The key purpose of health insurance is to offer comprehensive medical coverage including day care procedure, pre and post hospitalisation, ambulance charges, domiciliary expenses, and more. Health Insurance protects your savings from getting ruined in case of a serious health condition leading to hospitalisation during policy period.
Many people assume that a health insurance policy pays only for hospitalization expenses. But this is hardly the full picture; best health insurance policies pay the bill for other expenses as well. Several benefits of health insurance policies remain unused due to lack of knowledge among policyholders. Remember, the utility of a health cover of your medical insurance depends not only on its features but also on how well you are able to use them. Let’s understand in detail.
1. Convalescence Benefit:-
Also known as recuperating or recovery benefit, insurers take care of the insured’s recovery expenses under this head. The benefit is given to cover supplementary costs that may arise due to hospitalization, such as loss of income. The insurer pays a lump sum amount in case of prolonged hospitalization, ranging from 7 to 10 days, of the policyholder. In some policies, associated costs such as compassionate visits by family members are also covered.
2. Alternative Treatment:-
In recent years, the popularity of alternative treatment has increased manifold. This has prompted many insurance companies to cover alternative treatments, such as Ayurveda, homeopathy and yoga. For instance, TATA AIG’s MediPrime covers alternative treatment up to Rs 25,000. However, insurers cover alternative treatments only if it takes place either in a government hospital or at an institute recognized by the Quality Council of India and National Accreditation Board on Health. (Read: Looking for a Health Cover for Alternative or Traditional Treatments?)
3. Expenses Related to Organ Donor:-
The cost of kidney transplant could range between Rs 3 lakhs and Rs 5 lakhs. Having a health insurance in place ensures that you will not have to worry about your medical expenses before undergoing an organ transplant surgery. Most general insurance companies cover organ transplant surgery as part of their regular health insurance plans. Some insurers reimburse the entire cost, while others put a cap on these expenses or offer it as an add-on benefit. However, insurers cover only cost of surgery for harvesting the organ. That is, other costs such as donor’s hospitalization, post-surgical complications and cost of screening are not covered by the insurer.
4. Domiciliary Treatment:-
Many insurers have expanded their insurance cover to include treatment taken at home under medical supervision. However, insurers have capped the amount and the number of days for which the benefit is available. For instance, Max Bupa Heartbeat Silver Policy covers domiciliary treatment up to Rs 15,000 only.
5. Attendant Allowance:-
Insurance companies offer attendant allowance to adults accompanying the insured at a hospital, provided the insured is a child. In most cases, the number of days for which an insurer pays the attendant allowance is fixed. For instance, Oriental Insurance’s Happy Family Floater Health Insurance Plan offers attendant allowance of Rs 500/day up to 10 days.
6. Daily Hospital Cash Allowance:-
Insurers offer additional financial protection to take care of expenses not covered under the policy, such as food and travelling. For instance, SBI’s Hospital Daily Cash policy offers daily cash benefit of up to Rs 2,000 per day. The amount goes up to Rs 4,000 per day in the case of ICU and accidental hospitalization.
7. Free Health Checkup:-
Another benefit of health insurance policies offer free periodic health checkups to their policyholders after every 4 or 5 claim-free years. Insurers offer cashless health checkup if tests are done at empanelled hospitals or centers. (Read: Did You Know Health Insurance Gives FREE Medical Checkup?
8. Dental Treatment:-
Various insurance companies cover dental treatment once in a few years with sub-limits. For instance, Apollo Munich’s Maxima Health and Easy Health Insurance (Family) plans cover outpatient dental treatments after a waiting period of 3– 4 years.
9. Bariatric (Weight loss) Surgeries:-
Bariatric surgeries are no longer considered a cosmetic weight loss procedure but a life-saving technique for obese patients battling with medical conditions caused by or related to weight. Many insurers, such as Star Health and ICICI Lombard, cover bariatric surgeries if done for medical purposes.
So, now you know more about benefits of health insurance policies do much more besides covering hospitalization expenses. Make sure to fully read the policy document to enjoy the maximum benefit out of it.
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