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How to plan for life’s second innings - The retirement phase

The life's second phase which is retirement phase is vary critical if you have not planed for post retirement life it is going to be tough  to maintain financial life during retirement period. I have listed some of best retirement plans in my story.

19th May 2018
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After serving many decades and working hard to save enough for your family, you definitely want a relaxed life ahead in your retirement phase - be it physically or financially. While mental peace relies on many factors, financial security can be rumbled by sparing some time from your busy schedule before you enter your old age or when you enter in your life’s second inning - the retirement!

Transitioning from busy work life to retirement is not that easy and it always requires your careful financial attention. When there are plenty of factors you need to look after to secure your retirement life, the reason why your health tops the list is certainly persuasive. That’s the reason why health insurance for senior citizens is in vogue these days. But, the irony is that with the increasing age, it becomes less affordable to purchase a medical insurance policy.

In India, you will find a gamut of insurers offering health insurance policies designed for normal age group, propositionally profitable as per customers’ requirements. Only limited health insurers offer specific health plans keeping the requirements of senior citizens in mind. Well, the logic is obvious, i.e. due to the frequency of sickness and the risk factor associated with the age, many insurers even deny offering insurance.

But this is the time we should be preoccupied in our younger age. Smart people start preparing for this time without delaying, and this is actually a wise decision. More often, a medical insurance policy for aged comes with some conditions, such high premium, several medical checkups, and limited coverage etc. Hence, it is essential to watch out for various policy variables when you need to buy a senior citizen health plan. By lessening your task, we’ll have compiled a list of best health insurance policy, specially designed for aged persons.

Star Health Red Carpet

By introducing health insurance plans and keeping the priorities of senior citizens in mind, Star Health is the first insurer to promote this very concept. Star health red carpet plan is specially designed for senior citizens with the entry cap up to the age of 75 years. It is the first health plan to increase the maximum entry slab from 69 years of age. Because of its extensive coverage and benefits, the plan has made its entry to the list of top health insurance plans.

What is offered?

• This plan covers in-patient hospitalization cost, including ICU cost, surgeon’s cost, nursing expenses, anesthetist’s fee, doctors consultation fee, blood, oxygen, medicine, pacemaker, diagnostic test etc.

• Pre and post hospitalization expenses are also covered maximum up to 7% of the cover

• Day care medical procedures are covered

• Emergency ambulance facility

• Domiciliary treatment cover

Advantages

• Pre-existing illness is covered from the very 1st year, except that treatment was suggested during the earlier 12 months from the policy initiation date.

• No pre-medical check-up required

• Avail 10% product discount if any proof is provided against stress thallium, diabetes, BP, creatinine, blood urea etc.

• An additional discount is provided if any surgery is not done related to heart, cancer or brain in the past and on submission of documents proving the same.

• Claim settlement is done directly, no involvement of TPA.

• Avail cashless hospitalization at more than 500 associated hospitals across India

• 24x7 toll-free customer care service

Disadvantages

• The insured will have to serve the waiting period of 30 days and no claim will be accepted during this period

• There is 2 years of the waiting period applicable to diseases like Cataract, surgery done for replacing the knee etc.

• 1 year of waiting period for diseases like Piles, Hernia etc.

• This policy doesn’t cover treatments like cosmetic surgery, naturopathy, diagnosis test etc.

• Coverage for treatments availed in the initial 12 months

• Insured is allowed to avail any treatment but only at network hospitals

Oriental Insurance HOPE (Health of Privileged Elder)

Health of Privileged Elder (HOPE), offered by Oriental Insurance, is one of the popular health insurance plans designed for senior citizens. Due to its benefits, claim settlement process, and corresponding claim settlement ratio, the plan is among the most preferred options when it comes to health insurance for senior citizens. By paying an optimum premium, you can avail the coverage for specific diseases as well.

What is covered?

• Coverage for hospitalization costs, which include room charges nursing costs, ICU cost, specialist fee, surgeon cost, operation theatre costs, medicine expenses, dialysis, prosthetic devices like pacemaker cost, chemotherapy, radiotherapy, blood, oxygen, surgical appliances, relevant diagnostic test, artificial limbs, medical practitioner costs, X-ray, etc.

• The plan covers accidental injuries, costs incurred for knee replacement, cancer, chronic renal failure, lung diseases, cardio vascular illness, orthopedic illness, stroke etc.

• Domiciliary hospitalization costs are also covered

• Emergency ambulance service costs incurred

Advantages

• The insured can avail a discount on the premium if voluntarily opts for co-payment

• There is option for No Claim Bonus for not claiming your policy

• Can also enjoy continuity benefits with the same insurer if already have other plans

• Apart from Allopathic treatments, UNANI/Ayurvedic/Homeopathic treatment expenses are covered

Disadvantages

• The insured will have to serve the initial waiting period of 30 days and no claim will be accepted during this period.

