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Deferred Health Insurance - All You Need To Know

By Author: Anand Gulati
Total Articles: 2

Medical inflation is generally far higher than general inflation, which is why a health insurance policy is vital for everyone. In the last 5 years, general inflation has been around 6.5 percent, while medical inflation is currently at more than double that amount, at 15 percent. While paying the health insurance premiums may be easy when you have a stable income. However, this equation changes after your retirement. This is where a deferred health insurance policy can be very handy.

What is a deferred health insurance plan?

A specialized policy, which allows you to save the money for payment of premiums after your retirement is known as a deferred health insurance policy. Once you retire, health insurance becomes more important than ever, but at the same time, you have to stick to a strict budget. Paying premiums for the medical insurance plan may become difficult. With a deferred insurance policy, you have separate savings simply for the payment of the premiums during your old age.

Benefits of deferred health insurance policy

Here is a look at some reasons why a deferred policy is the best option for you if you are planning to secure your future.

1. Long-term cover
Unlike employment or other health insurance plans, a deferred policy offers protection for the long run. Its main benefits start after you retire and your employment health coverage ends. A deferred policy ensures that you have affordable and substantial health cover, regardless of your age.

2. Reasonable rates
Senior citizen health insurance policies are pricy and offer limited coverage. However, with a deferred policy, you are essentially purchasing it while still being employed, which makes them cheaper and much more affordable. Any normal plans that offer cover beyond 60 years of age will also be expensive and charge higher premiums. Therefore, getting the deferred plan is the best option all around.

3. Offers cover for self-employed individuals
Self-employed individuals do not have the luxury of employer-sponsored health insurance policies. They have to rely on normal plans that become expensive with age. However, with deferred policies, these people are also allowed affordable healthcare for the foreseeable future.

What are the eligibility criteria for deferred plans?

In India, people between ages 18 and 55 years are allowed to purchase a deferred health insurance plan. Upon maturity, policyholders start receiving the benefits of the plan.

Even though not many insurance providers offer such policies to customers in India, a handful of companies have started providing deferred plans and support for the same.

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