Given the high cost of treatment in today’s scenario, having a health insurance plan is a must – though it is not mandated by the Government, not having an insurance plan can prove to be an expensive decision. There are different types of insurance plans available with different benefits. You should compare these plans against the benefits they offer and choose the best health insurance plan that meets your specific requirements. For instance, you can choose between individual plans and family floaters. Individual plans can be customized to your individual requirements to some extent. Not to mention, individual plans are less expensive than family floater plans. If there are two or more members in your family, it is better advised to go for a family floater plan with the sum assured shared among the family members.
Your investment in a health insurance policy is clearly done with the objective of protection and wellness of yourself and your family members. Also, the financial objective of a health plan is to secure against capital erosion. Based on your health condition, lifestyle, and premium payment capability, you can choose a basic plan, a supplemental plan or a comprehensive insurance plan. Therefore, it is important to understand the minor details of the insurance plan you choose to buy.
All health insurance policies take care of your hospitalization expenses. However, there are several miscellaneous expenses that add up to a substantial amount. For instance, travel expenses to and from the hospital, doctor consultation fees, cost of refreshments, prescription drugs, etc. Some insurance policies offer a daily hospital cash allowance to cover these expenses. Likewise, there are other such benefits that insurance policies offer. Your insurance agent or the sales representative may not have explained these details to you in greater detail while you purchased your policy. Therefore, it is important to be aware of these little known facts to better utilize your insurance plan. Here are five such insurance benefits you should be aware of:
1. Pre and Post Hospitalization Expenses:
While all insurance companies cover hospitalization expenses, it is important to check if the policy you intend to buy offers pre and post hospitalization cover. Such expenses can run into several thousands depending on the nature of the illness and the duration of the treatment.
2. Policy Cover Enhancements:
Your policy cover may become eligible for enhancements to current benefits as a result of change in company’s offerings for the subscribed plan, regulatory mandate, or simply because the company decided to extend such benefits considering your policy tenure or for no previous claims. In any case, such cover enhancements can prove to be beneficial. For instance, rare medical conditions such as cost of surgery for Deviated Nasal Septum (DNS) is not covered under most insurance plans. However, this might get coverage in the future for one of the reasons mentioned above. Therefore, you will have to keep a look out for communication from the insurer at all times to understand benefit additions to your policy.
3. Organ Donor Expenses:
Organ transplantation expenses are prohibitively expensive. Such procedures puts tremendous financial strain on the insured. In these cases, besides the organ recipient, the organ donor’s expenses are to be borne by the insured in case the donor’s expenses are not covered by the insurance plan. Many insurance plans cover the cost of the donor’s treatment as well. Verify if the plan you intend to buy offers this facility.
4. Domiciliary Treatment:
There might be a situation where your doctor recommends you to go for treatment while staying at home. It is a common notion that health insurance covers in-patient expenses only. However, many plans cover domiciliary treatment costs as well. However, the amount and the tenure for which the insured is payable is capped as a percentage of the sum assured. For instance, your sum assured is five lakhs. Then the benefit could be restricted to 10% or Rs.30,000 – whichever is lower.
5. Critical Illness Cover:
Critical illnesses and associated treatment such as dialysis, chemotherapy, etc are extremely expensive. While your insurance plan might cover the cost of such treatment – in some cases, these treatments are covered post a certain number of years of policy commencement – you will stand in good stead to know if your policy offers a higher sum assured limit for critical illnesses. This can be done by way of adding a critical illness rider to your existing health insurance plan to increase your risk coverage – provided your insurer offers this facility. Your health insurance plan is as good as how you utilize it. Therefore, be aware of the minute details and features of the benefits of your health plan so you can utilize it the best. Before you purchase a health insurance plan, do a quick comparison to understand a plan’s features and benefits.