A Guide to Benefits and Features of Health Insurance Policy

Following a healthy lifestyle only reduces the risk of health issues, it doesn’t make you unapproachable by various viruses and diseases. A healthy young man following a balanced diet with proper exercise can fall sick on the next day and it will not be a surprise because of current environmental condition.   

 A healthy lifestyle supported by a proper health insurance is the demand of the current era to live a happy and successful life. With health insurance being considered as a luxury product to becoming a necessity, it has left an impression of just coverage against hospital charges on many people. The benefits and features of health insurance policy are not only limited to your hospital expenses, but with the growing base of the health insurance market and availability of purchasing health insurance online the benefit and features of health insurance policies have also evolved. It has stepped out of the limited perspective of health insurance as a cover against hospital expenses.

Following are the benefits and features of a health insurance policy:-

Inpatient hospitalization

Inpatient hospitalization is the case in which you need to stay in hospital for more than 24 hours because of required treatment. All medical expenses incurred as an inpatient like room rent, ICU rent,nursing and boarding charges,etc. during hospitalization for more than 24 hours are covered under your health insurance plan.

Day Care procedure

A day care procedure includes treatment and surgeries (mentioned in your policy) which can be done in less than 24 hours in the hospital, thanks to advancement in medical technology. A health insurance policy covers you for the day care procedure taken at the hospital, according to the mentioned list of treatment and surgeries in your policy. Every health insurance policy comes with a list of day care procedure which it covers.

Pre and Post Hospitalization cost

Pre hospitalization cost includes the medical expense incurred before hospitalization due to a particular illness. It includes medical tests like x-ray, blood test, urine test, which are required to diagnose your disorder while post hospitalization cost includes the medical cost incurred after discharge. Both pre and post hospitalization cost are covered under a health insurance plan. The period of pre and post hospitalization varies from policy to policy. Generally the pre hospitalization period is 30 days and post hospitalization period is 60 days.

Out Patient Benefit

If your treatment doesn’t require 24 hour hospitalization and is even missing from the list of day care procedure of the company then out-patient benefit will cover your cost of treatment in such cases. Out Patient benefit covers medical cost incurred by just visiting a clinic, without being hospitalized or admitted. A perfect example of outpatient treatment is dental treatment. Out patient benefit is not available in all health plans.

Domiciliary treatment

Domiciliary treatment includes treatment at home on the advice of doctor because the insured person is not in the condition to be transferred to the hospital or hospital bed is not available. Some of the health insurance companies cover the cost incurred in domiciliary treatment under conditions mentioned in their policy.

Daily cash allowance

While being hospitalized, medical cost is not the only addition to the bill, but non-medical expenses such as food and refreshment also add up to the list. A daily cash allowance is a limited amount of money which can be used for such expenses without giving any bill or proof to the insurer.

Organ Donor Expenses

Organ donation has done wonders for many people, but the cost involved in it has made this facility to be out of reach for many people. There are some health insurance companies in India, which provide cover for organ donation also (limit of coverage and conditions depends upon policy term)

Convalescence benefit

Under the convalescence benefit, the insurance company provides a lump sum amount for the loss of income due to the number of days spent in hospital due to a particular illness.

Treatment through non-allopathic form

While many health insurance companies consider treatment through any form other than allopathic as exclusions, there are some companies which consider non-allopathic treatment such as Ayurveda under their coverage plan.

Cover for pre-existing disease

If you have a disease before buying insurance, you can get cover for that particular disease under pre-existing disease clause of the health insurance company. The claim regarding that disease can be made after the specified waiting period of the company.

Maternity cover

Under maternity cover of a health insurance company provide cover for pregnancy, labor, delivery and newborn baby care.

 

No claim bonus

If you don’t make a claim for a specified period of time (according to the policy), a bonus is given to you in the form of addition to sum assured.

Miscellaneous benefits

There are some other benefits of health insurance policy like cover for ambulance charges, a second opinion from a doctor. The health insurance policy gives you the opportunity of lifetime renewability of your policy so that you can be covered as long as you want.

If you don’t make a claim for a particular period of time, you get a free medical checkup from the health insurance company for a particular amount, which vary from plan to plan.

Health Insurance plans come with a bundle of benefits. The expansion of health insurance market with evolution in its benefits and features has resulted in making it more suitable and profitable for the buyers. You just need to compare health insurance plans based on the right parameter and find the best one for you. Going for a health insurance company doesn’t only cover your hospital cost, but provides protection for health from many perspectives.