Health insurance policies offer a wider bouquet of benefits. One must be aware of these to benefit from the policy.
Harjot Singh Narula
Ravi, a 32 year old businessman came to know about health insurance plan from his friend Nitin. He was delighted to know that a health insurance policy will cover all his medical and surgical expenses in case he will be hospitalized due to a covered illness or treatment. Also, getting a tax benefit on health plan is an icing on the cake for him. Without any delay, Ravi bought a health insurance policy, but he didn’t know that his health insurance policy is not limited to paying his hospitalization bills only.
A health insurance policy provides many benefits to the policyholder, but most of the people are not aware about it and that’s why they are unable to get maximum benefits under their health insurance policy.
Let us have a look at 6 less known benefits under Health Insurance Policy:
1. Good Health Bonus
Insurance company rewards their policyholders for maintaining a good health in the form of good health bonus or no claim bonus. If you don’t make any claim during the policy term, then you are eligible for a no claim bonus which is in the form of either increase in sum insured or discount in premium rates. No claim bonus is also known as the cumulative bonus in health insurance policy. Most of the insurance companies offer bonus ranging between 5% to 20% increase in sum insured per annum in a claim free year, subject to a maximum of 50% to 100% of the sum insured.
For example, if you have a sum insured of Rs.2,00,000 and good health bonus under the plan is 10% of the basic sum insured subject to a maximum of 50% of the sum insured. In the event of no claim, you are eligible for a sum assured increment of Rs 20,000 annually. So ideally you are paying a premium for Rs 2,00,000 sum insured but your health cover enhances to Rs 2,20,000 in the next year. Every year it will be enhanced by 10% of the base sum insured subject to a maximum increase of Rs 1,00,000 (50% of the base sum insured of Rs 2,00,000) for subsequent claim free years.
2. Free Health Check up Benefit
Most of the health insurance companies offer free or discounted health check to the insured person/ persons under a policy after a specified claim free years. Usually the benefit can be availed after a block of two to five claim free years at the insurer’s network of empanelled diagnostic centres. The medical tests have no impact on the premium rates on your health insurance policy. There are some companies which provide medical checkup subject to sub limits, whereas there are insurers who provide health check ups regardless of claim history under the policy.
3. Cover for Non-Allopathic Treatments
The cover of health insurance policy is not limited to allopathic treatment only. With the growing popularity of alternative systems of medicine and the government’s keen approach to expand and promote AYUSH as a cost effective means of treatment, insurance companies have started providing cover for non-allopathic treatments like Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homeopathy (AYUSH). The amount of cover for AYUSH treatment varies from company to company. To avail this benefit, the treatment has to be undertaken in a government hospital accredited by Quality Council of India or National Accreditation Board on Health to get the claim paid under your Health policy.
4. Recovery /Convalescence Benefit
Your health insurance policy also covers your expense for recovery post discharge from the hospital. This benefit comes as a convalescence benefit or recuperating benefit in health insurance policy. The convalescence benefit can cover your loss of income due to the hospitalization. You are entitled to receive a lump sum amount for your prolonged period of hospitalization as per the policy terms.
5. Cover for Treatment at Home
Treatment taken at home is also covered under the domiciliary treatment in your health insurance policy. The reason for domiciliary treatment could be the non availability of hospital beds in the hospital or due to the extreme condition of the patient to be carried to a hospital. The domiciliary treatment should be recommended by a medical practitioner. The scope of benefit under domiciliary treatment may vary from plan to plan subject to a sub limit.
6. Daily Hospital Cash Allowance
During hospitalization, medical charges are not the only expense in the list. There are certain non medical expenses for travelling, food, accommodation which also adds up to the total expenditure. There are health insurance plans which cover these expenses under the head of Daily hospital cash allowance. The benefit will be given as a fixed allowance for each day of hospitalization for specified days.
Considering a health insurance policy as only a cover for hospitalization cost can keep you away from the innumerable benefits present in your health insurance policy. An insured person who is well informed about his health insurance policy will always be ahead in terms of benefits received from the health plan. Look for the above mentioned benefits in details before buying a health plan or if you already have a health plan, do check for benefits apart from considering health plan for hospitalization bills only .