Why is Long-Term Health Insurance a Smart Choice?
Health concerns and medical costs have been on a rise since time immemorial. Fortunately, people in India have started understanding the benefits of health insurance. Initially, health insurance was a sheer waste of money for most individuals. However, this belief has taken a 360-degree shift. The endless perks of having health insurance has compelled everyone to insure themselves against medical emergencies. Long-term health insurance plans are known to provide additional advantages along with offering coverage. But what is long-term health insurance?
Long-term health insurance is a medical insurance plan that comes with a tenor of around 2-3 years. With this plan, you do not have to renew the policy every 12 months. It additionally means that you do not have to go through the process of renewing the policy frequently.
Why is Long-Term Health Insurance a Smart Choice?
Long-term health insurance plans offer a myriad of benefits to the policyholder. In multiple ways, it can be a better option as compared to a regular plan. Let’s understand these benefits.
As aforementioned, this is one of the best advantages of a long-term medical insurance policy. One of the common reasons why people refrain from buying/renewing health insurance is the mundane process. However, with this plan, you effectively buy a plan for 2 to 3 years, which means you don’t have to renew your plan every year. You pay the premiums once and that’s all for the next couple of years. Sit back and enjoy the coverage for 24-36 months.
Most health insurance providers offer long-term plans at a lower premium rate, especially if you choose to make a lump-sum payment. With these discounts, the long-term health insurance cost goes down significantly, reducing your financial burden.
You never know when the health insurance costs might see a rise. However, you can protect yourself from future premium increases by opting for long-term health insurance. So, even if the health insurance premium rises during the tenor of your health insurance plan, you will continue to remain unaffected by it.
Should You Opt for a Long-Term Health Insurance Plan?
Let’s find out!
Long-term health insurance plan is for someone who prefers not going through the hassle of renewing their health insurance plan every year. Alternatively, if you’re an individual who is suffering from any pre-existing diseases (PED), regular health insurance plans may not be able to provide you with any coverage for them. In such cases, a long-term health insurance policy would be the perfect option since you can get coverage for PED after the expiry of the waiting period.
Long-term health insurance is best suited for individuals who need a holistic and extensive cover against medical emergencies. However, in case you are someone who likes to stay upgraded with the latest trends in the market, this plan isn’t for you.
