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Turning 57, Need Health Insurance for Retirement: Base or Top-Up?

Milind Vadjikar |865 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Jan 09, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Asked by Anonymous - Jan 09, 2025Hindi

Hello, I will turn 57 in a few days' time and my wife is 53. We are both salaried professionals and our respective organizations have covered us handsomely with regard to health insurance coverage. However, just to ensure security, I was wanting to know whether it is worthwhile to take additional health coverage for the time when I would no longer be working. I am not sure if I should take another base policy covering both of us, or only a top-up policy over and above our current insurance cover given by our employers. Can you guide me on which policy would be the best for us? I am looking at Rs.10 lakhs additional cover.

Ans: Hello;

You are absolutely right.

You must have healthcare policy covering both of you, other then the one provided by the employer.

I would recommend to buy higher healthcare cover(25-30 L). Right now this may seem redundant and a waste of money but both of you are on the verge of retirement.

New insurer will have 2 to 3 year exclusion for pre existing illnesses, if any.

After 60 typically people come across lifestyle or such other diseases so it's always better.

Seek help of an insurance advisor for proper selection of policy. He may also help in case of claims, if any.

Best wishes;

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