The key benefit of having a health insurance plan is to safeguard your family and yourself from an unforeseen financial burden. It is ideal to have a health insurance plan that has add-on benefits along with a regular cover. The unclaimed coverage for a couple of years will also be advantageous with the add-on benefits and increase your cover bill.
Many people believe that health insurance policies, whether – group or family health insurance plans, provide coverage until the policyholder is hospitalized. But it is not always the case.
Let us view some hidden benefits provided by different health insurance companies. With a small additional premium, you can cover a host of benefits towards each of the costs that add up to create a large hospital
Hidden Benefits Of The Health Insurance Plans
- Recovery Period Benefits
It is a cash benefit offered to the policyholders while they are in the recovery stage. Generally, insurance companies state the benefits can be given only if the policyholder is hospitalized for seven days. This covers the supplementary costs that arise due to hospitalization.
One such example of this benefit is the income loss that is caused during the hospitalization period. If the family’s sole earning member is hospitalized and with high recurring expenses, the lump sum money is paid to the policyholder.
- Substitute Treatment
Also technically known as “alternative treatment.” A majority of health insurance agencies generally cover it. It is a benefit given to the customers if they were to opt out of the hospital treatment and wish to get an alternative treatment.
Alternative treatment includes Ayurveda treatment, Homeopathy treatment, and other treatments outside the hospital which can help in curing the disease. However, in most cases, there is a clause mentioning that the treatment center should be recognized by the National Accreditation Board Of Health or the center should be a government hospital.
- Organ Donor Expenses
Organ transplant rates in the country are becoming a common expense for many Indians. Getting health insurance is the best way to hedge financial stress for such cases as well. Some insurance companies have this feature in a regular health insurance plan, and it does not need to be bought as an add-on benefit.
Some of the insurance agencies cover the entire cost of organ harvesting. At the same time, some of them put a cap on the expenditure and provide a limit to these expenditures. The medical cost incurred by the donor is not included in the majority of the health insurance plans.
- Benefits Of Home Treatment
This add-on benefit is generally for the post-hospitalization period, where the patient has to take care of themselves at home. The cost incurred for the treatment at home is covered in this add-on benefit.
Some of the health insurance agencies have a limit on the number of days that a patient will be covered under this benefit. The average limit is 7-10 days.
- Free Dental Checkup
After a non-claim period of 3-4 years generally, the insurance companies pass on the benefit of free dental checkups to the policyholders. It is usually offered in the family health insurance policy.
- Periodically Free Health Checkups
It is the most convenient feature for policyholders. This benefit provides free health checkups to the policyholders if they have not claimed coverage for the past 3-4 years.
- Daily Cash Allowance
This is one of the hidden features providing cash to the policyholder for the expenses born on miscellaneous expenses like travel, food, others during this period. Most insurance plans have a limit set for these expenses. The limit varies from Rs. 2,000-4,000 depending upon the health insurance plan and the treatment of the policyholder. If the treatment requires an ICU bed, then the daily cash allowance is also high.
- Post Hospitalization Expenses
The policyholder incurs many expenses after coming back home. Some might require a hospital bed post-surgery, while some may require a 24/7 attendant to care for them.
These all expenses are covered in a full-fledged health insurance plan. The average amount is Rs. 500/ per day, which is given to the attendant.
- Weight Loss Surgery
Many insurers have started covering Bariatric Surgery as it is now considered medical treatment for the obese. For people who go through this surgery for medical purposes, the health insurance agencies do cover them.
It is important to buy a health insurance plan while keeping your budget in mind. The premium should not exceed your budget, and the coverage should suffice your requirements. You should carefully check the terms and conditions of the health insurance policy before buying one.
If you are thinking of getting a top-up on your current policy or buying a new policy, you should check out Bajaj Finserv’s website to compare the different policies. It has a variety of insurance plans available on the website.
The Insurance Regulatory Authority of India defines these benefits. It would do well to apprise yourself of the latest limits set by them through their website and know your maximum rights.