India has the highest medical inflation rate in Asia at 14% according to the latest report called the 'Health Report of Corporate India 2023' published by Plum, an insurance technology company. What does this mean for you and me?
It means that investing in health insurance is no more a choice, it is a necessity. With the consistently rising healthcare costs, selecting the best long-term health coverage for yourself and your family is best.
This article sheds light on the nuances of long-term health coverage, including features, benefits, and why you must invest in long-term health insurance.
Typically a health insurance plan has a tenure of 1 year which needs to be renewed annually. However, you can invest in long-term health plans with a policy tenure of 2 to 3 years.
If you are wondering if purchasing long-term health insurance is going to be expensive, do not worry. Often health insurance providers offer you with hefty discounts on purchasing long-term health plans. Similarly, there are multiple reasons to invest in a long-term health plan which are discussed in the next section.
There are multiple benefits to purchasing a long-term health plan like
Let us take a look at the inclusions of long-term health insurance plans:
Eligibility criteria for long-term health plans are similar to those of a regular health plan.
Eligibility Criteria | Specifications |
---|---|
Minimum Entry Age | 18 Years |
Maximum Entry Age | 65 Years |
Policy Tenure | 2 or 3 Years |
Add-Ons | Available |
Waiting Period | 30 days (Initial) |
Below mentioned are the differences between a long-term health insurance and a short-term health insurance plan.
Parameters | Long-term Health Plan | Short-term Health Plan |
---|---|---|
Premium | Discounted premiums available for long-term health plans | Affordable health premiums for short-term health plans |
Add-Ons | Available | Not Available |
Tax Benefits | Available under section 80D | Available under section 80D |
Renewability | Have to be renewed after 2 or 3 years | Have to be renewed in a few months |
A long-term health insurance policy is your answer if you do not wish to undergo yearly health insurance renewals. In addition to that, you are offered a policy discount when you purchase a long-term health plan. However, you must remember that purchasing a long-term health plan will mean paying premiums for 2 or 3 years which may be difficult for some.
Before investing in a long-term health insurance plan, compare health insurance premiums with the PolicyX Premium Comparison Tool. For further information, connect with our PolicyX insurance experts.
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Simran is an insurance expert with more than 3 years of experience in the industry. She may have all the answers to your insurance queries. With a background in Banking, she proactively helps her readers to stay on par with all the latest Insurance industry developments.