Benefits of Long Term Health Insurance

Due to the rising medical expenses, getting a quality healthcare treatment has become a distant dream for many middle class Indian families. Going to the hospital in order to get a quality health treatment, can possibly leave a dent in the pocket. Therefore, it is extremely important to purchase a health insurance plan at an early stage in life. Although, there are numerous advantages of buying a health insurance plan yet getting it renewed on an yearly basis can get a bit tedious. Therefore, it is advisable to purchase health insurance plans on a long term basis.

Benefit of Buying Long Term Health Insurance Plans

Listed below are some of the benefits of purchasing long term health insurance plans:

• Discount on Premium

The reason why many people refrain from buying a health insurance plan is the necessity to pay a high premium amount. Although, no money can compare to the health needs of an individual, however, a little discount on the health plans would work as cherry on the top. Additionally, if there is a locking period of 2 to 3 years, then the plan remains immune to any medical inflation( revision rates). Therefore, purchasing a health plan for the long term would help you in obtaining a discount on premium.

• Limited Paperwork

The duration of a long term health insurance plan, depending upon insurance company to insurance company, is between 2 years to 3 years, in contrast with yearly health insurance plans. Here, purchasing an health insurance plan is not just logistically feasible but also plays an essential part in bringing down the cost of paperwork.

• Hassle-Free Health Plan Renewal

With a long term health insurance plan an individual remains insured for 2 years to 3 years without worrying about yearly health plan renewals. A 3 year health insurance plan involves less hassle as you are not required to worry about the premium amount each year just as you are required to worry with a short term health insurance plan. Other than this, you are also not required to think about the healthcare cost that you may incur during the policy tenure. Also, because of long term health insurance plans, there will be less chances of missing on the deadline for renewal of the plan.

• Tax Deduction

Another important aspect of purchasing a long term health insurance plan is receiving tax benefits. As per the income tax act and various subsidies, the policyholder is free to enjoy the tax deduction against the premium amount payable by them. Therefore, in case you are buying a medical insurance policy for yourself and your family members, you can avail deduction on tax for up to Rs 50,000. One of the most convenient options of saving taxes while on the same time protecting your family financially is to purchase long term health insurance plans.

• Coverage for Pre-existing Disease

While buying a health insurance plan, pre-existing ailment is an important aspect that needs to be considered by the policy buyer. Pre-existing disease refers to the disease the insured individual is suffering from while buying a health insurance plan. There are various health insurance companies that do not offer coverage for pre-existing diseases under short term plans instead a few insurance providers offer it on long term plans based upon certain terms and conditions.

Final Words

While buying a health insurance plan, make comparison of different plans available in the market by different insurance companies before making any decision. While during these uncertain times, it is extremely important to safeguard the health of both yourself and your family members. With an optimum health plan, you can keep yourself free from any kind of financial stress.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.