Why you Should Consider Buying a Long Term Health Insurance?
In the recent pandemic that crumbled the world, we witnessed the importance of healthcare like never before. The ever-rising cost of health services that has always existed, became more prominent during the pandemic and showed us the significance of having Health Insurance.
Health Insurance is the “kavach” that should always be around us, and we should be well prepared for every renewal. Another option is, instead of renewing it the usual way, i.e., annually, we can look at the long-term plans that are valid for more than one year.
Apart from the benefit of being carefree from the renewal tension for a long while, long-term plans have a few other benefits over and above the annual plans.
What is Long Term Health Insurance?
Long Term Health Insurance, as the name implies, has a longer tenure than the standard one-year tenure of health insurance. Its tenure usually ranges between 2-3 years. Hence you have a financial cushion against any health care requirements for a longer period.
Features of Long-term health insurance
Given the forgetful nature of the human species, the first and foremost benefit is this! A policy lapse not just ceases the health cover but also gets us into other hassles like resetting the waiting period. With Long Term Insurance plans, the frequency of premium payments is reduced which further reduces the chances of missing out on premium payments.
Another significant advantage of buying a long-term plan is the discounted premium that the company offers. Most of the time, the premium paid for a long-term policy is much lesser than the total premium paid on a yearly basis for a short-term policy.
Paperwork for once, and you are done for 2-3 years. Less frequency of renewals means lesser paperwork as compared to renewing your health insurance every year.
As with most financial products, the price and terms of the health insurance policy may keep changing as per the changes in the market and regulations. When you buy a long-term policy, the terms and conditions become fixed for the selected tenure. And the premium? Well! You’ve already paid it after completing the evaluation.
Frequently Asked Questions
What about pre-existing diseases? Can you make a claim against pre-existing diseases in long term health insurance?
Yes, the method is the same as in the annual health plan. Long-term Health insurance also covers pre-existing diseases but with the required waiting period.
Is the Long-Term Option available for senior citizens?
Senior Citizens are considered a high-risk group, and hence the insurance companies usually do not offer long-term plans for senior citizens. However, you can always check up with your insurance provider since the rules and conditions differ from one company to the other.