9 Lesser Known Benefits of Health Insurance
Published On May 03, 2021 5:30 AM By KANIKA WADHWA
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The primary goal of health insurance is to provide comprehensive medical services, which includes day care procedures, pre and post hospitalisation, emergency costs, domiciliary expenses, and more. Health insurance prevents your benefits from being wiped out in the event of a major health problem that causes hospitalisation within the coverage era.
9 Lesser-Known Benefits of Health Insurance
Many citizens believe that a health care programme only covers hospitalisation costs. However, this is not the complete picture; best health care plans still cover other expenditures. Several life care contract incentives go unutilized when policyholders are unaware of them. Here are 9 Lesser Known benefits of health insurance:
Convalescence AdvantageIt is also known as recuperating or recovery benefit, insurers pay the insured's recovery costs under this heading. The benefit is provided to offset any additional expenses that might occur as a result of hospitalisation, such as lost revenue. The insurer owes a lump sum fee if the policyholder is hospitalised for 7 to 10 days. Related expenses, such as compassionate visits from family members, are also covered under some programmes.
Organ Donor ExpensesThe cost of a kidney transplant could vary from Rs 3 lakhs and Rs 5 lakhs. Getting insurance in place means that you will not be concerned with your medical costs prior to undergoing organ transplant surgery. The majority of general insurance providers have organ transplantation as part of standardized health insurance policies. Some insurers refund the entire cost, whereas others impose a limit or include it as an add-on bonus. However, insurers only bear the expense of the procedure to replace the organ. Costs such as donor hospitalisation, post-surgical complications, and testing costs, are not protected by the insurer.
Medical Concierge ServicesThe petty stuff can often be the most bothersome. Concierge services are a collection of services that provide personal assistance to the insured when he or she is sick. It entails obtaining medical practitioners' contact information, scheduling meetings, making plans, paying bills and prescriptions, and a variety of other tasks. You can save time and money by using medical concierge services. In India, this function is still catching up.
Reinstatement Of Insured FundDuring the policy period, the insured will receive a fixed amount guaranteed. The insurance company raises the white flag and leaves the insured to fend for himself when the amount guaranteed is depleted before the policy's expiration date. If the amount assured is depleted, the reinstatement function replenishes it. As a result, the insured continues to receive financial assistance while in the hospital. That is what we refer to as good value for money.
No Loading ChargeYou should be mindful that if you do not make a claim, the insurer will award you, and if you do, you will be penalised in the form of loading charges on your premium at renewal. It would be better if you weren't responsible for the claim-based loading. Some of the policies have included a beneficial advantage that prevents you from incurring additional loading charges even though you make a claim during the policy period.
Add-OnsThere are several pivotal moments in one's life, such as being married, being promoted to a higher position, or inheriting a fortune from a wealthy relative. Whatever the case may be, you may feel compelled to obtain additional health benefits because you can now afford it. However, finding a new health care plan is a difficult process in and of itself. Top-ups come into play in this situation. You can save money by using a top-up insurance plan rather than a new policy.
Allowance For AttendantsMany people are familiar with regular cash allowance, but few are familiar with attendant allowance. This stipend is paid to the individual in charge of the patient's care in the hospital. This budget covers his personal expenses, such as food and drink. It's as though the insurance company agrees to look after the individual who looks after the insured.
Domiciliary CareMany insurers have extended their insurance coverage to include medically supervised treatment at home. However, insurers have set a limit on both the amount and the number of days that the benefit is accessible.
Bariatric (Weight loss) ProceduresBariatric surgeries are no longer regarded as a cosmetic weight loss operation, but rather as a life-saving procedure for overweight people undergoing medical problems affected or exacerbated by their weight. Many insurers reimburse bariatric operations if they are performed for medical reasons.
Almost all insurers consider alternative therapy to be a medical exclusion. Ayurvedic, Homeopathic, and Naturopathic treatments are all examples of this.However, the IRDA is about to implement some reforms that will require any insurer to pay a certain percentage of the costs of alternative care. Now that you understand more about the benefits of health insurance plans, you realize they do more than just reimburse hospitalisation expenses. To get the most out of the policy, remember to read it completely.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.