Health Insurance

5 Reasons To Buy Long Term Health Insurance Plan

We are living in a time that is full of uncertainty. There are already a lot of life-threatening diseases, and now the onset of a pandemic has shaken the entire world. With the sudden spike in health…

We are living in a time that is full of uncertainty. There are already a lot of life-threatening diseases, and now the onset of a pandemic has shaken the entire world. With the sudden spike in health and crisis, people are now feeling the urge to have a shift in their lifestyle. They are moving towards better eating habits and regular exercising. However, people still avoid buying insurance plans that can save them a lot of money. Some of the underlying reasons are the age and perception of being fit. According to research, studies find that almost 15 to 20 percent of heart attack patients lies between 25 and 35 years of age. It should also be acknowledged that during the young age, premiums are comparatively lower than when you buy the policy at advanced age, due to higher health risks.

In addition to this, the surge in the cost of treatments in private hospitals is another reason which can prevent you from having a saving. Hence, we advise you to take an insurance plan regardless of your age. It helps you in being independent and less worried about affording the best medical care when needed. It also increases the financial security and lessens the psychological stress that a sudden illness can impose on your family.

Reasons for Buying a Long-Term Health Insurance Policy

1. Hassle-free renewal

Buying a long-term insurance plan will let you worry less for at least two to three years. Getting protected from medical expenditures for an extended period will bring you a huge relief when the cost of treatments is expensive, along with the unannounced diseases. This will reduce the hassles of complicated paperwork or missing any deadline. Apart from this, you do not have to worry about the renewal of the policy for a couple of years, and you can enjoy financial independence.

2. Helps you save tax on your income

According to the Income Tax Act (Section 80D), a person can have tax benefits on the premium he has to pay. So, besides saving your money on the hospital expenditures, buying long term health insurance will also help you with your tax savings. One can enjoy a tax exemption up to Rs. 50,000 if you get a health security plan for your family. Go through the methods available in the market, choose accordingly with your income, and have a discussion with your agent to enjoy maximum benefits from both the end.

3. Discounted Premiums

Long term health insurance plans come along with lowered premium rates. You should look out before investing in any health plan as the long-term health insurance plans come up with a discounted premium.

4. May also cover pre-existing diseases

Underlying health conditions is an essential factor to consider while buying health insurance Many health insurance companies allow adjusting the pre-existing illnesses in the long-term insurance plan. All plans have a waiting period for PED. There are addons which may reduce the PED waiting period, but this is to be noted that buying the policy for 2 or 3 years will not have any impact on reducing the waiting period.

proper healthcare

Healthcare is the utmost priority as we grow older. India has an extensive medical infrastructure that is continuously evolving. But so are the expenses that come with it. All the medical attention, doctor visits, daily care, room rent, and medicines can increase your expenditures. One does not want to compromise on the frequency and types of treatments. So, to avoid a financial burden for you and your family, choosing a long-term health insurance plan can help you prevent a dip into the savings. 

Bottom line on Buying Long-Term Health Insurance

Buying health insurance is an ideal choice in today’s day and age. Given the ongoing crisis of a pandemic along with several diseases, the risks of one getting pushed into a situation of spending drastically on hospital bills are higher. To release such financial burdens, getting a long-term health insurance policy is preferable and will provide better health coverage with less stress. Thus, customers should look out for such health insurance plans to help them in the longer run.

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