Lesser Known Benefits Of Health Insurance Policy

Your health insurance policy has more to it than meets the eye. If you go over your insurance documents carefully, you will see several terms, both good and harmful, that you were probably unaware of. Here's a list of all the health insurance perks you could be overlooking. The benefits we've described aren't the usual ones. They're the lesser-known ones that most people are unaware of, owing to a lack of knowledge. These features should not be considered frosting on the cake, since they significantly raise the value of a health insurance plan.
The fundamental purpose of health insurance is to cover a wide range of medical services, such as day care, pre- and post-hospitalization, emergency expenditures, domiciliary fees, and so on. If you have health insurance, it protects you from losing your benefits if you have a significant health condition that requires hospitalisation within the policy period. To get to know more about the lesser known benefits of health insurance policy, read on.

What Are Some Of The Health Insurance Policy's Lesser-Known Advantages?

Many people assume that a health-care plan solely covers the costs of hospitalisation. However, this isn't the full picture; the best health-care plans also cover out-of-pocket payments. Many policies go underused because policyholders are unaware of the importance of having life care contracts.

Following are some lesser-known health insurance benefits -

1.Advantage of Recuperation - Under this section, often known as recovering or recovery benefit, insurers reimburse the insured's recovery costs. The benefit is intended to cover any additional costs incurred as a result of the hospitalisation, such as missed wages. If the policyholder is admitted for 7 to 10 days, the insurer is responsible for a lump sum payment. Some programmes also pay related fees, such as empathetic visits from family members.

2. Expenses of Organ Donors - A kidney transplant might cost anything between Rs 3 lakhs and Rs 5 lakhs. Having insurance in place shows you won't have to worry about paying for medical expenses before having an organ transplant. Organ transplantation is covered by the vast number of general insurance companies as part of basic health insurance coverage. Some insurance will reimburse the whole amount, while others will put a cap and may include it as a bonus. Insurers, on the other hand, only cover the cost of the organ replacement surgery. The insurer does not cover fees such as donor hospitalisation, post-surgical problems, or testing.

3. Concierge Medical Services - The small items may be the most aggravating. Concierge services are indeed a group of services that give personal help to an insured individual while he or she is ill.It include obtaining contact details for medical practitioners, scheduling meetings, making plans, bill payments and medications, and a variety of other tasks.

4. Re-establishment of the Insured Fund - During the policy duration, the insured will be paid a guaranteed fixed sum. When the money promised is drained before the policy's expiration date, the insurance provider throws the white flag and allows the insured to fend for himself. As a result, the insured maintains financial assistance while in the hospital.

5. There is no charge for loading - You should be aware that if you do not make a claim, the insurer will reward you, and if you do, you will be penalised in the form of loading costs on your renewal rate. It would be preferable if you weren't in charge of claim-based loading. Even if you make a claim within the policy period, some of the plans contain a benefit that keeps you from paying further loading charges.

Endnotes

Treatments such as Ayurvedic, Homoeopathic, and Naturopathic medicine are examples of this. The IRDA, on the other hand, is preparing to create regulations requiring any insurance to cover a certain proportion of the money of alternative treatment. Now that you know more about the advantages of health insurance plans, you can see that they provide more than simply reimbursement for hospitalisation costs. 

Also read-What Do I Need To Know Before Purchasing A Health Insurance Policy? 

Reasons Why You Should Consider Health Insurance While Planning For A Safe Future

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.