Health Insurance April 28, 2020

Health Insurance Plan is a need for every family to stay protected against the increasing medical expenses day by day. In today’s fast and complex life, health hazards are bound to affect our finance if we are not well organized. Therefore, having a strong health insurance plan is mandatory. But the question is how do you choose the best health insurance plan? What are the features that you can study and then make a decision? You may have heard about a few standard benefits like cashless hospitalization, tax exemption, but do you know all the benefits of a good health insurance plan? Here, we will take you through some important unfamiliar or unknown features for a Health Insurance Plan which you can take advantage of and then choose the best plan that will suit all your requirements.

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Unknown Features of Health Plans

An Alternative Mode of Treatment

Apart from Allopathic treatments, Health Insurance Plan covers the cost for other methods of treatment as well as Ayush- Homeopathy, Ayurveda, Siddha, and Unani. Health Insurers have started providing this facility to its policyholders from the time IRDA – the main regulatory body which governs insurance in India has given the go-ahead to include various other alternative means of treatment from any government-owned hospital or any medical institute approved by the Quality Council of India and National Accreditation Board of Hospitals and Healthcare. Most insurers provide the coverage for this type of treatment under the main proposal, however many provide as a sub-limit treatment. So, if you generally go for alternative treatments, you can check whether your health insurance plan is providing the same coverage or not.

Coverage of Pre and Post Hospitalization costs

The health insurance plan covers the Pre-hospitalisation expenditures connected to any process and examinations between 30 days and 90 days before hospitalization. Post-hospitalization costs are the ones that are made in the follow-up check-ups for the same ailment for which he or she had to be hospitalized like charges for diagnostic, doctor consulting charge, etc. between 45 days and 90 days after the release from the respective hospital. Cases where your health plan provides coverage to the outdoor patients, expenses for physiotherapy are also reimbursed. This is the most crucial point and the biggest advantage which you must remember and consider plans accordingly.

Treatment For Domiciliary And Day-care

At times situations might come when there is no bed or rooms available in a hospital or a patient feels uncomfortable staying at the hospital. Keeping these points in mind, health insurers provide the facility, with a certain limit, of treating the patient at home for any disease or any injury under medical direction. Few insurers provide coverage for as high as 500 days for domiciliary treatment. Hence, get up to date with the details and take advantage of this facility.

Availability of No Claim Bonus of NCB

If all goes well and you don’t claim anything in your policy term, you are entitled to get a bonus in form of getting a discount in the premium at the time of renewal of your policy or maybe a higher sum assured. Many insurers provide a cumulative bonus as well in place of giving a bonus for each NCB year. Get this point checked when you are applying for any health insurance plan.

Availability of Daily Benefit of Cash Allowance

Health Insurers also provide extra coverage like providing coverage for the expenses towards your food and hospital visits. More importantly, you may get good coverage in case of admission in ICU and hospitalization due to accident. So, you must take note of this point and use it if needed.

Availability of Recovery Benefit

One might have to stay for a longer time in the hospital than expected. In these situations, the health Insurer may provide a lump sum amount for covering the added expenses like sudden income loss or for the visits made by other members of the family. The number of days can be ranging between 7-12 days. Don’t forget to see this benefit and the related terms associated with it so that you can make the best use of the benefit.

Lifelong Renewability Option

Your policy will be lifelong if you are paying your premiums in time. Do check for this option and take full advantage of the same.

Allowance For Attendants

This benefit is given to the policyholders under the health insurance plan for children where the company gives a prefixed and predefined coverage to the adult who is accompanying the child. Look for this benefit while applying for a health insurance plan.

Treatment under OPD- Outdoor Patient

Health Insurers also reimburses expenses like medicine cost, doctor consultation fees for outdoor patients and this you don’t need any hospitalization. Hence, keep this point in mind and make the best possible use of the same.

Coverage for Ambulance

The cost of an ambulance gets reimbursed by some health insurance plans under the plan for the family or coverage for expenses. So, look for this benefit and use it appropriately.

Coverage Of Maternity Expenses

Health Insurers provides tailor-made plans to cover the expenses for maternity with a waiting period of 9 months. These are generally the pre-natal expenses like regular tests, medicines, etc. and post-natal and pre-natal expenses like visits for further check-ups, tests. etc. Many health insurance plans also provide coverage for the medical costs for the new-born till 90 days. Keep this important point under your purview as one of the most crucial benefits of any health insurance plan.

Coverage For Bariatric Surgery And Dental Treatment

Bariatric surgery and dental treatment are not considered as a cosmetic process like it used to be, and full coverage is given to its policyholders on one occasion in a few years with a sub-limit. Do consider this benefit as well.

Organ Transplantation

A situation might come where the patient needs urgent transplantation of any organ. Many health insurance plans reimburse the full or half the cost or provide as an added benefit as well. It’s an advantage that many are not aware of, so you may take note of this benefit as well.

Flexibility of Plans

There are quite a few health insurance plans which irrespective of your age give coverage to your spouse upon your retirement etc.

Health Checkups

After having 4-5 successive years free of claims, you are entitled to get free health check-ups as per the limit of the plan chosen. A cashless health check-up is a better option anytime so remember this to make use of this benefit the to the maximum extent.

Claims Under Reimbursement

If by any chance, the reimbursement of cashless hospitalization gets rejected, you can sub, it the necessary documents as prescribed and make a claim. So, no need for you to worry in case the cashless claim is rejected.

So next time, when you are buying a health insurance plan or suggesting any of your friends or relatives for health insurance plans, do remember the above features and get the best possible health insurance plan.

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