Being financially stable is one of the most crucial parts of planning for rising health care costs in the country. As you grow older, the increased cost of healthcare requirements can get stressful, and the state of healthcare in the country can only add to your problems.
Unlike developed nations where the social security systems and health services take care of the retired elderly, the resources available in India are much limited. While private sectors may offer a better quality of healthcare facilities, the inflated prices charged by them can increase your cost of retirement by a large margin. If you are a government employee, you will be surprised to know that only 10% retired employees in the country get a pension from the government or former employers and the other 90% get forced to survive on their savings
Also, more often than not, the cost of retirement is so high that their savings get exhausted within a few years of retirement. Many of these people have to ultimately depend on their children or others to meet their average health care costs and other financial needs.
That is the reason financial advisors and experts suggest planning for the rising healthcare costs keeping all the above factors in mind. A well-crafted plan that takes into considerations your lifestyle and medical history can also help in answering questions like how much does health insurance cost per month or average health insurance costs. Once you determine how much does health insurance cost per month, you can create a retirement budget and plan accordingly.
Along with understanding about possible health insurance cost per month and other healthcare-related expenses, it gets recommended to review your plan regularly
Medical experts have been saying that the life expectancy of people has increased in recent times, but the quality of life has fallen tremendously. In other words, you may be living a longer life, but it may not necessarily be free of diseases or health problems.
That is why, it is necessary to make a conscious effort to remain actively engaged with your finances, understand the average health insurance cost per month for people of different age groups and take the necessary steps beforehand.