Life is too uncertain and there is always a probability of facing medical emergencies anytime and anywhere. For combating such situations, getting a suitable health insurance policy always seems feasible.
However, it is important to understand that one must choose to buy a comprehensive health plan at an early age, as it is a part of better financial planning. By purchasing it early, you will not only get the health plans at lower premium rates but it will also support your long-term health goals. Keep reading this article as we have discussed here in detail how having a health insurance scheme helps in supporting any long-term health goals of life.
How Health Plans Are Beneficial for Achieving Long-term Health Goals?
Below are some pointers on how having an extensive health insurance policy will help an individual to fulfil long-term health and financial goals.
1. Rising Medical Inflation
In India, the medical inflation rate is rising and due to increased healthcare costs, the premium amount is also rising. Irrespective of the types of health policies, the premium rates are rising day by day. Having medical insurance from the early days will help you to combat medical costs in your old age. By buying the right health plan, you will be able to tackle the rising medical costs with ease.
2. Expensive Medical Insurance Plans
Many people do not know that age plays a crucial role in determining the premium of a health insurance plan. Senior citizens have a higher chance of getting health issues which require proper medical attention. So, the health insurance premium amount tends to get higher with age. That is why, no matter what your age is, buy a health plan at much lower premium rates.
3. Tax Benefits
Apart from financial security, investing in health insurance will provide you with tax relaxation. Under Section 80C, a policyholder is eligible for a tax deduction of up to Rs. 1.5 Lakhs on the premium you paid towards your health insurance. Also, under Section 80D of IIT, one can get a tax deduction of up to Rs. 25,000 for individuals below 60 years of age. On the other hand, senior citizens above 60 years are eligible to enjoy a health insurance tax benefit of up to Rs. 50,000 per financial year.
4. Rising Trend of Diseases
Most individuals nowadays are facing immense stress due to their busy lifestyles. In addition, most people are consuming junk foods, smoking tobacco, etc. which is leading to unhealthy lifestyles. Surveys have shown that due to such reasons, at an interval of every five years, new types of diseases are emerging in India. To combat such diseases in future, one must have a comprehensive health plan.
5. Battling Critical Illness
Usually, old age comes with a varied list of illnesses. Sometimes medical problems can be chronic so to have financial security in such times, you must have the right health insurance policy. For example, cancer was a rare disease five to six years ago, but now it has become a common disease in India. Such critical disease requires advanced medical treatments which can lead to financial burdens with health insurance.
Why Opt for Long-Term Health Insurance?
Long-term health insurance is ideal for those looking for a health plan which will provide support for their long-term health goals. Compared to regular health insurance plans, this type of health policy comes with a longer validity period.
For instance, regular or short-term health plans usually come with one-year validity. On the other hand, long-term insurance plans have longer insurance tenures like two to three years. Choosing this type of medical insurance plan is ideal for achieving long-term health goals like overall well mental and physical well-being.
Factors to Consider While Buying the Best Health Insurance
Claiming process is a crucial factor that one must look into before buying a health plan. Every insurer usually gives a guide about their claiming process to their policyholders. So, before purchasing one, consider looking into the easement of the claiming process.
For instance, insurance providers like ACKO, allow their policyholders to raise claims via their online mobile applications. To make an informed decision while purchasing medical insurance, consider the following other essential factors.
- Age
- Inclusions
- Exclusions
- Waiting period
- Co-payment clause
- No claim bonus
- Cashless hospitalisation
- Sub-limits
- Renewal options
- Customisation options
- Pre and post-hospitalisationÂ
- Daycare procedure coverage
- Room rent capping
The Bottom Line
Buying health insurance according to your specific medical or healthcare needs is essential. Thus conduct thorough research and compare varied plans to choose the best-suited plan for you and your family.
Now that you know all about the role of health insurance in securing long-term health goals, buy one today. To get a deeper insight into varied types of health plans, surf through the official website of ACKO and buy the best health plan within a few clicks. Â
Also Read: The Best Health Insurance Options for Gig Workers and Freelancers