• A waiting period of 2 years needs to be served to avail coverage for pre-existing illness.

• 2 years of waiting period to be served for the health complications arising for a pre-existing ailment, if any.

• The major exclusions include any injury or ailment arising out of the war, visual aids, cosmetic surgery, HIV/AIDS, any injury due to the insured’s involvement in any hazardous activity, naturopathy treatment etc.

• Co-payment of 20% is mandatory on allowable claim amount

• Pre and post hospitalization expense is not covered in this plan

• Pre-medical check-up is required and expenses have to be bear by the policyholder only

Bajaj Allianz Silver Health Plan

In the Indian insurance market, Bajaj Allianz is quite a famous name. Its Silver Health policy is considered as the best health insurance policy offered for elderly people.

Health Benefit Offered

• In-patient hospitalization expenses are covered

• Pre and post hospitalization costs are covered up to 3% of allowable hospitalization costs

• Emergency ambulance facility and costs offered up to Rs. 1000

Advantages

• The company provides in-house claim-settlement process

• Claim settlement process is fast and is backed by 24x7 proactive customer service

• Innovative plans meeting the needs of the customers

• Cumulative bonus of 5% can be availed at the end of each claim-free year

• The insured can also avail 5% family discount

Disadvantages

• Any pre-existing illness will be covered only after serving a waiting period of 2 years from the policy inception date

• 30 days of the initial waiting phase is essential to serve and no claim will be entertained during this time

• Any claim made for diseases like Hernia, Cataract, , Piles, hysterectomy, benign prostatic hypertrophy within 1 year from the date of policy inception will be not accepted

• Surgery for joint replacement will be covered after 4 years of the waiting period

• The exclusion list includes AIDS, aesthetic, cosmetic or similar treatment, treatment for an illness due to the use of intoxicating drugs or consumption of alcohol, non-allopathic medicines, mental illness treatment expenses etc.

• Pre-medical check-up costs have to be borne by the insured and only be compensated if 20% co-payment will be paid by the insured, in case of any treatment taken at a non-network hospital.

National Insurance Varistha Mediclaim

National Insurance Company is the oldest and most famous insurance company in India. The company is well-known for holding its repute through various services and innovative plans among the customers. It is well-approachable in terms of claim settlement and policy renewal process. Varistha Mediclaim offered by National Insurance Company is designed while giving priority to the needs of senior persons in the society. This is the best health insurance policy regarding coverage offered and premium rate. Know more about retirement plans visit moneyvisual.com.

What is covered?

• Hospitalization cost, including room rent and boarding costs, nursing costs, ICU costs, anesthetist’s fees, expenses of drugs and diagnostic tests, cost incurred for oxygen, blood, pacemaker, and consultant's fees etc.

• Pre and Post hospitalization expenses are covered

• Domiciliary hospitalization costs

• Critical illness add-on cover, which is optional

• Organ donor’s costs

• Ambulance costs

Policy Terms and Inclusions

• Coverage offered for Diabetes and hypertension, even pre-existing ailments are covered starting from the inception of the policy on a payment of additional 10% of the premium.

• Pre-existing illness is covered once the insured serves 1 year of the waiting period. However, some treatments like dialysis, chemotherapy and radiotherapy, which are relevant to pre-exciting illnesses, are not included even after 1 year.

• 30 days of waiting period from the inception date is mandatory to serve, within which no claim is to be accepted. The claim will be accepted only after 90 days from the policy inception date.

Exclusions

• Any expense incurred for a cosmetic surgery, dental treatment, visual aids, hearing aids, HIV/AIDS, vaccination, diagnostic tests are not directly relevant to any disease, maternity expenses etc.

• 10% of lodging charge is applicable to the age group of 76-80, up to 85 years, while 20% charge for renewal is applicable to the age group of 85-90 years.

• For a fresh entry, a pre-medical check-up is required while no check-up is needed if the policyholder is covered under any health insurance plan for 3 continuous years.

• 10% co-payment is mandatory for each claim amount. If there is any pre-existing illness, 10% co-payment is to be borne by the policyholder.

If you wish to know more about the retirement planning, saving for life and post retirement life finance planning check out top 10 personal finance blogs to gain more knowledge.

Final Word!

Is your retirement at your doorstep? Don’t wait until the last minute to plan your retirement. When the medical expenses are sky-high, it is a wise decision to have health insurance for senior citizens. Give yourself ample of time to plan your finances and get the best health insurance policy that covers you during your old age! 

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