Long Term Health Insurance

Long term health insurance plan provides coverage for a longer period of time. This health insurance is considered valid for 2 to 3 years. This is a good plan for people who do not want to take a health insurance plan on an annual basis.

Long Term Health Insurance Plans are beneficial for those who do not want to spend time in frequent renewals and at the same time want to have adequate health insurance plan cover. Through this scheme, he can protect himself from any health related expenses for a long time.

Benefits Of Long Term Health Insurance

Now we will know about the benefits of Long Term Health Insurance Plan.

1. Policy Term:

Long term health insurance policies also have a longer policy term. The longer the term of the policy, the lower the premium charged by it and you can meet your health related needs during the long term as and when required through this insurance cover.

2. Claim:

Sometimes the policyholder forgets to renew his health insurance plan. For this reason, when he needs health cover, his claim is rejected by the company. But in a long term health insurance plan, you are covered for a longer period of time. You don’t have to worry about renewing it and the chances of the company rejecting your claim whenever you need health insurance cover are minimal.

3. Renewal:

Long term health insurance policy does not require frequent renewal. By this you save your time. You can secure yourself with insurance cover for a long period of time by taking a one time health insurance plan.

Long Term Health Insurance Coverage

A Long Term Health Insurance Plan provides health medical insurance to the policyholder as per his requirement. This type of health insurance policy is valid for a long time. Therefore, the coverage provided by it is also very comprehensive. Now we will know in detail about Long Term Health Insurance Plan.

• Read Also Group Health Insurance For Small Business

The coverage of a long term health insurance policy includes the following:

1. Hospitalization : Under this , the cost of hospitalization is covered . This includes treatment costs related to injuries, surgeries, etc.
2. Before and after hospitalization : Through this , medical expenses incurred before and after hospitalization are covered .
3. Day care procedures : Medical procedures that require day care are also covered through this policy.
4. AYUSH Treatment : The cost of AYUSH treatment is also covered in this.
5. Add On : Policy holders can add add on covers as per their requirement. For this they have to pay additional premium.
6. Critical Illness Cover : In this, you are provided with Critical Illness Cover, which covers the cost of treatment of life-threatening illness, like cancer, heart disease, kidney disease etc.

Disadvantages Of Long Term Health Insurance Plans

A long term health insurance policy has its advantages as well as its disadvantages. Now we will know about the disadvantages of a long term health insurance plan.

1. In a long term health insurance policy, you cannot switch your health insurance policy to another company for a long period of time. You have to continue with your current company.
2. It takes a lot of time to port this type of insurance policy from one insurance company to another.
3. With time, more better health insurance products may come into the insurance market. But a long-term policy continues for several years. Therefore the policyholder is unable to switch to a better plan.

Why Do You Need Long Term Health Insurance ?

A long term health insurance policy assures the policyholder of medical coverage for a long period of time. In this, the insured person does not have to think about the cost of medical treatment for a long period of time.

If the policyholder is getting his treatment done in the network hospitals of the insurance company, then the insured person can easily avail the benefit of cashless claims. Through this the bills for medical expenses are easily paid by the insurance company directly to the hospital. But if the insured is getting his treatment in a hospital which is not included in the network hospital of the insurance company, then the policyholder has to settle the entire cost of the first expenses himself. Then he has to claim the insurance along with the hospital expenses bills to claim the sum insured.

You should also look at the addon option when purchasing a long term pass as each person’s health insurance needs may be different. You can add addons to it as per your requirement at additional premium. Thus, you can consider purchasing a long-term health insurance policy keeping in mind your needs and future needs.