Retirement Blues .
Health Insurance
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Retirement is no longer a situation where you are too weak to work and too strong to die. Since people now retire healthy and have years of productive juice left, do not stop working for an idle mind in the devil's workshop.
P.mahesh was a happy man. He was really enjoying life since his retirement six month ago- morning walks, part-time volunteering at nearby temple and ample time for family. He had worked hard all his life and hence he deserved every moment of retirement. Suddenly one night he complained about chest pain Next day, check-ups revealed that he needed heart surgery. While there was no threat to life and doctor said he would be perfectly fine, it would cost a lost.
The entire treatment went off well and Mahesh was back to his routine life. Unfortunately, the enjoyment into retirement was gone as he had to substantially erode his retirement corpus for the treatment. This is not a stray incident. Many old aged individuals do not have sufficient health insurance. In fact, most of them do not have any health insurance at all. This is more observed in case of individuals who were once salaried and their employer was giving them health cover. After retirement they have either not opted for health insurance or when they tried for it insurance companies refused the cover due to age and or some health problem.
If you are a salaried individual and having health cover from employer then you have two options.
- Find out from the insurance company with whom your employer has a tie-up whether you can continue to get health cover post-retirement by paying premiums on your own. This is the best possible solution for you. The insurance company will he having your health and claim records and hence you will not have to undergo any tests- if any- for insurability.
- Suppose first option is not available, then at least five years prior to retirement opt for independent health insurance. That is the time when you will he healthy. Also in case there are health related expenses, your employer will reimburse them and hence you will have a 'no-claim' record with your insurance company. Continue this health insurance as long.
As your insurance company allows you to do so poast retirement. Please note, the moment you have more than one health insurance, you are suppose to inform both the insurance companies about it. Self-employed individuals should continue their existing health insurance policy. Apart from standard health insurance, if you find any long term care product offerings by insurance companies, opt for those.
After having secured health insurance,if you find any long term care product offerings by insurance companies, opt for those. After having secured health insurance, next look at your post-retirement housing needs. In this case also, salaried individuals need more preparations. If you are staying in employer provided accommodation, if possible move into the house where you are likely to be staying after retirement at least two years prior to retirement. Retirement is a transition and so is moving from one house to another. Handling two transitions simultaneously is very difficult. While purchasing a house keep in mind some of the points of vital importance. Firstly choose a locality where routing grocery, vegetalbes, fruit milk, medicine, bank, post-office, public transport etc is with within vicinity. Check out doctor and medical facilities in the area. State of 'Law and Order' is also of immense importance. If there are parts or areas where community activities for senior citizens are held than that should be an added advantage. If you are internet savvy than you will find several web sites which gives exhaustive checklist for ideal retirement homes. Having planned for health care and housing, start thinking on how you would like to spend time during retirement. If you have workded all your life then beyond 2/3 months you will get bored sitting at home. Also,beyond a point of time you will not be able to travel. Depending upon your financial needs you many want to consider some part-time. assignment. This can keep you occupied as well as generate some cash-flow. The assisgnment could be on salary or freelance or consultancy basis. Another alternative is to offer your skills on honorary basis to a charitable institute. You may also feel excited to join several senior citizen forums.
Whatever may be your liking, start planning few years prior to retirement. Also remember, retirement is no longer a situation "where you are too weak to work and to strong to die." People now retire healthy, If you are healthy then do not sit idle. An idle mind is the devil's workshop.
Opt for independent health insurance. In case of hospitalisation, your employer will reimburse them and you will have a 'no-claim' record with your insurance company.