How Can Retirees Stay Covered?

How Can Retirees Stay Covered?

Increasing health care cost is a major concern for people and this is particularly true in the case of senior citizens. As senior citizens are retired, they get more fear about the finance needed for immediately medical expenses if any. Generally, it is recommended that people should plan their retirement life, well before their retirement, so that they can lead a peaceful life after retirement. Experts are the opinion that a right mix of investments and returns can create a perfect security cover. Appropriate thinking and planning the monetary status in advance can keep elders away from monetary hassles.

Increasing medical costs:

According to a recent report, it was found that the cost of treatment like removal of gall bladder and angiography has shot up by 50-60% as compared to what it was in the year 2016.  It is found that medical inflation is rising at a rate of 15% per annum. According to a survey conducted among income earners in India, it was found that many of them are concerned about the health and financial insecurity. The reports further add that a number of senior citizens in India are facing lack of financial resources for financing treatment and this condition is termed as low insurance penetration.

What are the reasons behind the insecurity?

Financial experts are of the opinion that the non-existence of ample health coverage is the important trigger for insecurity, particularly for individuals, who rely on the group health insurance scheme provided by their employer. When these people rely on their health insurance cover provided by their employer, they will be left without any such coverage when they attain retirements. The reason is that at the age of retirement, it will be difficult for them to get a coverage due to increase in the premium cost and lot of medical tests involved just because of their age factor. This is where, the retirees are left with three options before them and they are as follows:

• The initial option they can choose is to continue with the coverage provided by the employer so far by paying the whole premium amount

• The second option is to get an individual coverage from the same insurance company that was providing coverage under group insurance scheme

• The third option is to take a separate coverage for oneself.

The best among the three:

Of these three options, the first can be the best because the benefits will not go away. In this case, there will also not be any waiting period of 3-4 years for getting coverage to any pre-existing ailments. However, when choosing the first option, it is better to enquire whether all the continuity benefits will accumulate to the individual or not. This option will also bring money saving benefits to the individual and the settlement of claims will also become easier in this case. The negative thing here is that only a few organizations accept for this type of continuity insurance coverage.

So, retirees can stay covered by choosing any of the above-mentioned three options and can lead a tension free life after retirement.


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# Tushar 2017-05-02
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# Dr. Naresh 2017-05-03
the process of starting of the menstrual cycle in females is called menarche, plz find good Gynecologist in Jhabua.
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