Why do you need health insurance post your retirement?


06 Jun 2023

Ensuring a Healthy and Secure Retirement

Children settled, freedom from the 9 to 5 work cycle, time to rest and relax, and pursuing long-lost hobbies are some of the many advantages that one can enjoy in their retirement. While everyone would like to enjoy their golden years, the difference between a happy and a not-so-happy retired life often lies in the planning that was done before retiring. Although good planning cannot always guarantee a happy and peaceful retirement, being prepared surely goes a long way. And a key element to achieving a more comfortable retired life is having the security of a health insurance policy.

Security & coverage offers health insurance post your retirement

For most people, age often brings some health issues. Being prepared with a comprehensive health insurance plan, therefore, becomes all the more important when you start to get silver in the hair. It is best suggested that you buy a good health insurance plan in your early 30s, as later in life the choices would shrink and you may have to spend more on the premiums. But at the same time, the security and coverage offered in return would make the expenditure worth it.

  1. You need coverage against the ever-increasing medical expenses
    It's a no-brainer that as you grow in life, past a certain age, your healthcare expenses would increase. Also, the way medical inflation and consequently the medical costs are increasing, a trip to the hospital can eat a big chunk out of your savings. A comprehensive health insurance plan would help you get good quality treatment without burning a hole in your pocket.

  2. Get cashless coverage in a medical emergency
    Hospitalisation comes with a lot of paperwork and running around. But when you have the right mediclaim policy, you can enjoy the advantage of cashless treatment, where the hospital bills are settled directly by your insurer. Rather than completing the formalities you can concentrate on the treatment.

  3. Get coverage for your family
    Even when you opt for a senior citizen health insurance plan, you have the freedom to include your spouse and family members in the same plan. When your whole family is protected, you save all the more.

  4. Enjoy tax benefits
    Your health plan not only benefits you in a medical emergency but also helps you in saving on taxes. Section 80D of the Income Tax Act allows exemption on the premium that you pay towards your health insurance. As a senior citizen, you can save up to INR 1 lakh, if you pay the premium for yourself and your parents.

  5. Relish the peace of mind
    The biggest benefit of having a health insurance plan is the peace of mind and assurance that comes with it. Even when things go out of hand, you do not have to stress about your financial stability.

Being in control of your finances, being surrounded by those you love, and enjoying good health are probably the most important things you may need in your second innings. After a long span of working, you have earned the right to sit back and relax. Prioritise your health and invest in a suitable health insurance plan to improve the quality of your life.

Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.