Health insurance plan is very important in today’s time. Insurance companies also provide Multi-Year Health Insurance Plans in the market.
Taking care of your health is very important. After Coronavirus, it has become even more important for all of us. However, even before the pandemic, there were many threats to our health in the environment. For this reason, it is very important for us to take health insurance. You can of course live a healthy life. But sometimes the condition of a medical emergency can come without any warning. The financial burden can be very stressful at the time of health crisis. Due to the skyrocketing health care expenditure, it may be difficult to pay them from your savings. That’s why it is necessary to make a plan for a medical emergency. A health insurance plan protects you from these expenses. By investing in health insurance, you can cover the expenses of any kind of medical emergency that may arise in the future. Most of the people buy annual medical insurance. Which has to be renewed every year.
What are the benefits of multi-year health insurance
Long term Policy Discount
By purchasing a multi-year health plan, you can take advantage of policy discounts for longer periods. Most insurance companies give a discount of up to 10% on selecting a policy period of 2 years. Similarly, you can reduce your premium amount by up to 15% by choosing a 3-year health insurance policy.
If you have an annual health insurance plan, then you will have to renew the policy every year. So that you can get medical coverage at all times. But if you are not able to renew your policy on time, then you will not get the coverage and you will not be safe in case of medical emergency. On the other hand, if you have a multi-year policy, then you do not need to remember the due date of your policy every year. You just have to pay the premium for 3 years at the time of buying the policy and will not have to take any kind of tension for the next few years.
No risk of premium increase
If you have a multi year policy of 3 years, then your premium is locked for those 3 years. It doesn’t matter how the world around you changes, your insurance company cannot charge you a higher premium for those 3 years. In this case, you do not have to file a claim every year. Due to which money is saved.
Like the annual health policy, you can also pay the premium for your multi year health policy in installments. This saves you the trouble of arranging the premium amount for 3 years at one go. You can select Annual, 6 months, 3 months as well as monthly installments to pay the premium for your multi year policy.
tax benefit
Like annual policy, you can also avail tax benefit on premium amount in multi year health insurance policy. However, you cannot claim full 3 months’ premium in a single year. As per government guidelines, you can claim an amount in proportion to the total premiums paid every financial year.
