Why And When Should I Buy Long Term Health Insurance?

That the cost of medical expenses is increasing with every passing year is no hidden secret. In the last few years, it has been reported that the cost of Buy blue meanies-care has been on an upward trajectory with a 15% inflation rate, annually. As such, it is best to invest in a long-term health care policy as soon as possible.

While you can continue paying premiums for your regular health insurance policies until the age of 50, the moment you reach this mile-stone, you should start investing in long-term insurance policies, because your 60s are a time when chronic illnesses begin to crop-up out of nowhere.

Also, most insurance companies do not prefer to provide long-term health insurance policies when one enters their retirement years. This is attributed to the fact that senior citizens are generally considered as high risk customers since their health is more likely to start deteriorating once they enter their 60s.

Reasons to consider a long-term health insurance policy

Now that you know What Is Covered By Health Insurance, let’s look at the essential reasons why you should consider investing in this type of policy.

One of the most common reasons why people prefer to invest in long-term insurance is that you do not have to go through the hassle of renewing your policy every single year, nor do you have to worry about your policy lapsing or losing out on the no-claims bonus.
Since long term Health insurance policies comes with a longer validity, the policy holder is also likely to gain the benefit of discounted premiums as compared to when one purchases a policy with a 1 year validity.

Also, locking in your insurance plan for a period of 3 years makes the policy holder immune to premium rate revisions that may happen during this period. As mentioned above, with the annual inflation associated with the health care industry, most health insurance providers are increasing premium rates with every passing year.

Final Words

The IRDAI has also issued a regulation that makes insurance companies provide the No-claims bonus benefit to long term health insurance policy holders as well. The no-claims bonus slabs are fixed by the IRDAI and the policy holder can receive these benefits in the guise of claim-related concessions. For instance, insurance companies may offer bonuses for every claim-free year even in the case of policies lasting for three years.

As we grow older, our body starts becoming weaker. It becomes more and more difficult for us to continue with our daily activities. Most old people complain of pains in their joints, muscles and even knees. In most cases, as the knee begins to weaken, people find the need to undergo knee replacement surgeries. Thankfully, a few insurance companies allow you to file insurance for knee replacement surgeries. Some even offer a special knee replacement insurance coverage in India. Here are a few things you need to know about this type of insurance.

Knee replacement surgery can be quite expensive

Opting for knee surgery can prove to be a life-changing decision as it puts one under tremendous physical and mental pain. Knee replacement procedure is also one of the most expensive Medical procedures ever. With the ever escalating medical costs, you could end up spending anywhere between ₹500,000 to ₹800,000 on this single surgery,

In the absence of a good health insurance plan. This is attributed to the fact that knee implants are very expensive, and in most cases, they need to be imported from foreign countries. Moreover, you need to consider additional costs such as hospital and surgeon fees and the taxes levied on importing the implants.

Special plans for knee surgery are relatively new in India

Most people are unaware that you can now purchase a special knee replacement insurance coverage plan. This is because, knee surgery was earlier considered a part of cosmetic procedures, which are not typically covered under insurance plans. Also, the numbers of claims filed for knee replacement have increased in the last decade. As such, a few government-run insurance providers started offering this special insurance. In the light of this, private insurance companies too started offering insurance plans for knee replacement surgeries.