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How Can Health Insurance Benefit You in Retirement?

Published On Jan 09, 2023 10:00 AM By InsuranceDekho

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While planning for the golden years of our lives, we often focus on saving plenty of funds to ensure a smooth retirement. However, we don’t focus on the fact that any medical emergency that may arise during our retirement days can deplete all our savings. 

For instance, Raghuveer, an IT employee, retired from his job at the age of 67. He lives a comfortable life as he owns a decent and powerful portfolio, including a fixed deposit, term insurance plans, and gold investments. Soon after retirement, Raghuveer was diagnosed with a heart stroke. He was surprised to see hospitalization and other medical bills, which he had to pay. Raghuveer didn’t buy any personal health insurance, and as soon as he retired, the group health insurance provided by the organization where he was working was also terminated. As a result, Raghuveer has to deplete most of his savings to pay hospital bills. Raghuveer at the age of 65, therefore, bought a health insurance policy to protect himself against any unforeseen medical emergency that may happen in the future. 

How Can Health Insurance Benefit You in Retirement?

Raghuveer realised the importance of purchasing a health insurance policy and how it can benefit them in retirement. Some of the health insurance benefits are outlined below. 

  • Hedge against inflation: 

With each passing day, inflation in the healthcare sector is growing tremendously. Considering this rising cost of healthcare, it is important to purchase a health insurance policy that will take care of all our medical expenses and hospitalization bills during any medical emergency that may arise during retirement. 

  • Ensure stress-free living

Health insurance coverage lets you enjoy your retirement days without any stress from worrying about funds. Health insurance companies provide coverage for major critical illnesses, as a result, you don’t have to spend money from your own pocket. It will ensure that you are financially protected from all critical illnesses such as Cancer, Diabetes, Lung Diseases, and others that may strike you during old age. 

  • Save funds from depletion: 

Raghuveer depleted most of his savings because he was not insured under a health insurance policy. However, by purchasing a health insurance policy timely, you can keep your savings protected and use them efficiently to maintain your standard of living. 

  • High-quality medical care

Medical care costs are rising in India, and as a result, it may become an obstacle for you to get a high-quality treatment for any unforeseen disease that may arise in future. However, individuals who are covered under a health insurance policy, don’t have to worry about funds to avail of premium medical care facilities. 

The policyholders can either avail of a cashless treatment facility at the network hospital of the health insurance company or can claim the hospital and medical bills later from the insurance provider. 

Wrap Up 

Whether you’re a young adult or enjoying a golden period of life, a health insurance policy is a tool that keeps you financially protected. In India, there are numerous insurance companies that provide different types of health plans to cater to the unique needs of the customers. Furthermore, while choosing a sum insured amount make sure that you consider the premium amount, your financial constraints and vulnerabilities to the illnesses.

Also read: Tips To Monitor Hypertension in Winter


This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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