With an increase in the number of diseases and medical technology in the last few years, more and more people have become conscious about their health. Going for regular check-ups is something that everyone is doing these days. But this could put a serious strain on your pocket. but if you insured with a health insurance plan from a reputable insurer then you don't have to worry as the coverage offered by this plan will significantly curtail the burden of expensive healthcare. However, if you haven't bought health insurance online, no worries, we will help you.
Firstly, you should know that there are multiple types of health insurance plans available in the market these days. In general, there are long-term and short-term health plans. So, before you buy health insurance online, you need to understand the difference between the two. The comparison between long-term and short-term health plan mentioned below will help you buy a more suited health plan for yourself:
When Should You Buy Short-term Health insurance plan?
This type of health plan is ideal for fulfilling the insurance needs, in case of temporary situations such as a job change. The temporary gap in health coverage that will be created due to transition will be filled by this plan. The policy tenure of this type of plan is one year. So, it is perfect for you if you are planning to port your health insurance plan, as portability takes time. And if you insure yourself with a short-term health plan, you don't have to worry about any unexpected medical expenses during that tenure. If you are NRI or Non-Resident Indian, or a student who wants to study in India for some time, this type of health plan will suit your needs.
Also, you have to pay the premium annually, which is affordable. Low premium rates are also one of the reasons why people go for short-term health plans. You will also be eligible for tax benefits under section 80 D of Income Tax Act, 1961, which will help you save.
When Should You Buy Long-term Health insurance plan?
If you opt for a long term health insurance plan, you will be eligible for several benefits. First, the policy tenure of this type of health plan is about 2 to 5 years. So, you don't have to worry about frequent policy renewal. However, if you have opted for a short-term plan, you have to regularly renew your plan, or you will miss out on benefits like 'no claim bonus.
Premium rates of the short-term plan are affordable, whereas premium rates of the long-term plan are on the expensive side. Well, you are right that long-term plans are a little expensive, but you will also be eligible for several discounts on premiums, and much more.
In terms of coverage offered, you will get more benefits in long-term plans than in short term health insurance plans.
In A Nutshell!
Both types of health insurance plans have their pros and cons. Take the comparison mentioned above to choose the best health insurance plan that suits you the most, so that you and your family are financially protected in case of medical urgencies.