Long-Term Health Insurance and Its Long-Term Benefits

Inflation of healthcare costs has become a concern among people as well as the insurance industry. Finding ways to cover the expenditure is always a priority and saving on such expenses is crucial to maintain quality of life in the face of financial lows. A long-term health insurance policy is a stride towards the direction of reducing such a risk of bringing on penury.

Affordable healthcare is possible, and paying for medical expenses from one's pocket after a certain age is unreasonable. Furthermore, the average healthcare inflation rate is currently 7.14%. It is also estimated to grow at 12-18% per year. Taking the skyrocketing costs at medical institutions into account, medical insurance for senior citizens is a wise choice to cope with the rising prices. One can feel safe and untroubled with such an arrangement for future medical costs as their chance of ailments increases.

However, one needs to read the scheme-related documents carefully beforehand so that they are aware of the exclusions in the policy. Also, knowing the terms and conditions are essential to make a saving wherever there is a provision for one.

What does Investing in Long-term Health Insurance mean?

Long-term health insurance plans have policy tenures ranging from 2-3 years. Also, there is an option of lifetime renewability if you are looking for the best health insurance plan in India.

In the case of long-term health insurance plans, there is a waiting period for pre-existing diseases (PED), that allows one to get coverage for expenses related to a sickness one had before their health coverage started. Before the passage of the ACA (Affordable Care Act), an insurance provider could refuse to cover costs incurred in treating a pre-existing disease. Now, such a refusal is against the law, and PEDs gain coverage after 2 years or more.

Why should you consider buying a Long-term Health Insurance Plan?

As a prospective insurance buyer, you need not pay a premium every year to renew it. You receive a discount if you pay in advance for a couple of years. This proviso is not available in 1-year health insurance plans.

Insurance companies provide a bonus and discount for NCB (No-Claim Bonus) to policyholders. In the case of a bonus, it is a cumulative benefit provided to insured persons. Whereas, a saving* gets calculated on the premium.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

Medical insurance for senior citizens also takes into account the added risk of mortality as your age. However, the cost of hospitalization, day care procedures is all taken care of by adjustments to the premium. Furthermore, medical expenses incurred in one's lifetime can get coverage over a significant period. This reason makes health insurance with long tenures an attractive investment for individuals and families looking for healthcare that will cover all costs and also for a long time after health is not by their side.

Long-Term Health Insurance Plans That Cover Pre-existing Diseases*

People new to the concept of health coverage should start by searching for the best health insurance in India. Furthermore, one's choice will often vary based on the different plans under each product. The following policies are a benchmark for health insurance in India and medical insurance for senior citizens too if you want coverage for PEDs as well as a short waiting period:

