Learn about the benefits of buying a long term health insurance plan
We all want to live a healthy lifestyle. However, in the present scenario- sedentary lifestyle and work-related stress are making us prone to develop various chronic ailments. Considering this situation, getting a health insurance plan has become a priority. A health insurance policy can protect you and your family against any medical exigency. People are now realizing the importance of getting a health insurance plan. One question that hovers in the minds of buyers is what type of health insurance plans they should buy? In this article, we will discuss what is long term health insurance coverage? Know how you can make an informed decision to buy a health insurance policy that will help you in taking care of your healthcare requirements.
What is a Long Term Health Insurance Plan?
Long-term health insurance has policy tenure of two to three years. Hence, instead of getting a health insurance plan valid for 1 year, you can now opt for a plan that remains till 2 to 3 years. By opting for this health insurance plan you are free from the hassle of renewing it every year. This also helps in reducing the paperwork. These health insurance plans are likely to come up with a discounted premium.
The long term health insurance plans are most likely to cover pre-existing diseases as they have a waiting period.
Why Should You Opt for Long Term Health Insurance Plan?
Having a health insurance plan enables you to get quality treatment at the right time.
Mentioned below are the reasons why you should consider buying a long-term health insurance plan:
1. Convenient: The major advantage of getting long term health insurance coverage is that you are secure for at least 2-3 years. In this period, you need not worry about the cost of healthcare treatment that is why it is convenient to opt for a long-term health insurance plan.
2. Tax-saving benefit: These health insurance plans help you to save tax according to Section 80D of the Income Tax Act. You can avail tax benefit on the premium paid for a health insurance policy purchased for yourself and your family.
3. Discount on premium: The most effective benefit of a long-term health insurance plan is the discount on the premium. If the tenure of the health insurance cover is for 2-3 years, you are eligible for 7.5% and 10 % off respectively.
Firstly, it is very important to know your requirements and then opt for a health insurance plan. Make sure you consider things like sum insured, add-on benefits that will be beneficial for your family and insurance premium that has to be paid. Then, it is advisable to analyse the health insurance policies that meet your healthcare needs. It should be cost-effective and has features such as annual health check-up, automatic recharge of sum insured, etc. In this way, you can opt for the best health insurance policy that fits in your budget.
>> Also read the difference between short term and long term health insurance Conclusion
The increasing medical expenses and awareness about the health insurance plans are convincing more people to opt for a health insurance plan. If you have dependents to support, then you can opt for a long-term health insurance plan as it is convenient and has proved to be financially stable in the long run. Care Health Insurance offers a number of health insurance plans such as Care, Care Heart, Care Freedom, etc. that has a policy term of 2-3 years.
In today’s time expenses such as hospitalization, day-care treatment, and room rent are very expensive. Also, with the rise in the number of lifestyle diseases, getting a long term health insurance plans is a wise option.
Having a health insurance policy safeguards you and your family against unexpected events. Investing in a health insurance plan is definitely worth for your hard-earned money.
Disclaimer: Plan features, benefits, coverage, and underwriting of claims are subject to policy terms and conditions. Please refer to the brochure, sales prospectus, and policy documents carefully.
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