Before you decide to relocate to a new city, here are some of the key things to make note of:
Consider your medical history:As you age, your susceptibility to disease increases. If you already have a history of illnesses like hypertension, cardiac conditions, etc., consult your doctor about what long term treatment for the same would entail. Finding a suitable healthcare provider in your new city is also important. In addition, the costs of routine dental and eye check-ups also need to be considered.
By making an educated estimate of the healthcare you are likely to need during retirement, you can build adequate financial reserves for a medical emergency.
Quality vs affordability:While India’s metros boast of a number of super speciality hospitals, their costs of treatment are likely to be prohibitive. It is advisable to do a thorough cost versus quality analysis in terms of available healthcare options. To put matters into perspective, an angioplasty in a mid-tier hospital can cost up to 25% less than a top-tier hospital, all costs included.
Also check whether rehabilitation services such as physiotherapy are part of the hospitals’ offerings
Adequate health insurance:Before you move to another city, review your existing health insurance cover. A comprehensive health insurance can reduce out to pocket expenses to a large extent and give you greater control over your finances. A critical illness plan that provides a lump sum amount if you’re diagnosed with a specified disease is also essential.
If your cover is inadequate for the premium you pay, you can port your health insurance policy to another provider than does provide value for your money. Benefits such as cashless hospitalization and daily cash allowance are worth paying a premium for. In terms of cost-effectiveness, a floater plan has a distinct advantage over individual health insurance plans.
Ease of accessibility:If you plan to live in a rural or semi-urban area, ensure that major primary healthcare centres and ambulance services are located within a reasonable distance from your home.
Click here to plan your retirement goals.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
Tuition fee deduction under Section 80C of Income Tax Act
Educating a child can be an expensive proposition for most parents. As the cost of quality education is on the rise, the potential for saving money seems less likely. However, there are tax benefits that can be availed under the provisions of the Income Tax Act, 1961. Recurring expenses such as tuition fees is one such category that qualifies for tax relief, subject to certain terms and conditions.
6 Things you Should Know Before Buying Insurance Policy for Bike
Buying or renewing an insurance policy for your bike can often be overwhelming. Check out this short guide to know the factors you should consider while choosing the best insurance policy for your bike.
PPF Withdrawl: When & How to Withdraw PPF
PPF (Public Provident Fund) is a savings scheme, which is backed by the government on purpose to build a retirement corpus. As PPF is a long-term investment, it comes with a specified lock-in period. Read on to know about the maturity period and the withdrawal systems.
5 Types of Business Loan For Woman Entrepreneurs
There are now many different types of loans options in India for women wanting to explore their entrepreneurial dreams. Read this post to know 5 of the most popular options.