There's more to your health insurance plan than what meets the eye. If you care to give a good look to your policy docket, you will find many clauses, both good and bad, that you probably didn't know of. Here is our pick up of, what all benefits you might be missing on your health insurance.
The benefits we have listed are not the regular benefits but the lesser known benefits which most of the people don't avail primarily because of lack of awareness. These benefits should not be seen merely as some icing on the cake as their inclusion truly enhance the value of a health insurance plan.
Every health insurance plan sets an upper cap on the entry age. It is usually 70-80 years. The renewal age is extended a bit but it does not get beyond 90 years. Now doesn't it seem an irony that the older you get, the harder it becomes to get covered under a health insurance plan. A lifelong renewal feature enables you to renew your policy lifelong, so that you are covered under a health plan even when you a 90 year old man.
Also known as convalescence benefit or recovery benefit, this refers to handing out a lump-sum to the insured, post hospitalization. The prerequisite is that the insured was hospitalized for a period of 10 days or more. The restore benefit is given to the insured to take care of his household expenses till he gets back to the normal track.
Medical Concierge Services
At times, the petty things end up bothering you the most. Concierge services are a host of services that lends personal assistance to the insured through his/her illness. It includes getting the contacts of medical professionals, taking appointments, making arrangements, bills and prescriptions and a dozen other matters. Taking medical concierge services saves you time and effort. This feature is still to catch up in India. At present, only L&T Health Insurance offer this benefit.
Reinstatement of the Sum Insured
There's a fixed sum assured that the insured can avail during a policy term. But what happens if the sum assured is exhausted before the end of the policy term? In that case, the insurance company waves the white flag and leaves the insured at his/her own. The reinstatement feature refills the sum assured if it is exhausted. Thus, the insured continues to get the financial support during hospitalization. Now that's what we call good value for money.
No Loading Charge
You must be well aware of the fact that if you do not make a claim, you get awarded by the insurer and if you do, you get penalized in the form of loading charges on the premium at the time of renewal. Wouldn't that be nice if you do not have to bear the claim-based loading? Insurers like Max Bupa and Religare have come with a valuable benefit on some their plans which frees you of incurring extra loading charges, even if you make a claim during the policy term.
There are many turning points in life such as getting married, being promoted to a higher designation, or if you are lucky enough, inheriting a fortune from a rich relative of yours. Well, whatever the case may be, at such points you might feel a need to get a wider health coverage because now you can afford it. But to get a new health insurance plan is quite a task in itself. That is where top-ups come into picture. A top up on your existing health insurance plan lets you to enhance your health insurance coverage. Opting for a top up insurance plan rather than buying a new policy saves you money. And the best of all, unlike buying a new plan, you do not have to undergo a medical screening while buying a top-up.
Many people have heard of daily cash allowance but most of us don't know what attendant allowance is. This allowance is given to the person looking after the patient in the hospital. This allowance makes up for his personal needs such as food and refreshment. It is given out on a daily basis and is usually restricted to a number of days of hospitalization. It is like, the insurance commits to take care of the person who's taking care of the insured.
Almost all the insurers count alternative treatment as an exclusion to the medical cover. This would include Ayurvedic, Homeopathic and Naturopathic treatment. National Insurance is the first insurer to pioneer the inclusion of alternative treatment in the medical cover. However, IRDA is soon going to imply some reforms as per which every insurer has to give a certain percentage on the expenses made on alternative treatment.
Health insurance provides the expenses incurred during hospitalization. But what if the patient doesn't get a hospital room or is too sick to be transferred to the hospital. In such cases, if the doctor approves, the patient can get the medical treatment at home, this is termed as domiciliary hospitalization. Reread your docket and find out whether your policy covers domiciliary hospitalization expenses or not.
Value Added Services –With so many health insurance players around, the market is bound to get more competitive. Well, good for the customer! To gain an edge over others, the insurers are offering unique value added health insurance benefits to the customers. Bharti AXA came up with the idea of assigning a relationship manager for assisting the insured with the claim process. Star Health initiated 24 X 7 free medical advice on telephone. Religare lets the health insurance cardholders to enjoy discounts on medical stores, health clubs and fitness centers. Many insurers have also started including free annual health check ups as a part of the policy.
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