Have you Enrolled for Long Term Health Insurance?

“Some questions are better left unasked,” were the words of one friend I asked this same question. To him, long term health insurance was too expensive a thing to even take time to thing about. Possibly many people have similar feelings. But we do not have to rubbish such a brilliant idea as long term health insurance just because we suspect it will be costly and therefore not affordable.

It is therefore very important that before making conclusions, we should make an analysis of the facts to establish whether long term health insurance is surely as expensive. To understand this, we need to look at the real nature of long term health insurance.

The Nature of Long term Health Insurance

Long term health insurance usually refers to health insurance coverage that covers the health insurance client’s long range health needs. In most cases it covers both common (often called short term ailments) like flu, colds, cough, fever and the like and long term (sometimes interpreted as chronic) illnesses like cancer, TB, HIV/AIDS, hypertension, etc. Long term health insurance may be sought for an individual, family or work group. It normally lasts for an entire life if it is meant to cover individual health risks or needs. Simply stated the other way, long term health insurance may rightly be called Life heath insurance. Let us hope everyone would need such health insurance cover. Isn’t that so?

But like any other good thing, people would still have reason to suspect that it may not after all be good. But colleagues, before we become pessimistic, let us look at the good side of long term health insurance.

Why we all need long term health insurance

Long term health insurance gives added confidence and peace of mind that your health is under the right protection, given the fact that you do not have to worry about the passage of time. With short term health insurance, every passing day brings to reality the fact that your health insurance coverage is about to expire. And who would want to live in a life of perpetual fear of the unknown? This certainly confirms the fact that long term health insurance is something we all need and indeed for the very right reasons.

It is also important to note that long term health insurance tends to be cheaper than short term health insurance in the long run. True the initial investment in the insurance coverage may be large and therefore overwhelming, but when quantified over time, it becomes worthy every penny. If the cost of the insurance cover provided for a long time, say fifty years is broken down into shorter periods like one or two years, it would become apparent that long term health insurance is far cheaper than short term health insurance. And yet our initial worry was that it is expensive. So are we still worried of the expense? I presume we all understand why we need long term health insurance.

However, the skepticism many people have towards long term health insurance are also well founded. It is surely hard and may indeed look expensive to pay for long term health insurance at once. Of course, individuals opposed to this argument will say that long term health insurance is paid over a long period of time, so it is not really as expensive. Yes, whereas this may be true, it is also worth noting that long term health insurance by far and large needs a bigger initial investment than short term health insurance.

In conclusion however, considering the enormous values of long term health insurance, it becomes apparent that it is a venture worth every penny put in. So, have you already enrolled for long term health insurance?