When
you are looking forward to a slower pace in life and approaching retirement you
would not want a medical emergency to throw you out of gear. The cost of health
care has reached unreasonable proportions and can easily diminish years of
savings. Enjoy
Your Savings by Buying Early Health Insurance
Personal
financial crisis is most commonly caused by unexpected medical events, as even
a short hospital stay can see you spend a couple of lakhs. Don't overlook
future healthcare costs Saving for retirement ensures one's financial
independence after the steady stream of income disappears. Adequate savings
frees a person to live out his retirement as he wishes. Unfortunately, people
tend to overlook healthcare costs.
Many
employers provide healthcare insurance to employees and their immediate family
throughout the duration of their employment. As a result employees rarely worry
about healthcare expenses during their working years. Most people are diagnosed
with health conditions like heart disease, diabetes, etc. at middle age;
treatment costs remain low in the pre-retirement years as age is still on their
side.
After
retirement the protective umbrella of workplace insurance disappears. Now this
is an issue as most health problems set in after the sixties and healthcare
costs now escalate. This is when he actually needs a health cover. Don't dip
into your savings, buy insurance Prepare for this eventuality by calculating
health risks along with medical inflation. With the help of a health insurer
buy a policy that takes care of your family and you so that you are not faced
with huge medical bills.
Buy
your policy well in advance as plans for senior citizens are less flexible and
more expensive. There is a time bar on many of the ailments and pre-existing
illnesses will be taken into account while calculating premiums. The critical
care policies can be a boon if needed as the payouts are good. It is prudential
to retain your savings and invest in paying yearly premiums to take advantage
of health insurance.
References:
Hannah
Punitha (IRDA Licence Number: 2710062)
Deepak
Yohannon, January 2014
Article Source: Enjoy Your Savings by Buying Early Health Insurance | Medindia
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