Health insurance policies don’t only cover hospitalization expenses; Know about additional benefits you can get

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Published: November 25, 2019 5:49:46 PM

With these benefits and added features, your day-to-day healthcare costs can also be covered. As a majority of policyholders are not aware of all these benefits, they are not fully utilized by them.

insurance, health insurance, health insurance products, health risks, IRDAI, exclusions, health insurance policiesIf you also have a health insurance policy or are planning to get one, here are 5 additional features about health insurance you should know:

With inflating medical costs, more and more people are opting for health insurance plans. However, experts say most people are unaware of the fact that other than hospitalization, there are various other circumstances under which your health insurance company pays out.

Health insurance does not only covers hospitalisation expenses or just offers tax breaks, in fact, other features like a free health check-up, recovery benefit, and lifelong renewability are also some of the additional features.

With these benefits and added features, your day-to-day healthcare costs can also be covered. As a majority of policyholders are not aware of all these benefits, they are not fully utilized by them.

If you also have a health insurance policy or are planning to get one, here are 5 additional features about health insurance you should know:

Treatment at home
Health insurance companies compensate for Day Care treatment or treatment at home under medical supervision for any disease or injury. This is mostly for older people or patients with a feeble condition for whom hospitalization is not possible. Also, in the case of unavailability of a hospital bed, this benefit can be availed by the policyholder. Note that, under this benefit, there is a limit on the amount or the number of days or both. Hence, before opting for the benefit, go through the terms and conditions of the policy.

Recharge of a policy
With this feature policyholders get their policy sum assured restored by the insurer. Note that, this is subject to terms and conditions and gets activated only after the policyholder has used up the entire sum assured in that year, and needs additional funding for future claims. The restore option range, however, varies from policy to policy. For instance, some might restore 50 per cent of the sum assured whereas some might offer unlimited refills during the year.

Free health checkups after a claim-free year
Every year insurance policies offer free medical checkups for the policyholder or the whole family covered under the policy. This feature varies from insurer to insurer and while some offer this from the first claim-free year, a few offer it after 4-5 consecutive claim-free years. Note that, the free checkups are limited to the predetermined cap stated in the policy.

Additional cover for recovery
Known as the recovery benefit, the insurer pays a lump sum to cover additional costs for the policyholder. The cases under which the payout is made are defined in the policy documents. Depending on the type of policy and the insured, the recovery benefit provided can range from a week up to even a month.

Renewability
If you have been paying your premiums on time and regularly, you are entitled to this feature. With the lifelong renewability feature, your policy is for lifelong, if you are making proper payments during the renewal of the policy.

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