It can be challenging to buy health insurance plans, especially when you need to know what kind of plan you may require or need. Most people prefer to buy a health insurance plan assuming everything will be covered. You can find many insurance policies these days, but you should focus on the one that meets your requirements.
For instance, a senior citizen should go for a senior citizen health insurance plan that offers more benefits instead of a regular plan. Additionally, one should also consider long-term care while deciding on the policy.
If you are wondering what long-term care insurance is and why you need it, read along to learn more about it.
What is Long-Term Care Insurance?
Most of the health insurance policies are valid for one year. It means once the entire year is over, you will again have to renew the policy or take a new one. But in the case of long-term health insurance, the policies are designed for a longer term that lasts for around 2-3 years.
What are the Benefits of Long-Term Care Insurance?
Many people ask why to go for a lock-in for so long when they can renew it yearly. The advantages of selecting a long-term care plan over a standard one are listed below.
Save Time on Renewal
Believe it or not, health care is no longer a luxury but a necessity. It is needed by all, irrespective of age. Unfortunately, with a hectic work schedule and a busy life, many often forget to buy insurance or pay the premium on time. Such situations can easily be avoided by purchasing a plan that lasts for 2-3 years. Then, you can pay the premium and relax for the time. In such cases, you will not have to worry about renewing your policy year after year.
Significant Savings on Premium Amount
Many companies are ready to offer a low premium on long-term care insurance plans. You will get a lower deal even when you agree to pay a lump sum instead of instalments. With less bonus and one lump sum, you will save more money than paying monthly, thus more savings.
Pre-existing Diseases
In health insurance plans, covering pre-existing diseases comes with a clause. There is a waiting period after which the policyholder can get a claim on their pre-existing conditions. But in the case of long-term care, most of the companies offer no waiting period for such diseases. So, a policyholder will be covered from day one of the insurance purchases.
Increase in Future Premiums
Not worrying about rising premiums is one of the most exciting features and advantages. Once you are locked in for 2-3 years and paid the premium amount, even if the rates change, it won’t impact you. Thus, for you, the premium rate will remain the same.
A long-term care offering protection plan is an excellent way of ensuring you are prepared for any unforeseen medical situation. Moreover, with the growing age, the chances of diseases and infections will increase, making us need the insurance plan more than ever. As a senior citizen, if you are unable to get a long-term care plan, you should check for the best senior citizen health insurance plan for yourself.
Be Financially Secured
Buying the best health insurance for senior citizens in India will financially support you during your hour of need. A senior citizen plan will offer benefits specially designed, keeping in mind their requirements. In addition, it will provide perks which may not be available in a standard health insurance plan. Some of the perks of buying a senior citizen insurance plan are:
- Your pre-existing disease will be covered.
- You will get the facility of cashless treatment.
- Your plan may also cover medical expenses before and after hospitalisation.
- Daycare and home care treatments coverage.
- These plans offer lifelong renewability.
- Most companies also provide free medical checkups.
Conclusion
With the rising medical expenses and costs, buying insurance options for everyone in the family is becoming necessary. Our parents often feel no need for these health insurance policies, but the reality is the opposite. You should invest in an excellent senior citizen health plan and give them the gift of health and wellness.
