Many people believe that a health insurance policy only covers hospitalisation costs. However, this is not the entire picture; the best health insurance policies also cover other expenses. Several health insurance policy benefits go unutilized because policyholders are unaware of them. Remember that the usefulness of your medical insurance’s health coverage is determined not only by its features but also by your ability to use them. Let’s take a closer look.
1. The Daily Hospital Cash Allowance
In the event that you are hospitalised, hospital cash insurance pays you a set amount at the time you purchase the policy. The hospital’s daily cash benefit is paid regardless of the actual bill amount, and no bills are required.
2. Convalescence Benefit
Under this category, also known as recuperating or recovery benefit, insurers cover the insured’s recovery expenses. The benefit is intended to cover any additional costs that may arise as a result of hospitalisation, such as lost income. The insurer pays a lump sum amount if the policyholder is hospitalised for a period of 7 to 10 days. Associated costs, such as compassionate visits by family members, are also covered in some policies.
3. Alternative Treatment
Alternative medicine’s popularity has skyrocketed in recent years. As a result, many insurance companies have begun to cover alternative treatments such as Ayurveda, homoeopathy, and yoga. TATA AIG’s MediPrime, for example, covers alternative treatments up to Rs 25,000. However, insurers will only pay for alternative treatments if they are performed in a government hospital or at a facility accredited by the Quality Council of India and the National Accreditation Board on Health.
4. Bariatric (weight loss) Surgeries
Bariatric surgery is no longer regarded as a cosmetic weight loss procedure, but rather as a life-saving procedure for obese patients suffering from medical conditions caused or exacerbated by their weight. Many insurers, including Star Health and ICICI Lombard, cover bariatric surgeries if they are performed for medical reasons.
5. Domiciliary Treatment
Many insurers have expanded their coverage to include treatment received at home while under medical supervision. However, insurers have set a limit on both the amount and the number of days that the benefit is available. For example, the Max Bupa Heartbeat Silver Policy only covers domiciliary treatment up to Rs 15,000 per year.
6. Free Health Checkup
The majority of the best health insurance plans entitle policyholders to free medical check-ups once every two or four years, depending on the policy purchased. While many people are unaware of how to obtain free medical check-ups, others are concerned about a possible increase in premiums if the test results are positive. Medical checkups, on the other hand, are essential because they can aid in the early detection of any medical condition or ailment.
7. Organ Donor Expenses
If the donor’s organ is found to be compatible, he or she is usually subjected to rigorous medication and treatment before being hospitalised. The cost of hospitalisation includes room and board, as well as nursing fees and other charges.
8. Attendant Allowance
Adults accompanying the insured at a hospital are entitled to an attendant allowance if the insured is a child. The number of days for which an insurer pays the attendant allowance is usually fixed.
9. Domestic Road Emergency Ambulance Cover
Domestic Road Emergency Ambulance Cover protects you against expenses incurred during in-hospitalization, pre-hospitalization, and post-hospitalization, as well as transportation to the nearest medical facility via road ambulance. This policy also includeshospitalisation coverage.
10. Restoration Benefit
The restoration benefit allows your health insurance policy’s sum insured to be restored up to the maximum limit as soon as it is depleted following a claim. This benefit is available in health insurance plans for individuals and families. It is also available as an add-on cover to your existing policy and comes in handy in the event of a second hospitalisation within a single policy year. It. Consider it your backup plan in case of emergency.
So, now that you know more about the advantages of health insurance policies, you know that they do much more than just cover hospitalisation costs. To get the most out of the policy, make sure to read it completely.
Author Bio: Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.