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7 Ways to Reduce Healthcare Costs in Retirement

7 Ways to Reduce Healthcare Costs in Retirement
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Regardless of your physical condition, you may have healthcare costs post retirement. It needs a well-planned approach to minimise its effects on your retirement corpus. There are several ways in which healthcare costs can be lowered. Here are seven tips to help to reduce these costs:

Appropriate Health Insurance plan*

Finding a health insurance plan that suits you and your family’s needs can be an uphill task. However, an apt insurance plan can go a long way in reducing your healthcare costs. Comparing policies keeping your specific needs in mind is essential. If you are healthy, then the kind of policy you should choose would be different from the one you should choose if you were prone to illnesses.

Some aspects that need attention before deciding on a healthcare policy are:

  1. Premium
  2. Out-of-pocket costs
  3. Acceptability across hospitals and specialists
  4. Ailments covered

Speaking to your investment advisor and your doctor before you pick a policy can help you make an informed decision and reduce healthcare costs post retirement.

Participate in wellness programs

Organisations have become more sensitive to the wellness of their employees and offer various wellness programs. Usually, these programs are bundled with a discount in the premium of the health insurance policy. Such programs should be attended and maximum benefit should be derived out of them.

Find value-for-money medical care providers

Medical services come in all packages hence it becomes necessary to assess the quality and cost effectiveness of the available providers. Retirees must be smarter in their choices of doctors and procedures. For example, a sonography at a centre can be costlier than another.

Catch the disease early – don’t be complacent

Paying attention to the minor symptoms and catching an ailment early can help save a lot of money as compared to the costs involved at a later stage of the disease.

Get dental insurance*

Most healthcare insurance do not cover dental costs. With growing age one visit to the dentist for a root canal procedure or tooth extraction can be costly. A dental insurance can help save that money.

Chalk out a separate healthcare saving plan

Like it or not, healthcare costs could be a big part of your expenses post retirement. Having a healthcare savings plan while you are younger helps you prepare for the long-term healthcare expenses.

Live smart

Chronic diseases, which account for a major part of healthcare costs, are usually attributed to unhealthy living. The treatment for these diseases can cost a lot of money and are better handled at source. Living a healthy life, staying active and keeping yourself stress-free can help you enter your golden years in good health.

Healthcare, post retirement can drain your savings if not planned well. Apart from the tips mentioned above, consulting a financial advisor can help plan your saving to ensure sufficient amount is targeted towards healthcare savings.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

*This is just for information purpose and should not in any way be construed as any kind of promotion or endorsements of any insurance products by the AMC.

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