Staying worried at all times about money is not something anyone would want, especially during their golden years. People work hard during their youth so that they can enjoy their retirement without having financial worries. For this reason, retirement planning is a critical part of your financial plan.

While retirement planning has several aspects to look after, such as regular expenses and monthly income sources, health is also a critical aspect you ought to consider. Moreover, with rising healthcare inflation, even minor treatments can take away a significant portion of your savings. Thus, health insurance plans serve as a smart way to create a safety net for medical emergencies and other planned medical procedures.

This article mentions some nifty tips that can help you get a suitable health insurance policy for your post-retirement days.

1. Planning retirement whilst keeping medical expenses in mind
   The growing medical inflation projects a massive rise in treatment costs in the future. In addition to that, factors like the increasing prevalence of life-threatening diseases, deteriorating health conditions, and more, must be considered when planning for retirement. Further, as the human body ages, there is a higher chance of different health conditions affecting you. Thus, the coverage bought today may fall short in the future. For this reason, you need to take into account the future treatment costs when making the selection of your policy’s sum insured.Hereditary conditions are also something you need to account for. These conditions generally affect people as they progress in age. Thus, buying a policy that covers your hereditary ailments is essential. Health insurance for senior citizens is something to consider as this policy specifically covers ailments that may affect you when you are older. *
2. Creating a portfolio based on medical expenditure
   Your retirement planning must involve a medical expenditure portfolio. This preparation involves taking into account factors such as your family size, age, any pre-existing conditions and family medical history.Depending on the above factors, you can avail of health insurance coverage. For instance, if you are single and below 30 years, individual health insurance is a good alternative, whereas as your age increases, a family floater policy that includes your spouse and children would be wiser. *
3. Taking adequate health insurance coverage
   A good health insurance policy must have all the essential features. Considering the rising cost of medical treatments, it is important that you also account for the future costs of the treatment. This consideration of future treatment cost will help you be prepared for the time when you need treatment, without worrying about your health insurance policy being sufficient.Insurance experts recommend availing insurance covers early in life so that it is easier to get one with a higher sum insured and for an affordable price. In addition, you can also accumulate the cumulative bonus to your policy when you are young. *
4. Opt for critical illness cover
   In addition to buying a standard health insurance plan, you can also opt for a critical illness cover. With growing instances of lifestyle diseases, a critical illness policy helps secure your finances against some of the listed critical ailments, treatments for which can run into several thousand. Hence, if you have a family history of critical ailments, it is a smarter choice to opt for a critical illness cover. *

When selecting health insurance plans, you can make use of a health insurance premium calculator. This nifty tool aids in comparing available policies along with the premiums for each of them.

In Association with BAJAJ ALLIANZ