best health insurance companies maintain a good claim settlement ratio. Your insurer’s claim settlement history is proof of how reliable they are and how quickly they will be able to settle the claim that you may be raising in the future.
Conclusion
A health insurance plan is necessary for everyone. It is even more important for a person during their retirement due to the increase in the risk of health-related problems. Medical insurance ensures financial security, which is a huge requirement during the retirement period. A great way to include your family in your health insurance is through a family floater plan. Online health insurance is a popular choice among people these days as it eliminates the need for going physically to an agent to complete the application. Moreover, you can get the best coverage on your plan with the help of the tips mentioned above.
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