Why should you buy a long-term Health Insurance Plan?
In India, people often shun purchasing health insurance policies as they consider these policies are overpriced and unnecessary. In their early 20s, people believe that they are healthy and wholesome. That’s why they don’t need health insurance plans, as nothing can happen to them ever. But this is not in reality. Many statistics have claimed that nearly 15-20 percent of heart attack patients are between 25 and 35 years of age. This is quite scary, and that’s why everyone should purchase a comprehensive health insurance policy.
Over the last one and half years, COVID-19 and its severity have made people realize the importance of health insurance plans. Therefore, it is recommended to buy the best health insurance plans for a family as early in life as possible to stay protected in the best possible way. Comprehensive health insurance will help you avail of the best treatment and minimize your financial burden.
It’s not an easy job to buy health insurance online and offline. Because people often get stuck up in technical jargon as they have inadequate knowledge about family insurance plans. One common question that looms in the mind of policy buyers is whether they should opt for a short-term plan or they should choose a long-term health insurance policy.
What are long-term Health Insurance Plans?
Long-term medical insurance is a health insurance plan where the tenure is of two to three years. A normal health insurance policy is valid for only 12 months; a long-term health insurance plan keeps you covered for 2 to 3 years. With a long-term health care policy, you don’t need to renew your policy every 12 months.
Why should you consider a long-term health insurance plan? But, first, let’s unravel the truth.
The renewal process is simple and hassle-free
If you purchase a long-term health insurance plan, you will be protected for a minimum of 2-3 years. During this policy tenure period, you don’t need to worry about your healthcare expenses. This will give you the utmost peace when unannounced diseases like COVID-19 are on the rise. Once you opt for a long-term health insurance plan, you can stay stress-free as you don’t need to renew your policy for at least the next two or three years. You don’t even need to bother about the deadline or intricate paperwork. A long-term health insurance policy also lessens the burden of hospital fees and inspires you to become financially independent.
It helps you save tax on your income.
Long-term health insurance plans also help you to save your tax. That’s why these policies have become an essential part of your life. As per section 80D of the Income Tax Act, you can avail of a tax deduction on the premium you pay towards the health plan. So, if you purchase the best family health insurance plan, then you could enjoy a tax exemption of up to Rs. 1 lakh. To save a lot of tax, you should purchase health insurance plans. But always choose those health insurance plans that resonate with your income and healthcare needs.
Discounted Premiums
This is the prime benefit that policy buyers prefer long-term health insurance plans over others. Long-term health insurance plans offer a discounted premium to customers as compared with short-term health insurance plans.
May also cover pre-existing diseases
While purchasing a health insurance policy, you should take a closer look at pre-existing diseases or pre-existing conditions. Pre-existing diseases or ailments are those health conditions that you were suffering from at the time you purchased your policy. Many health insurance companies also include the options of PED in their long-term insurance plans. By properly checking the terms and conditions, you can choose a long-term health policy that offers PED in its plans.
Being able to afford proper healthcare
Older people are more susceptible to various diseases. Once you grow older, you need more medical care and doctor’s visits frequently. Healthcare expenses including hospitalization, daily care, room rent, ambulance costs, and medications may burn your pocket completely. If you need long-term treatment for your ailment, it will certainly give financial stress to you. Thus, to safeguard your finances, always choose long-term health insurance plans for your families.
Some downsides of long term health insurance plans
Though long-term health insurance plans are beneficial in many ways, they also have some disadvantages.
Top Disadvantages of long term health insurance plans
Don’t cover senior citizens
Most health insurance companies don’t offer long-term plans to senior citizens as they consider these people at high risk. But IRDAI is planning to approve long-term plans for senior people. So, in the future, the companies will also offer long-term plans to senior citizens.
Premiums are on the higher side
Sometimes, if you opt for a long-term health insurance plan, you need to pay the entire premium upfront. This is quite stressful for some policy buyers.
The recent COVID-19 tragedy shook the entire world. For their treatments against COVID-19, many people plunge into their savings or take loans. But the smartest way to deal with this situation is to purchase a health insurance plan that will safeguard your finances and health at the same time.
In today’s competitive era, long-term health insurance policies are the most convenient and viable choice for people. They are also budget-friendly and will help you to lead a worry-free life. If you purchased a long-term health policy, you don’t need to stress about your finances. You can enjoy the best treatment without stretching your financial conditions. Therefore, by comparing all available health plans, you should choose the best long-term health insurance plans that complement your and your family’s medical care.
