Health Insurance Benefits That Everyone Should Know
Updated On Jan 22, 2024
In India, health insurance may not be mandatory, however, it is also not something that we can ignore.
The importance of health insurance is colossal!
Let’s uncover how!
Table of Contents
The Importance of Health Insurance
Well, it is health insurance that prevents us from a series of issues, be it on the financial level or mental front. In other words, had it not been for health insurance, most people in our country would have lost their lifelong savings and assets in one go during a medical emergency. Also, they would have lost their peace of mind.
It is not the case that none loses their mental peace and financial backing in a few days in today’s day and age, but it is the rise in fame of health insurance and its benefits that has dialed down the number of people getting exhausted of their funds as well as serenity.
Strong financial support and an intact peace of mind are two prime health insurance policy benefits of health insurance. What adds to the advantage factor is the element of tax benefits. Coverage of pre and post hospitalization expenses, coverage for day-care surgeries, ambulance coverage, coverage for health check-ups, and vaccination expenses also make health insurance a great investment.
But, there’s more than what meets the eye!
If ready to uncover lesser-known health insurance benefits, read along so that you can have a thorough understanding of what makes health insurance in India the grand success it is.
10 Lesser Known Benefits of Health Insurance
The list comprises:
Lifelong Renewal
The presence of lifelong renewability features helps one renew their health insurance policy so that they remain covered under their health plan even when they are extremely old. However, one can avail of the benefit as long as they are making regular and timely payment of premium upon renewal.
Domiciliary Hospitalization
The situation in which a patient doesn’t get a room in the hospital or is too unwell to be transferred to the hospital and later provided the medical treatment at home is termed domiciliary hospitalization. However, note that the same is only applicable if the doctor approves. In case, the same takes place with an individual and their policy covers domiciliary hospitalization, they can reap the benefits of it.
No Claim Bonus
Did you know that if you do not claim the year-long tenure of your policy, you become eligible for a bonus? Isn’t that great? Also popular as the Good Health Bonus, no claim bonus is in the form of either an increase in the sum insured or a discount in premium rates. Note that sometimes even a cumulative bonus is offered for every no-claim year.
Free Health Check-up
Health plans offer free medical check-ups as long as they are within the pre-stated limit mentioned in the plan. However, the offer is only for the policyholders who have consecutive four or five no-claim years. When availed at an enlisted hospital or center, the health check-up is cashless.
Attendant Allowance
The concept of a daily cash allowance is clear to many. However, when it comes to attendant allowance, many are unaware. Well, attendant allowance is given to a person taking care of the patient in the hospital. In this allowance kind, the individual gets an allowance for their food and refreshment. Given daily, this allowance is limited to the number of days of hospitalization.
No Loading Charge
When one makes a claim, they have to deal with charges on the premium at the time of renewal. It’s not the case with few health insurers, who provide plans that are free from extra loading charges, even if one files a claim during their policy term.
Reinstatement of Sum Assured
In case, the sum assured gets exhausted before the end of the policy term, usually the companies leave the insured individual on their own. Nonetheless, the presence of reinstatement of the sum assured feature refills the sum assured, thereby helping the insured continue to get their financial support during hospitalization. Isn’t that great?
Recovery Benefit
Also referred to as convalescence benefit, recovery benefit is the lump-sum amount given to the insured individual for recovery after getting discharged from the hospital. It is handed over to take care of their household expenses until the patient regains their normal self. Also, note that recovery or convalescence benefit helps in covering one’s loss of income due to the hospitalization.
Top-ups
There are times in life when one thinks of wider health coverage. But, the thought of buying a new health insurance cover doesn’t come across as beneficial. In a case like such, what one can do is opt for top-up plans. A top-up supports an insured individual in enhancing their health insurance coverage. Not only do top-ups contribute to saving money, but also prevent one from undergoing medical screening while buying a new health insurance plan.
Alternative Treatment
If you have been thinking that the coverage of health insurance policy is limited to allopathic treatment only, note that it’s not the case. Nowadays, insurance companies have started to provide cover for non-allopathic treatments such as Unani, Siddha, Homeopathy (AYUSH), Ayurveda, and Yoga & Naturopathy. However, note that the amount of coverage for AYUSH treatment depends from company to company. To avail of the benefit of alternative treatment, the treatment should be taken in a government hospital accredited Quality Council of India or the National Accreditation Board on Health to get the claim paid under the health policy.
Conclusion
Health insurance is much more than cover for hospitalization costs. There are various health insurance policy benefits that one can make the most of. An insured individual, when well-informed about their health insurance policy and its multifarious health insurance benefits can avail the maximum support possible without worrying about the finances or losing their peace of mind.
Also Read:
