How Can I Retire Early and Get Health Insurance?
Health Insurance Essentials for Early Retirees
Early retirement provides you with an opportunity to start something of your own and eventually create the desired work-life balance.
However, while pursuing your dream of early retirement, it is crucial to secure a suitable health insurance plan. This will help safeguard your retirement corpus during medical emergencies.
Best Way to Plan an Early Retirement
To start with, you can invest in a personalised health coverage plan. Better would be if you buy a floater plan that covers your spouse, children and parents with adequate coverage. You can approach Star Health Insurance for higher coverage policies like 50 Lakhs to 1 Crore, as soon as possible.
Those who are completely new to health insurance policies, can start with a base plan and slowly build up their coverage amount by availing the Super Surplus Insurance Policy. It is an ideal choice for people who aim to retire under the age of 65.
The biggest advantage of investing early is that you can enjoy more coverage without additional conditions, especially for pre-existing diseases.
Additional Considerations to Retire Early
Besides selecting the right health insurance policy, you must prioritise the following pointers to achieve a successful early retirement.
●Start Investing
Your portfolio needs to have an optimal balance of the right investment tools like fixed deposits, annuity plans, and equity-based investments. These instruments will not only help you build a corpus but also generate a regular source of income. However, while choosing the right funds to invest, you must carefully compare all the valid options to decide which ones align with your financial goals.
●Regularly Raise the Investment Amount
Inflation is the most important factor to consider while you are trying to build retirement funds. Therefore, you should increase your investments every year or periodically to keep up with the increasing inflation rate. Also, you can allocate extra earnings like capital gains from investments, bonuses and incentives to fulfil your retirement goals more efficiently.
●Actively Manage Your Investments
You can retire comfortably only when you are sufficiently equipped to manage your daily expenses without the need to work. To earn this privilege, one has to invest consistently and monitor their portfolio regularly to make necessary adjustments. This is because most of our needs keep on varying with everyday life and hence investments have to be rebalanced to keep their purposes relevant with time.
Things to Look for While Purchasing Health Insurance for Early Retirees
You need to check the following things:
●Multiple Options: Beneficiaries should carefully examine different health insurance plans to determine an ideal value-to-price ratio that best suits their needs.
●Quality Care: With Star Health, a person can get personalised treatment from a vast network of 14,000+ hospitals across India. It is one of the biggest perks, as it does not truly matter which part of India you are in when you need to claim your health coverage.
●24/7 Service: Finally, you should always select a health insurer that is highly reputed for their spot-on customer service round the clock.
Early retirement can be fulfilling with proper planning. Safeguard your future by choosing the right health insurance, investing wisely, and managing your portfolio actively. Secure your dreams today and enjoy a stress-free retirement tomorrow!