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Retirement could be physically, mentally and emotionally challenging. However, for senior citizens healthcare costs could go up due to age factors and any existing medical conditions. That’s why having health insurance for your retirement years is important to avoid financial distress.
Retirement insurance plans often include preventive healthcare benefits like annual health check-ups, wellness programmes and medical costs. These insurance plans are essential to protect your health and earnings in your golden years. With rising medical costs and increased health risks, comprehensive coverage plans bring peace of mind.
Health insurance for senior citizens
In April 2024, the Insurance Regulatory and Development Authority of India (IRDAI) removed the age bar for buying health insurance plans. Earlier there was an age limit for 65 years to buy new health insurance plans. The step taken by the apex insurance regulatory body paved the way for higher inclusion of senior citizens under the health insurance network.
The regulator also directed the insurance firms to offer at least one health insurance product without an upper age limit. The guidelines also mandated the insurers to offer health insurance products catering to the needs of specific age groups, especially senior citizens, and to set up a dedicated support channel for them.
Importance of having health insurance for retirement years
Medical inflation in India has witnessed a consistent rise in recent years. With this, treatment expenditure, hospitalisation costs, surgery charges and medicine costs have also gone up. In case of a medical emergency, such charges can wipe out a significant portion of your retirement corpus.
Furthermore, ageing increases the risk of various chronic conditions like hypertension, heart disease, and others, which make health insurance plans essential for retirees.
The most important reason to invest in health insurance for retirement is to protect your savings. Medical emergencies can arise unexpectedly, and without adequate insurance, these costs can quickly deplete your funds.
Many affordable health insurance options are specifically available for retirees, which offer comprehensive coverage at reasonable premiums to ensure access to quality healthcare. While buying a health insurance plan for retirement, often look for the features that per your needs like cashless hospitalisation benefits, a larger hospital network, claim settlement ratio, critical illness coverage and post-hospitalisation support, among others.
There are numerous retirement insurance plans available, so it is advisable to choose one that meets your needs and fits your budget. Also, remember that purchasing health insurance is an investment in your well-being and peace of mind.
