What should you opt for Short-Term or Long-Term Health Insurance Policy?

Every individual living in this country ought to have the right to lead a healthy life. This will be accomplished through access to quality health care services associated with an understanding of one’s personal health desires. We have a tendency to sleep at a time when life-threatening diseases are on the increase. Inactive lifestyles and massive stress associated with work or life normally put North American nations at the chance of developing life-threatening diseases. In the face of all this, insurance coverage is a necessity, a non-negotiable wish that protects you and your family against any medical emergency, accident, etc.

People in this country are slowly warming up to the concept of insurance, but there's a bigger want for folks operating in certain sectors (particularly middle-income groups) to adopt a reasonable health coverage setup. Choosing a health care system could be a terribly difficult matter. Most people aren't aware of the plans and find themselves wedged in technical jargon, which may be quite confusing to them. One common question that arises in the mind of an insurance seeker is what type of insurance health plan they should obtain. Do they pick a brief-term setup or a protracted-term insurance plan? The purpose of this write-up is to clear that air and assist insurance seekers to create an associate's degree au fait selection and aspect with insurance set up that may pay attention to individual health desires similarly to those of their family.

What is a long-term health insurance plan?

Unlike your regular one-year insurance setup, a long-term insurance setup has a tenure of 2 to 3 years. Therefore, whereas your regular media-claim policy is also valid for twelve months, a protracted term health setup keeps you covered for two to three years. This means, that if you decide on a protracted-term medical plan, you'll be free from reviving your coverage every twelve months.

Advantages of a long term health Insurance plan

• Breaks you free from the hassle of renewing your health coverage every 12 months.
• Most insurance companies will offer a discounted premium, if you opt for long term health insurance plan.
• Since long term health insurance plan covers a period of 2 to 3 years, you are immune from any kind of rate revision during that period.
• A long –term health insurance policy may also cover pre-existing diseases
• The cost of premium may vary depending upon how old you are. Some insurance companies charge lesser rates to younger health insurance seekers.
• Long term health Insurance Plan can also help you save tax on your income.

Disadvantages of long term health Insurance Plan

• Most Insurance companies do not cover senior citizens under long-term health Insurance Plans.
• Having to pay a lump sum amount as a premium for a long-term health insurance plan may be stressful for some insurance seekers.

What is a short–term health insurance plan?

Short-term health insurance policies have a validity period of up to 12 months. After which it has to be renewed or else you can forfeit the right to “no claim bonus” or NCB. Generally, most people take up a short-term health plan so that they don’t have to pay a heavy premium associated with a long-term health plan.

Advantages of short term health plan

One of the foremost advantages of a short-term health insurance plan is that you do not have to pay a high premium rate.

• Till the time you are paying a timely annual premium, the advantages of a long-term insurance plan are equivalent to a long-term insurance plan.
• Short term health care plan can also help you save tax under section 80D of the income tax.

Disadvantages of short term health plan

• Although the upfront premiums you pay for a short-term medical plan may be less, in the long term it can be an expensive proposition. Insurance companies tend to offer good discounts on premiums to individuals who take up long-term health plans.
• Most short-term health plans often do not cover maternity claims.
• Short-term health plans are not valid for pre-existing conditions or diseases.
• If you do not renew your short-term health plan timely, you are likely to forfeit the non –claim bonus.

To know more about Short-Term or Long-Term Health Insurance Policy, kindly contact Jayant Harde on 9373284136 or +91 7122282029. You can also visit our website: www.jayantharde.com