Check the Benefits of Long Term Health Insurance Policies
Updated On Feb 06, 2024
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The health care expenses are rising rapidly in India, leaving many average Indian middle-class families tense. A single trip to the hospital can leave an individual running out of their entire savings. This is the reason why a majority of people are now looking for ways to deal with the health care issues, without running out of savings. One of the ways to do this is by getting yourself insured under a good health insurance plan. A health insurance policy offers protection to the individual against expensive medical costs.
Getting your health insurance plans renewed every year can prove to be a cumbersome task. Hence, in order to make the entire procedure hassle-free and to lessen the burden of renewing on a yearly basis, various insurance providers are now extending long term health insurance plans. Such plans are valid for around 2-3 years and are full of advantages.
Benefits of Long-Term Health Insurance Plans
Highlighted below are the benefits of long-term health insurance plans:
1. No Yearly Renewals
A long-term health insurance policy extends protection to an individual for around 2-3 years. During this duration, an individual is not required to worry regarding yearly renewal of insurance plans and health care expenses. Moreover, a policyholder does not need to worry about the hassles of missing the grace period or finishing the complicated paperwork.
2. Decreased Premium Rate
Due to the increase in health care expenses every year, the reason why individuals are opting for long-term health insurance policies is fixed premium amounts. Any revised premium rates are not applicable on long-term health insurance policies which are valid for 2-3 years. Hence, in the long run, buyers of long-term health insurance plans are also entitled to receive discounted rates on the premium amount.
3. Helps in Saving Taxes
Purchasing a long-term health insurance policy can help you in tax saving. Tax deductions can be enjoyed on the premium paid towards the insurance plans as per the Income Tax Act section 80 D. If an individual buys a health insurance policy for both self and their parents, then you can avail of exemption tax for up to Rs 50,000.
4. Coverage for Pre-Existing Diseases
Pre-existing ailments are a significant factor in deciding your health insurance. It refers to the ailments an individual was suffering from pre-existing disease at the time of policy purchase from the insurance provider. PED options are extended by a few insurance providers in their long-term insurance policy and a person can decide by going through the terms and conditions mentioned in the policy document.
6. Health Protection
Due to the rising cost of medical treatments, it is advisable to carry a health insurance plan that would assist you in receiving the best healthcare services at the time of emergency, without worrying about the expenses involved. While, a long-term health policy offers protection for almost 2-3 years, thus keeping you free of tension from increasing health care expenses.
Final Words
Long-term health insurance plans are the most viable and economical tool as a means of protecting your healthcare needs, with the rise in the number of diseases in day today’s age. By getting oneself insured under a long-term health insurance plan, one is not required to worry about healthcare protection and can enjoy their life without stressing about medical expenses. Hence, an individual must consider a variety of options that are available under the health insurance policy that best fits their healthcare requirements and those of their family members.
Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive and should research further or consult an expert in this regard.
