If you are under the impression that a Health Insurance Policy only covers hospitalization expenses, then you are not entirely right. The best health insurance policies pay for more than just hospitalization.
Health Insurance Policies have various hidden benefits which remain unutilized by policyholders. Some of these benefits come free of cost as value-added benefits, while some might have additional costs.
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Let check out the 10 hidden benefits in health insurance policies:
Apart from hospitalization benefits, health insurance policies also offer recovery benefits. The insurer takes care of your recovery expenses. Recovery benefit is also called convalescence benefit or recuperating benefits. Recovery benefit covers additional costs like loss of income arising from hospitalization and so on. In case of prolonged hospitalization ranging from 7 to 10 days, the insurer pays a lump sum. Some policies also cover associated costs like compassionate visits by family members.
Insurers did not cover alternative treatment in the past. But with rising popularity of alternative treatment like Ayurveda, Homeopathy, Unani and so on, many insurance companies now cover alternative treatments. However, coverage of alternative treatment methods are capped at a pre-decided percentage of the sum assured. Also, only alternative treatment in government hospitals or at institutes recognized by Quality Council of India and National Accreditation Board on Health are covered.
An organ transplantation can cost Lakhs of rupees. A kidney transplant can cost around Rs 3 Lakhs to Rs 5 Lakhs. Most health insurance policies cover surgery costs of the organ transplantation, as part of regular health insurance plans. The insurer may either reimburse the entire cost or they may cap expenses. Some insurers may offer to cover organ transplants as an add-on benefit. It is important to note that insurers only cover the surgery costs for organ harvesting or organ procurement. Donor’s hospitalization costs, post-surgical complications costs and screening costs are not covered.
Insurers have been adding a number of additional features to basic health insurance policies. One such additional feature is coverage of domiciliary treatment. Many insurers now offer to cover treatment taken at home under medical supervision. Nevertheless, insurers have put a cap on such expenses and the number of days for which the benefit is offered.
Insurers nowadays cover attendant allowances. The conditions are:
This add-on benefit comes with a cap on the number of days for which the attendant allowance is fixed.
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Hospitalization comes with additional financial needs like expenses on food and travel. These expenses are not covered by the basic health insurance policy. However, some of the best health insurance policies offer daily cash benefit up to a pre-decided amount per day. The amount increases in the case of ICU and hospitalization for accidents.
Health checkups can cost thousands of rupees. So, insurers offer free periodic health checkups to you after every 4 or 5 claim-free years. This is mainly to reward you for not making any claims on the policy. It also encourages you to take extra care of your health. If you avail health checkups at network or empanelled hospitals or centers, some insurers offer cashless health checkups.
Obesity and related health problems are increasing at an alarming rate. Obese people battle with medical conditions related to being overweight. Weight loss surgeries or bariatric surgeries are a solution to their woes. Weight loss surgeries were previously considered as a cosmetic weight loss procedure. However, now these surgeries are considered a life-saving technique for obese patients. Many insurers cover bariatric surgeries if done for medical purposes.
10. Wellness programs:
Health insurers today offer wellness benefits as a reward for maintaining a healthy lifestyle. This is a value-added benefit to your basic health plan and comes at no additional cost. Wellness benefits under health insurance policies are offered through wellness programs.
Now that you are aware of these hidden benefits of a health insurance plan, do ask your insurer if they offer any of these benefits. Do not hesitate to opt for these benefits, even if they come with additional costs. Make the best use of the value added benefits which come free of cost. Make sure you speak to the insurer and clear all your doubts before signing on the dotted lines.
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