Providing comprehensive medical services to policyholders is the primary goal of health insurance. These medical services include daycare procedures, emergency treatment costs, pre and post hospitalization, in-patient hospitalization costs and more. But health insurance plans not only cover hospitalization costs, but an adequate policy covers many other expenses. Find below 10 lesser-known health insurance benefits.
Organ Donor Expenses
Expenses related to a kidney transplant can range between Rs 3 lakh and Rs 5 lakh or more depending on the type of hospital and the city you are in. With health insurance in your hand means you won’t get concerned about the medical expenses before undergoing organ transplant surgery. Most health insurance companies offer organ transplantation as part of standard health insurance plans. Others refund the entire cost. However, there are some insurers that impose a limit or include organ transplant as an add-on bonus. But insurance providers only bear the costs of organic replacement procedures. Post-surgical complications, donor hospitalisation and testing costs are not covered.
Convalescence Benefit
Convalescence benefit is also called recovery or recuperating benefit. Insurance companies pay the insured’s recovery expenses under this benefit. Policyholders gain the benefit to compensate for any additional expenses that might occur as a result of hospitalization, like lost revenue. The insurance company owes a lump sum fee if the customer is hospitalized for 7 to 10 days. Expenses related to compassionate visits from family members are also covered under some programmes.
Medical Concierge Services
One of the most bothersome experiences is the petty cash. Concierge services are a range of services that offer personal assistance to the insured person when he is sick. It may include getting the doctor’s contact information, making plans, scheduling meetings, paying bills and prescriptions and many other tasks. Medical concierge services allow you to save time and money. In countries like India, this service is still catching up.
Reinstatement of Insured Fund
Under this benefit, you are eligible to get a fixed amount during the policy period. Insurers leave the insured to look after him when the amount guaranteed is exhausts before the policy expires. In a situation like this, the reinstatement function replenishes it. That means your sum insured will restore in case the basic sum insured exhausts during the treatment. Consequently, you can continue to receive financial support while in the hospital.
Top-ups
Getting married, parenthood, inheriting a fortune from a wealthy relative or being promoted to a higher position are a few pivotal moments in one’s life. Whatever the case is, you may feel compelled to acquire added health benefits because you can now afford them. Finding a new health insurance plan to cover these expenses is not an easy process. This is where top-ups come into the picture. You can save big on premiums by opting for a top-up insurance plan instead of purchasing a new policy.
No Loading Charge
Remember that your insurance company will reward you if you do not file any claim in a policy year. In contrast, if you raise claims, the insurer may penalize you in the form of loading charges on your premium at renewal. It would be better if you weren’t responsible for the claim-based loading. Some health insurance plans come with a beneficial advantage. This advantage prevents you from added loading charges even if you file a claim during the policy period.
Allowance for Attendants
You may be familiar with a regular cash allowance and attendance allowance. An individual ( in charge of the patient’s care in the hospital) receives this stipend. This budget can help the individual by covering his personal expenses that can be food and drink.
Domiciliary Care
Domiciliary care is homecare care wherein a patient is treated at home due to lack of beds or facilities available in hospitals and the doctor suggests home treatment. Many health insurance companies in India cover expenses related to Domiciliary Treatment. They extend their insurance coverage by including medically supervised treatment at home. However, they may set a limit on both the amount and the number of days that the benefit is accessible.
Weight loss Procedures
Bariatric surgeries or weight loss operation is a cosmetic operation, but rather as a life-saving procedure for overweight people who undergo medical problems affected by their weight. Many insurance companies reimburse bariatric operations if they are done due to medical reasons.
AYUSH Benefit
Some health insurance companies cover alternative treatment, which includes Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (AYUSH). IRDAI is likely to bring some reforms that will allow all insurance company to provide coverage for AYUSH treatment under which the insurer will require to pay a certain percentage of the costs of alternative treatment.
Key Takeaways
Now that you have got to know the complete benefits of health insurance policies, you better understand health insurance does more than just reimburses hospitalization costs. To get the most out of the policy, it is strongly recommended to read the policy wording thoroughly and ensure it does not include any sub-limit on coverage as well as offer maximum coverage on minimum premium.
Disclaimer: We have written this article for the general public interest only. You can trust the contents of this article or research further as well as consult a health insurance professional.