What are the Advantages of Long Term Health Insurance Cover
The undeniable fact is that healthcare has been a pressing concern since the dawn of time. From ancient civilizations to modern hospitals, there have been crucial issues surrounding the health of society’s members. That is why we need insurance. For example, when the recent pandemic struck, leading to a new round of layoffs, companies lost their businesses as well as their employees. But the fear of the virus and the necessity to maintain proper hygiene, clean habits, and staying away from the hospital were the vital things that kept people going.
The need for Health Insurance
In uncertain times like these, having health insurance makes a lot of sense. But do you know about the right choice of health insurance cover that you need to buy? There are short-term health covers and long-term medical covers.
A short-term medical insurance cover usually provides coverage for the short-term. So we need long-term insurance. The spread of COVID-19 has made many people more aware of the need to look after their health. COVID-19 is a strain that can cause serious illness and even death. It’s highly contagious and has been known to spread rapidly. It can cause serious respiratory illnesses, gastrointestinal issues, and skin discoloration. The only way to combat this disease is to be vaccinated against it. For many people, health insurance is the lifeline that holds together all aspects of their lives.
Being ill in India is expensive, dangerous, and stressful. Having a health cover to cater to your needs can take the worry out of it. Don’t wait until it’s too late to apply for health insurance. We will help you through the application process and show you how to find the best plan for your family.
What is Long-term Insurance?
A long-term health insurance policy is offered for a longer duration like 2 to 3 years against the regular policy term of 1 year. It is a must-have for all those planning to take care of their families. The coverage offered by these plans helps you use it immediately after the payment is made.
Now, due to the development of the Internet and other new technologies, you do not need to worry about having to pay a hefty sum at once. In addition, some of the top insurers now offer the option of making premium payments in installments, which allows you to enjoy the benefits of long-term major medical health insurance while paying a premium in small installments.
Benefits of long-term health insurance: Now, you may be thinking of why you need to prefer long-term health insurance coverage over short-term cover. Read the benefits of a long-term cover, which will help in understanding the same.
Discount on premium: The sheer discount that a longer-term policy offers is a huge draw. Depending on the policy and the insurer you opt for, it can save you anywhere from 15 to 35% of your premium. This means that going for a 2-year or a 3-year policy can work out as cost-effectively. Moreover, an insurer is unlikely to revise your premiums after you sign up for a policy. Even if you buy an annual policy now and want it, it means that the more years you stay with one insurer, the greater discount you get on your premium.
No need for frequent renewals: Long-term health insurance is a safe and cheap way of ensuring that one gets the required medical expenditure in times of need. It covers all the costs that might arise from any disease that may occur during the period of two or three years with just a single payment. All that one has to do is pay for it once and then forget all about the cost related to any serious injury or illness. Health insurance protects you and your family. You can save money by paying only a premium to an insurance company and not paying for healthcare-related expenses.
Tax benefits: In addition, if you have a long-term health insurance plan the premium paid is eligible for tax deduction under section 80 D. Premiums up to Rs. 25000 are eligible for a tax deduction.
Health insurance is beneficial for your family as it reduces the financial strain you face in an untoward medical situation. You can ensure that you do not wind up bankrupt if the need arises by paying a fixed amount ahead of time. The companies offering long-term health care policies provide much more than just health care coverage to their customers. You can even avail of discount offers on various products and services based upon the policy purchased.
With all the above benefits, opting for a long-term health insurance cover makes a prudent decision, not only for yourself but also for your entire family. It gives a complete sense of protection and peace of mind when it comes to healthcare and hospitalization.