- Date : 07/09/2022
- Read: 3 mins
6 reasons to choose multi-year health insurance plans!
Health insurance is a very useful help in case of medical emergencies. You do not need to liquidate funds in case of a medical emergency, and the health insurance plan will take care of your medical expenses. Thus, your unforeseen expenses are taken care of, and you do not need to find a shortage of funds an issue.
But to get the benefits, you need to pay premiums for health insurance, and the annual premiums help you to balance your medical bills against the premiums you pay. But, should you choose a multi-year health insurance plan or a single-year health insurance plan? Here we discuss the six reasons why multi-year health insurance plans are better.
Related: 8 health insurance jargons explained
6 Reasons why multi year health insurance plans are better?
The six reasons why multi-year health insurance plans are better are:-
- Hassle-free renewal- With single-year health insurance plans, you need to renew every year. But with multi-year health insurance, the renewal times are much longer.
- Waiting period coverage- The waiting period between the renewals is zero in the case of multi-year health insurance plans
- Minimal paperwork- With multi-year health insurance plans, the paperwork reduces substantially.
- Extensive health coverage- Health emergencies can come anytime, and with extended health coverage, you can financially face any health emergency. You can get the best treatment without worrying about the costs.
- Tax exemptions- With multi-year health insurance plans, you can get tax benefits of up to Rs 50,000 a year, depending on the policy chosen.
- Fixed premiums- With multi-year plans, the premium remains the same, and any revision in the premium because of inflation or otherwise does not affect you as you have locked in the premiums.
Thus, because of the 6 reasons above, you should choose multi-year health insurance plans and secure your financial future. By choosing the right plan, you ensure that a medical emergency does not hamper your finances.
What should you do?
You should choose the best health insurance multi-year plan and then pay the annual premiums to secure your family’s future. This will ensure that medical emergencies do not cause financial damage to your pocket and that your treatment costs are taken care of. You will be financially equipped to handle any emergency with the right health insurance plan. Also read how Group health insurance differs from Individual health insurance
Disclaimer: This article is intended for general information purposes only and should not be construed as investment or legal advice. You should separately obtain independent advice when making decisions in these areas.