Buying health insurance may seem hectic sometimes as it may or may not cover your specific requirements. More often a person is confused between the types and coverage of health insurance that makes them think of not buying it. But this article will tell you which health insurance can provide you the broader coverage and the utmost benefits. In this article, we will discuss about long term health insurance which is far better than short-term health insurance
What is a long term health Insurance plan?
Short term health insurance has comparatively lesser benefits than long term health insurance. Why? Because long term health insurance provides the policyholder with a more extended period of validity of the plan. Mostly, normal or basic health or short term health insurance policies offer coverage benefits for 1 year. On the other hand, long term plans offer a medical care validity period of 3-4 years maximum. It’ll ensure that you are safe for a long period from any financial crises.
Why do we need Long Term Health Insurance?
Now the point is- why do we need long term health insurance? So, if a policyholder decides and continues to buy a long term health insurance policy, he/she will not be required to renew their policy on each interval of policy renewal. These plans like long term health insurance are also known for their discounted premiums when compared to short term health insurance.
Advantages of Long-Term Health Insurance Plans
Here is a list of what advantages long term health insurance provides to the policyholder:-
| Aspects | Explanation |
| No stress of Renewal | Long term health insurance relieves you from the stress of renewing your policy every year or at every interval. |
| Affordability | Affordable premiums are another feature of long term health insurance that saves your efforts of paying hefty amounts for just a single policy. |
| No-Claim Bonus | Other health plans such as short term health insurance policies require to be renewed every time to get a no-claim bonus. But this is not needed in long term medical insurance plans. You can enjoy the benefits of a no-claim bonus without renewing the policy several times. |
| No Premium Amendments | Most of the short term medical insurance plans may need to be amended with increasing premiums. But long term health insurance plans are sufficient to be a constant and affordable premium plan. |
| Tax Benefits | One can also avail of the tax benefits of long term health insurance under Section 80C of the Income Tax Act |
Disadvantages of Long-term Health Insurance Plans
Whereas, long term health insurance plans have comparatively more benefits than short term health insurance plans. But it has its own set of disadvantages too for particular considerations.
Let’s read below the disadvantages of long term health insurance:-
- Long term health insurance might not provide coverage benefits to senior citizens as they are age-restricted for this kind of plan.
- All insurance seekers who need to buy long term health insurance may not be able to pay a hefty amount to buy it.
- Since the policy is covering you for a longer period than short term medical insurance, it may be hard to switch the insurance provider frequently.
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Conclusion
Long term health insurance provides extended coverage to the policyholder without failing to renew the policy regularly. It will also provide you with a sense of relief and peace of mind that you don’t need to pay heavy amounts as premiums against your policy. You can compare and buy a long term health insurance plan which suits you the best at PolicyX.com. Reach out to the experts of PolicyX.com for more information and guidance.