Health Insurance Plan	Features
Family Plus Royal Sundaram	It is a family-floater health insurance plan The waiting period for pre-existing diseases is 36 months. Benefits include AYUSH treatments, maternity expenses, new-born baby coverage, and vaccination expenses in the first year and dietary allowance for the mother. There are free annual health check-ups as well. The plan covers up to 19 relationships. The sum ranges for the individual plan are Rs. 2 lakhs to Rs. 15 lakhs, and under the family floater plan there is coverage up to Rs. 3 lakhs to Rs. 30 lakhs. There is no max entry age, and persons of all ages can purchase this product. For 2-year policy purchase, there is a saving of 7.5% If a 3-year policy purchase, there is saving of 10% **
Lifeline Royal Sundaram	It has three variants, which are Classic, Supreme and Elite. The waiting period for a pre-existing disease under the various plans are: Classic: 48 months Supreme: 36 months Elite: 24 months Benefits offered under the Lifeline Plan: restoration, NCB, AYUSH treatment (Ayurveda, Yoga and Naturopathy, Unani, Siddha, Homeopathy), Worldwide Emergency cover, and much more Max six members can be covered. S.I. options range from Rs. 2 Lakh to Rs. 1.5 Crore Anyone is who is above the age of 18 years can apply. 7.5 % saving on 2-year premium payment 10% saving on 3-year premium payment **
Senior Citizen Mediclaim Policy New India Assurance	There is an 18-month waiting period for the majority of pre-existing diseases. Whereas, the waiting period for osteoarthritis and osteoporosis, joint replacements due to a condition are 48 months. Covers room and boarding expenses charged by the hospital, ICU treatment, medical practitioner fees, medical paraphernalia charges, and much more. Also covers AYUSH treatment. At least one of the insured should be a senior citizen. Furthermore, only a senior citizen and spouse can get coverage under the policy. The S.I. options are Rs. 1 lakh to Rs. 1.5 lakhs. The age of the insured should be 60 to 80 years upon buying the policy. 10% saving for a voluntary deductible of Rs. 10,000 10% saving is provided as a family discount **
SmartSuper Health Insurance Policy Bharti AXA	It is available in three variants: Value, Classic, and Uber. The waiting period for any pre-existing disease is 48 months which includes internal congenital disorders and anomalies. Covers organ donor treatments, inpatient hospitalization, day-care procedures, domiciliary hospitalization and alternative treatments. It has an NCB, restoration benefit as well. Max five members can be covered. The S.I. options range from Rs. 5 Lakh up to Rs. 1 Crore as per the variant. The minimum entry age is 5 years; the max entry age is 65 years. 5% NCB saving on renewal **
Senior Citizen Health Insurance Universal Sompo	It is a plan for citizens above the age of 60. The waiting period for pre-existing diseases is 24 months. Covers AYUSH treatment, medical expenses incurred 30 days before hospitalization and 60 days after discharge, day-care procedures, in-patient hospitalization, ambulance charges, and much more. Also includes lifetime renewability. The proposer may include their spouse under another individual health insurance plan or the family floater plan. The sum insured ranges from Rs. 1 lakh to Rs. 5 lakhs for critical illness and hospitalization coverage. Min age is 60 years, and max-age is 70 years. 10% family saving when covering a spouse on an individual sum basis 10% saving for 2-year premium payment 15% saving for 3-year premium payment

*PolicyBazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

The Necessity of Reliable Long-Term Health Insurance Plans

With a change in healthcare policies that aim at the attainment of higher-level health and wellness; health insurance policies have more importance now. The inflating costs of healthcare have brought health policies the much-needed attention they require. During such a time of a global pandemic, insurance providers are working hard to ensure their product gets recognized as the best health insurance plan in India.

Furthermore, the steeply rising medical expenses also reflect on the premium of such health insurance plans. Rarely do any other modes of expenditure make their way into a conversation regarding burning wallets and empty bank accounts. However, one cannot do much about increasing costs and premiums, so one needs a health insurance plan that provides extensive coverage, and makes provision for bonuses and savings.

What about Coverage for Pre-Existing Diseases?

Long-term health insurance plans often cover existing conditions, however with a waiting period. But, having a policy with long-term policy tenure allows you to complete the waiting period or change your insurer and make claims from the next year. For example, if you have purchased a policy that has a four-year waiting period, and you switch your insurer after three years of continuous coverage. The following plan covers pre-existing diseases from the fifth year.

What is Domiciliary Hospitalization?

Hospitalization at home is called domiciliary hospitalization. In case, the hospital does not have a spare bed; the patient receives domiciliary treatment. The patient receives treatment at home when he/she cannot get transported to the hospital.

Is a medical check-up necessary upon purchasing a Long-Term Health Insurance Plan?

Yes, it is necessary, but only after a certain age. The min age required for a health check-up varies among insurance providers, but it is usually around 50 to 55 years of age.
Are there Long-term Health Insurance Plans available for Senior Citizens?

Unfortunately, such options for medical insurance for senior citizens are low, as aged citizens carry high risk. However, there are some insurance policies which have long-term tenures and cater to the needs of senior citizens as well.