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Latest articles on Life Insurance, Non-life Insurance, Mutual Funds, Bonds, Small Saving Schemes and Personal Finance to help you make well-informed money decisions.
In India, many people avoid buying insurance, thinking it is an unnecessary expense. People in their early 20s believe that they are fit and nothing can happen to them ever. Some, on the other hand, believe that they need to start worrying about health only after they reach 50 years of age. However, that’s not what research tells us. Statistics reveal that 15 – 20 per cent of heart attack patients are between 25 and 35 years of age. That’s not only shocking but also scary. So, it’s best not to put off buying insurance.
With the spike in unexpected diseases like COVID-19 and rise in uncertainty, people realise the importance of long-term health insurance plans. It’s always advisable to take an insurance plan as early in life as possible. It allows you to be independent and afford the best quality of care. It reduces the financial and psychological stress that illness can impose on your family.
Now the question is, why should you consider a long-term health insurance policy? Here are the reasons:
A long-term health insurance policy keeps you protected for a minimum of 2-3 years. During this period, you don’t have to worry about the cost of health expenditures. It is a big relief at a time when unannounced diseases are on the rise. Once you enrol yourself with long-term health insurance, you don’t have to worry about renewing the policy at least for the next two or three years. There will also be no hassles of missing the deadline or complicated paperwork. For the long term, it also reduces the pain of hospital fees, and one can be financially independent.
Long-term health insurance is a basic essential that can also help you on your tax savings. As per section 80D of the Income Tax Act you get to enjoy tax deduction on the premium you pay. So, if you get a health plan for yourself and your parents, then you could enjoy tax exemption up to Rs 50,000. For a few saving taxes through this method might look a difficult option, but it’s not. These are the most convenient options and one can save a lot of tax. Please make sure, you invest in those plans which suit your income.
The best benefit that an insurance seeker can get from long-term health insurance is the lowered premium rates. Long-term health insurance plans are likely to come up with a discounted premium as compared with the short-term health insurance plans.
Pre-existing diseases or pre-existing condition is an important factor in your health insurance. It basically refers to the diseases or ailments you were suffering from at the time you bought your policy. A few insurance companies do give you the options of PED in their long-term insurance plan and one can decide accordingly by going through its terms and conditions.
As we grow older, we need more medical attention and doctor’s visit. Expenses such as hospitalization, daily care, room rent ambulance and medicines can cost you a bomb. Thus, the frequency and types of treatments can quickly become a financial burden to anyone. Whether for your health, kids or parents, it is always better to choose long-term health insurance plans.
One of the biggest examples of health tragedy is COVID-19 which shook the entire world. In such situations, people dip into their savings or take loans or sell assets to fund treatments. However, the smart thing to do is to take a health insurance plan – this will help you to secure your finances and health at the same time.
Long-term health insurance is undoubtedly the most economical and viable health and practical choice, given the increase in lifestyle diseases in today’s day and age. By getting a long-term health insurance policy, one doesn’t have to bother about health coverage at all and can lead a stress-free life. Therefore, customers must consider various options available and choose a health insurance plan that best suits their medical needs and that of their families.
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