With rising costs of medical treatment, it is better to opt for a multi-year health insurance policy which is cost-effective. Moreover, it will save the hassles of yearly renewal as failing to renew a policy every year will leave the individual and his family without any protection.
For a multi-year health insurance policy, typically for three years, the insured has to pay the premium in one go and the insurance companies offer a discount of 10-15% on the premium amount. The savings can be substantial in the long run as most plans offer a lifelong renewal option.
