Long-Term Health Insurance And Their Benefits
With health care inflation soaring high, medical treatment has become a significant expense. Health care may become more expensive at this rate. Health insurance is the ideal and most strongly advised option to reduce the likelihood of a financial emergency, especially without a backup plan. However, medical facilities or insurance providers view senior citizens as high-risk clients.
Before purchasing a plan, consider the terms and conditions and a few exclusions.
Long-Term Health Insurance: What Is It?
Plans for long-term family health insurance plans typically last for two to three years. You can therefore lock in your coverage for this duration as an alternative to health insurance plans that are valid for one year.
Why Should You Take Into Account Long-Term Health Insurance?
The main health insurance benefit of choosing a long-term health insurance plan for you as an insurance seeker is eliminating the need for annual policy renewals. Comparing these plans to those for a single year of health insurance, the premium will probably be lower. ##
When you lock in your three-year insurance plan, you shield yourself from any potential premium rate changes. Long-term health insurance policyholders can anticipate concessions on their cumulative bonus from insurance companies. The Insurance Regulatory and Development Authority of India (IRDAI) sets the cumulative bonus slabs, so benefits may be given in the form of concessions related to filing claims. # *
Why Do We Need a Long-Term Plan?
Indians are becoming more aware of the importance of health insurance in recent years. More and more people are persuaded to think about health insurance as an investment due to rising healthcare costs and ongoing health insurance promotion by insurance companies. The updated tax rebates on these plans are also promoting the product. **
Additionally, more insurers mean more paperwork for businesses. Health insurance providers are being forced to raise the premiums for long-term family health insurance plans due to this and the rising cost of healthcare.
What About Existing Medical Conditions?
According to conventional norms, long-term health insurance plans will likely cover pre-existing conditions after a waiting period (typically varies from insurer to insurer). Consider the situation where your policy has a three-year waiting period, and you have already served two of those years. Now, if you enroll in a long-term approach in the third year, you can begin reimbursing yourself for hospitalisation costs related to pre-existing conditions starting in the fourth year.
Are Senior Citizens Eligible For This Plan As Well?
Unfortunately, senior citizens may not be offered long-term plans by health insurance providers because they are deemed high-risk. However, more information will likely become available after the IRDAI has approved such plans. Hopefully, this will occur very soon or soon after that. #
* Standard T&C Apply
** Tax benefits are subject to change in prevalent tax laws.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
