When we are young, we think we’ll stay healthy forever (and ideally even at 50 we should think we are!) But, sadly, that’s not the case; in 38 year family practice, I have seen many forced to retire, and that too, when they could least afford it.

A credible global survey revealed (and India can’t be far behind what with joint family system (& support) becoming a thing of past!

• Around 30% who retired earlier than planned/ required, did so poor health reasons
• Additionally, around 15% people who took voluntary retirement opportunity did it for poor health reasons
• More than 50% people who responded to the survey (age group 40+) accepted that they suffered at least one serious/ very serious health event / accident that had a major impact on their life; and more than half of these also reported that it had a major financial impact as well (many despite health insurance).

Of those who reported financial impact

•  25% confessed that it depleted their savings and few planned activities (overseas travel/ buying a car) had to postponed – at times indefinitely
• Another around 25% said it was “really tough” and they had to resort to arranging finances; some from friends/ relations and others by using the credit card to the limit (at a whopping 3.9% monthly interest)
• Around 15% had to sell jewellery/ shares/ prematurely encash MFs to meet additional expenses.

Close to 70% of retirees in a poll conducted for life insurance major in Canada, said they did not stop working on the planned-for date and had to work longer as their savings had suffered a setback due to a un-anticipated health event.

Acute infections and temporary disability due to them, accounts only for 2-3% above mentioned events. Most are due to complications of chronic, lifestyle related ailments that have taken over a decade to develop.

…and why were they not noticed?

Because all chronic ailments are silent killers. Most of us today have sedentary jobs and a sedentary job can contribute to many long-term illnesses like obesity, high blood pressure, diabetes and heart disease, thus increasing our risk of encountering such a sinister health event.

Common ailments that can force you to retire early:

• Heart attack and it’s complications; notably heart failure
• Stroke with resultant paralysis
• Chronic kidney disease and need for dialysis/ renal transplant
• Most cancers
• Cirrhosis of liver (alcohol abuse)
• COPD (Chronic Obstructive Pulmonary Disease) largely due to smoking
• Major accidents with poly trauma.

& lastly why all this ‘gyan’?

Not only for you to adopt healthy lifestyles; I have done it ‘n’ number of times. This time it is to advise on right Insurance cover that you must have:

•  Life Insurance: is great but is of no use if you have to retire early for health reasons and cannot be productive enough to sustain you and your family and earn enough to pay the hefty premium.
  Solution: You must have cover of several ‘riders’, which are nothing but benefit plans that help you in such events
• Health Insurance: largely (& with conditions apply) pays for only hospitalization benefits.
  Solution: There are several riders for health/ personal accident benefits as well.

Any one wishes for FREE advice on what kind of Rider cover should he/ she have?
Drop in a mail to drchasrani@cmhs.in with details of age, gender, whether gainfully productive or not and current life insurance and health insurance cover.