If you are younger and healthier, purchasing health insurance can help supplement your employer-provided coverage in case you have high hospitalization costs. It will also be easier to renew your policy. However, if you wait until you are older and have new health issues, it may be difficult to find an insurer willing to cover you.
When you retire from work, your corporate health insurance will no longer be in effect. Therefore, it is important to have personal health insurance to cover potential hospitalization expenses during retirement.
Act now and don't wait until retirement to obtain health insurance.
While employer-provided health insurance can be helpful, it is not always sufficient on its own. It is a good idea to use your employer's coverage for any claims, but it is also wise to have your own personal health insurance policy in addition to any coverage provided by your employer.
It is always important to have health insurance, but it becomes even more crucial as you get closer to retirement. As you age, the risk of experiencing medical issues increases, and having sufficient insurance coverage can help prevent your savings from being drained by hospitalization costs.
If you have a pre-existing condition, purchasing health insurance a few years before retirement can allow you to complete any required waiting periods while you are still covered by your employer. Once you retire, your personal health insurance policy will not have any waiting periods for pre-existing conditions and can be used to cover such conditions if necessary.
It is generally a good idea to purchase health insurance earlier in life, when you are younger and healthier, as it will be easier to renew your policy and you can build a claim-free track record with the insurance company. This can be beneficial when it comes time to make a claim, especially if you have a long-standing relationship with the insurer.
If you are in your late 40s or 50s, it is a good idea to purchase health insurance as soon as possible. Employer-provided coverage may not be sufficient, as it is often only a few lakh rupees, which may not be enough to cover the rising cost of medical expenses. It is advisable to have a coverage of at least 15-20 lakh rupees, regardless of whether you are nearing retirement or not. If your employer's coverage is not sufficient, you should consider purchasing a policy on your own.
In addition to having health insurance, it is advisable for people to have a separate medical contingency fund as they age. While hospitalization expenses are a concern, it is more likely that individuals will incur regular, ongoing healthcare expenses, such as the cost of medicines, diagnostics, and regular consultations for chronic diseases. These out-of-hospital expenses are not typically covered by health insurance. Having a medical contingency fund can help cover these expenses and act as a buffer in the event that hospitalization costs exceed your health insurance coverage.
In summary, it is important to have personal health insurance (or a family floater) as you near retirement, rather than trying to save money in the short term and potentially facing financial difficulties later on. Consider purchasing a policy from Navnit Insurance Broking Pvt Ltd as soon as possible.
