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Benefits Of A Health Insurance Policy That Aren't Well-Known

Published On Mar 19, 2022, Updated On Mar 20, 2022

The primary goal of health insurance is to cover a wide range of medical services, including day care, pre- and post-hospitalization, emergency expenses, and domiciliary fees, among others. Many people believe that a health-care plan solely covers the costs of hospitalization. This is not the whole picture, though; the greatest health care plans also cover additional expenses. When policyholders are uninformed of the benefits of their life care contracts, many of them go unused.

Benefits Of A Health Insurance Policy That Aren't Well-Known

Benefits That Are Unknown Of A Health Insurance Policy

1. Convalescence Advantage

Under this section, often known as recovering or recovery benefit, insurers pay the insured's recovery costs. The benefit is meant to reimburse any extra expenses incurred as a result of the hospitalization, such as lost wages. The insurer is responsible for a lump sum payment if the policyholder is hospitalized for 7 to 10 days. Some programmes also pay related fees, such as compassionate visits from family members.

2. Organ Donor Expenses

A kidney transplant could set you anywhere anywhere from Rs 3 lakhs to Rs 5 lakhs. Having insurance in place means you would not have to worry about paying for medical expenses before having an organ transplant. The majority of general insurance firms cover organ transplantation as part of basic health insurance coverage. Some insurance companies will cover the entire cost, while others will cap it or include it as a bonus. On the other hand, insurers only pay for the cost of the organ replacement procedure. Fees such as donor hospitalization, post-surgical complications, and testing are not covered by the insurance.

3. Medical Concierge Services

The small items can be the most aggravating. Concierge services are a collection of services that provide personal assistance to an insured person while they are ill. It comprises gathering contact information for medical practitioners, scheduling meetings, establishing plans, paying bills and medicines, and a number of other responsibilities. Medical concierge services may be able to save you both time and money. In India, this feature is still catching up.

4. Reinstatement of Insured Fund

The insured will be paid a guaranteed fixed sum during the policy period. The insurance provider raises the white flag and leaves the insured to fend for himself when the money guaranteed is exhausted before the policy's expiration date. If the amount promised is depleted, the reinstatement mechanism replenishes it. As a result, while the insured is in the hospital, he or she continues to receive financial help. That is what we mean when we talk about good value for money.

5. No Loading Charge

You should be aware that the insurer will reward you if you do not file a claim, while if you do, you will be penalized in the form of loading expenses on your renewal rate. It would be preferable if you were not in charge of claim-based loading. Even if you file a claim during the policy period, some policies have a provision that prevents you from paying any further loading fees.

6. Add-Ons

Marriage, promotion to a higher position, or inheriting a large sum of money from a wealthy relative are all significant life events. Whatever the case may be, you may feel forced to get more health coverage since you can now afford it. Finding a new health-care plan, on the other hand, is a challenging task in and of itself. In this case, top-ups come into play. Instead of purchasing a new policy, you can save money by purchasing a top-up insurance plan.

7. Allowance for Attendants

Many people are aware of the regular monetary allowance, but few are aware of the accompanying allowance. This stipend is given to the person in charge of the patient's hospital treatment. It is like if the insurance company agrees to take care of the person who takes care of the insured.

8. Domiciliary Care

Many insurance companies have expanded their coverage to include home health care under medical supervision. Insurers, on the other hand, have imposed a restriction on both the amount and the number of days the benefit can be used.

9. Bariatric Procedures

Bariatric surgery is no longer thought of as a purely aesthetic weight loss technique, but rather as a life-saving therapy for obese persons who are suffering from medical problems that are caused or exacerbated by their weight. If bariatric surgery is performed for medical reasons, many insurers will pay for it.

Take Away

Alternative therapy is nearly commonly viewed by insurance companies as a medical exclusion. Treatments such as Ayurvedic, Homeopathic, and Naturopathic medicine are examples of this. The IRDA, on the other hand, is preparing to create regulations requiring any insurer to cover a certain percentage of the cost of alternative care. You can see that health insurance plans give more than just payment for hospitalization costs now that you know more about their benefits. 

Also Read: Period Of Survival In Health Insurance

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.

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