The fundamental purpose of health insurance is to cover a wide range of medical services, such as daycare, pre-and post-hospitalization, emergency expenditures, domiciliary treatment expenses, and so on. If you have health insurance, it protects you from losing your benefits if you have a significant health problem that requires hospitalization within the policy period.
Many people believe that a health insurance plan solely covers the costs of hospitalization. This isn't the whole picture, though; the best health insurance plans also cover additional expenses. When policyholders are uninformed of the benefits of their health insurance policy, many of them go unused. Here are 9 lesser-known health insurance benefits that we think you should know:
1. Convalescence Advantage
Under this section, often known as recuperating or recovery
benefit, insurers pay the insured's recovery costs. The benefit is intended to
cover any additional costs incurred as a result of the hospitalization, such as
lost wages. If the policyholder is hospitalized for 7 to 10 days, the insurer
is responsible for a lump sum payment. Some plans also pay related fees, such
as compassionate visits from family members.
2. Medical Concierge Services
The small items can be the most aggravating. Concierge
services are a group of services that provide personal help to an insured
individual while he or she is ill. It comprises gathering contact information
for medical practitioners, making plans, scheduling meetings, paying bills and prescriptions,
and a number of other responsibilities. Medical concierge services might help
you save time and money. This feature is still catching up in India.
3. Organ Donor Expenses
A kidney transplant might cost anything between Rs 3 lakhs
and Rs 5 lakhs. Having insurance in place means you won't have to worry about
paying for medical expenses before having an organ transplant. Organ
transplantation is covered by the majority of general insurance companies as
part of basic health insurance coverage. Some insurance will reimburse the
entire amount, while others will put a cap or include it as a bonus. Insurers,
on the other hand, only cover the cost of organ replacement surgery. The
insurer does not cover fees such as donor hospitalization, post-surgical
problems, or testing.
4. No Loading Charge
You should be aware that if you do not make a claim, the insurer will reward you, and if you do, you will be penalized in the form of loading costs on your renewal rate. It would be preferable if you weren't in charge of claim-based loading. Even if you make a claim during the policy period, some of the plans contain a benefit that keeps you from incurring further loading charges.
5. Reinstatement of Insured Fund
During the policy period, the insured will be paid a
guaranteed fixed sum. When the money promised is drained before the policy's
expiration date, the insurance company raises the white flag and leaves the
insured to fend for himself. The reinstatement function refills the amount
assured if it is depleted. As a result, while the insured is in the hospital,
he or she continues to receive financial help. That's what we mean when we talk
about good value for money.
6. Domiciliary Care
Many insurance companies have expanded their coverage to
include medically supervised care at home. Insurers, on the other hand, have
imposed a restriction on both the amount and the number of days the benefit can
be used.
7. Top-up Plans
Being married, promoted to a higher position, or getting a
fortune from a wealthy relative are all significant events in one's life. You
may feel obligated to purchase additional health coverage since you can now
afford it, whatever the case may be. Finding a new healthcare 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 health insurance plan.
8. Bariatric (Weight loss) Procedures
Bariatric surgery is no longer considered a cosmetic weight
loss technique, but rather a life-saving procedure for obese patients who are
suffering from medical problems caused or worsened by their weight. If
bariatric surgery is performed for medical reasons, many insurers may
compensate you.
9. Allowance for Attendants
Many people are aware of regular monetary allowance, but few
are aware of accompanying allowance. This stipend is given to the person in
charge of the patient's hospital treatment. His personal expenses, such as food
and drink, are covered by this budget. It's like if the insurance company
agrees to take care of the person who takes care of the insured.
Takeaway
Alternative therapy is almost universally regarded as a
medical exclusion by insurance. Treatments such as Ayurvedic, Homeopathic, and
Naturopathic medicine is an example of this. The IRDA, on the other hand, is
poised to introduce regulations that would oblige any insurer to cover a
specific amount of the cost of alternative care. Now that you know more about
the advantages of health insurance plans, you can see that they provide more
than just reimbursement for hospitalization costs. Remember to read the policy
completely to get the most out of it.
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