Health insurance makes sure that you take care of you and your family’s health in the best possible way. Once you invest in health insurance, it becomes imperative that your medical treatment will not hold you back because of the long and hefty bills. It also ensures the best medical services from the best hospitals in the city. With increasing stress and hectic lifestyles, health insurance plans are becoming a necessity for everyone.
There are different types of health insurance plans that have their benefits like the maternity cover or cashless hospitalization. You also have dedicated health insurance policies for senior citizens and women. Some of them are short term, and others are long term plans. We will discusslong term health insurance plans in the upcoming sections and understand their benefits.
What are long term health insurance plans?
The long termhealth insurance plans havea longer commitment to the policyholder and their needs. You need to pay the premium for a longer duration if you want to reap the benefits of long-term insurance plans. Moreover, you also get extra benefits for investing in long-term health insurance plans as compared to any other plans. Benefits like saving on the premium of subsequent years is one of those. You can opt for a long term health insurance plans for either your family or yourself. Moreover, the benefits provided by health plans are top-notch.
Topfour benefits of long-term health insurance plans
The long term plans are the ones which have a term of two to three years. There are many benefits to pursuing plans with longer duration. The premium amount must be paid only once, unlike short term plans. You are saved from the hassle of renewing your policy every twelve months, remembering the insurance renewal date and so on. Also, the coverage remains intact for the duration.
- More diseases included
Most health insurance policies have a pre-existing waiting period for pre-existing ailments. The long-term health insurance plans also have a waiting period of a few years, which can be covered by the lasting validity norms. Additionally, long-term health insurance also helps you tackle maternity expenses. You do not need the extra add-ons or rider policies.
- Market price
Just like any other product, even health insurance market prices are bound to rise. For example, if IRDAI asks for a price hike, companies have to do it. IRDAI is a regulatory board that proposes various laws and regulations for the insurance companies. The long-term health insurance plans have a term of two to three years. You need to pay the premium at the start and lock the health insurance for the next three years. Thus, you will not be affected by the rising market price of the next two or three years.
Do you need long-term health insurance?
One of the biggest advantages of long term health insurance plan is that you need not renew the plan every year. If you are the one who is looking forlong term protection for your family, you must go for these health insurance plans. It is a good investment option when it comes to taking care of medical expenses for you and your family. Explore the policy wordings as specified on the general insurance company’s website to know all about your plan.