Know in Detail about the Benefits of Health Insurance Policy

Posted by jessica kappor on March 19th, 2019

There are many people who think that a health insurance policy is helpful for paying hospitalization expenses only. That’s completely wrong, there are various other benefits associated with insurance policies which remain unused as people hardly know about all the attributes associated with it. Policyholders should always remember that the utility of health policy not only depends upon its features but also on how well it is used. In this article, we will try to understand all the hidden health insurance benefits in detail.

1. Convalescence benefit

This is also known as recovery or recuperating benefit under which the insurance company is liable to pay all the hospitalization costs on behalf of the policyholder. Under this, supplementary costs are also paid by the insurer which also includes cost of visits by family members.

2. Payable for Alternative Treatment

There are companies which provide policies which also cover expenses of alternative treatments that may include homeopathy, Ayurvedic treatment, physiotherapy, and Yoga. However, the insurer is only liable to pay for these treatments if it takes place in a government hospital or an institute certified by the Quality Council of India.

3. Expenses Related to Organ Donor

With a health insurance plan, you do not require to worry about the expenses of organ transplant surgery. Insurance policies cover organ transplant surgery and reimburse the entire cost or put a cap on these expenses. Or they provide it as an add-on benefit. But other costs like donor’s hospitalization, post-surgical complications, screening cost, etc. are not covered by the insurer.

4. Domiciliary Treatment

There are many insurance companies which also provide insurance coverage for treatment taken at home. However, the insurer is not liable for doing the complete payment. The insurer will be liable for making payments for fixed amount of days and amount only.

5. Attendant and Daily Hospital Cash Allowance

Under this, insurance companies provide benefits for the attendant of the insured who is accompanying him/her in the hospital, but this is applicable if the insured person is a child. Many companies have fixed the numbers of days for which it is liable for making payments. In addition to this, an insurer also provides additional financial protection which is not covered under the policy such as travelling and food expenses.

6. Tax benefits

An insurance policy with an adequate sum assured will help you in all the unplanned hospital expenses so that you do not need to spend from your savings. In addition to this, by paying all the health insurance premiums on time, you can avail all the pre-defined tax benefits.  

7. Other allied benefits

There are few insurance companies which offer benefits which are generally not given by all the insurance companies. These benefits include free health check-up after 3-4 claim-free years, discount coupons, free consultation with doctors, etc.

These are some of the benefits associated with health insurance policies which often remain unknown by policyholders. Thus, it is always advised that one should do proper study and research below taking any policy. Apart from this, buying an insurance policy at a young age is more profitable because you will be charged less premium which increases with growing age.