How Much Does Long-Term Care Insurance Cost and When to Buy It?

The concept of availing long-term health insurance plans from leading health insurance companies is not new. A long-term health insurance plan assists the policyholders to lessen their hospitalization cost, enhanced living facility or home care assistance, especially when one is unable to take care of them.

As one tends to grow old, a frequent question that hovers the mind is – who will take care of us when we won’t be able to take care of ourselves?

Drawing your attention to the healthcare prices, it has seen a sharp increase which is not less than 15% compared to last year. At the rate, the prices of major healthcare are surging, it is bound to become a costly affair as the time passes. Health insurance is considered one of the best options to keep off the odds of a potential financial doom when one doesn’t have a storing backup plan.

However, health insurance companies are a bit apprehensive when offering health insurances to senior citizens as they consider them higher risks. It is because their probability of asking for covers are more compared to younger policyholders.

Let’s shed some light on the concept of the long-term health insurance plans and its benefits:

What are the long-term health insurance plans?

Long-term health insurance plans have a tenor ranging 2-3 years. They work as a superb alternative to the traditional health insurance plans which is valid for 1 year. In comparison to those yearly policies, the long-term health insurance plan can provide you coverage for an extra 2-3 years.

Hence, it is the best healthcare alternatives to the one-year policies provides by health insurance companies.

Why consider buying long-term health insurance plans?

The biggest advantage of subscribing to the long-term health insurance plan is that when you opt for this type of health care plan, you don’t have to renew policies yearly. What’s more, these schemes also come with the additional benefits of discounted premium when pitted against 1-year conventional healthcare policies.

Another benefit worth mentioning for availing the long-term health insurance plan is that you also keep yourself protected from the rising premium costs during the tenor. As a result, you easily save money compared to having a 1-year plan that needs renewal at the current inflation.

Also, health insurance companies also figure out and provide meaningful discounts for the no-claim bonus or NBC to long-term health insurance plan subscribers.

You should know that the non-claim bonus or NCB slabs are fixed by the Insurance Regulatory and Development Authority of India (IRDA), its advantage could be paid in the form of claim-based rebates.

For example, the health insurance companies may award the bonus to a subscriber for all claim-free period or year.

Why is the long-term health insurance plan needed?

Indians have suddenly risen to the importance of availing health insurance plans in the recent past. The inflated cost of major healthcare services and promotion of insurance plans by the Government and companies along with lower premiums are making the way for more and more people opting for the health insurance plan.

However, the cost of renewal for the one-year plan is also not helping the concern of people and that’s where opting for the long-term health insurance plans is beneficial. Since it has a tenor ranging 2-3 years, it saves people from paying extra money on renewals and yet carry on with a healthcare plan.

The Bottom Line

Now that you the concept and significance of the long-term health insurance plan, you can compare the best deals and apply online. All the best!




Hello! I'm a blogger, author and world traveler. A professional freelance writer based out of Spain, AIDEN focuses mostly on the worlds of technology, gadgets, and the Internet. You can find my blogging among several other websites around the web.