Long Term Health Insurance

Long-term health insurance plans are gaining a lot of popularity these days. The main reason behind this is that these plans offer a longer policy coverage tenure. While a regular health insurance plan keeps you covered for just 1 year, the long-term plans keep you continuously covered for 2 or even 3 years. There are many benefits you get when you buy such a health cover. Take a look at this article to know more about long term health insurance plans and how they can be of help to you.

Understanding Long Term Health Insurance

As stated, a long term health insurance plan offers continuous health insurance coverage for a period of either 2 or 3 years, depending on what you select. The premium is paid only at the beginning of the first year but the coverage continues for up to 3 years. This is different from a regular health insurance plan that expires at the end of 1 year and needs to be renewed annually. All the benefits mentioned when buying the plan remain intact for the entire duration of the policy, which can be as high as 3 years at a stretch. The long term health plans are available on an individual, as well as a family floater basis.

Why Should I Opt for Long Term Health Insurance? 

You should opt for a long term health insurance plan simply because it has not one, but multiple benefits. They include:

1. No Need for Renewal 
   How many times have you heard of people losing their health covers simply because they forgot to pay the health insurance premium on time?  Though it may sound trivial, this is a very pertinent problem and many people indeed allow their health plans to lapse by not paying the renewal premium on time. While some people are genuinely unable to pay the premium due to financial constraints, a vast majority just forget to do so. When you have a long term health plan, you can bid goodbye to this problem. This is because the premium is paid just once for the entire policy period. You can pay the entire premium upfront at the time of buying the plan and stay covered for the next 2 or 3 years in the most comprehensive and uninterrupted manner possible.
    
2. Fixed Premium 
   Health insurance costs go up every year. When you pay a renewal premium, you always notice that the amount is larger than what it was in the preceding year. This is a fact that you have to accept and cannot contest. However, if you buy a long term health plan, you can stay one step ahead in the game and have the same premium for up to 3 years. Once bought, the premium on a long term health insurance plan gets locked in. This means that irrespective of the market trends, the premium on your health cover remains intact and you have to pay the premium that was decided upon in the first year of the policy.
    
3. Less Documentation 
   Multiple renewals also require you to submit multiple documents each time you renew the plan. This is a lengthy and cumbersome process. In the case of the long term plans, you need to submit the papers only once and stay covered for 2 or 3 years at a stretch. This helps to save your time and effort and you stay covered in a hassle-free manner.
    
4. No medical Tests 
   At times, the health insurance company asks you to undergo health screenings before they renew an existing cover. This may happen due to multiple claims in a policy period or due to a change in your health condition or age. However, when you have a long term health plan, there is no such requirement for long periods of time. Even if your health condition changes drastically (owing for an accident or ailment), you will remain covered under the same plan and the same premium rate will be charged for the remaining duration of the policy. 
    
5. Continuous Coverage for a Longer Duration  
   A health insurance cover may stop due to various reasons. The non-payment of premium and a subsequent lapse is the main reason. If you lose your health cover suddenly, you won't be able to make any health insurance claim for yourself or any family member. As we know, medical emergencies such as serious illnesses or injuries can happen at any time, so continuous coverage is of utmost importance. When you have a long term health plan, you are assured of a long and continuous health cover and this indeed brings the best and most secure health insurance protection for all the people covered under this policy. 
    
6. Easy to Get  
   And finally, a long term health insurance plan is very easy to buy. Most of the leading health insurance companies in India offer long term health insurance plans. You can go online, compare your options and buy the plan instantly. The process is simple and the benefits are manifold, making the long term health insurance policies a very lucrative option for anyone.

Keeping these factors in mind, you can easily understand just how useful a long term health insurance plan is and how you can benefit from it.

Some of the most important benefits of continuing your health insurance plan with the help of a long term health insurance plan, other than continued coverage are:

1. No Claim Bonus
   Carry forward no claim bonus and no chance of lapsing it, at least for the 2 to 3 years for which premium has been paid at once.
2. Waiting Period
   Waiting period for pre-existing ailments can be continued since the policy would not lapse at least for the 2 to 3 years.

The Bottom Line

Health insurance is a very important thing to have. The health care costs are very high nowadays and staying with a health cover is considered to be an unwise thing to do. If you haven't taken a health plan yet, do so at the earliest. And while shopping for the best health insurance policy, do consider the long term family health insurance plans as they offer many benefits and prove to be economical as well.