Whether one buys basic health insurance or a critical illness policy, it is no longer a question of debate if one requires health coverage in today’s day and age. One’s income and savings may not be able to match up to the high costs of hospitalisation and treatment in India. Besides, there is always the looming threat of lifestyle diseases, pandemics and critical illnesses striking one at any time. Health insurance helps pay the cost of future health concerns, and gives one the required peace of mind knowing that they have taken concrete measures to safeguard the health of themselves and their loved ones.
Did you know that there are some hidden benefits in your health insurance plan that you are possibly not aware of? We list 5 of them:
#1 Restoration benefit.
Also known as a ‘reset’ option, the restoration benefit effectively replenishes the sum insured amount when it is exhausted against a claim. The policy with a restoration benefit automatically restores the sum insured during the same policy year. Suppose you have a coverage of Rs 5 lakh and it is exhausted with treating a serious accident. If you have exhausted the entire coverage and require more coverage in the same year, the insurance provider will cover the new claim as well. This is beneficial for those who are likely to require lengthy or repeat hospitalisation, or those who have aged parents with pre-existing health conditions likely to require hospitalisation.
#2 Wellness benefits.
The best health insurance plans incentivise maintaining good health and fitness with a range of ‘wellness benefits’. These might include a reduction of premium for a no-claim year, or reward points that can be redeemed for specific benefits in your city, or reimbursement for certain outpatient procedures (under certain conditions), fitness programmes in association with gyms and fitness centres in your city, etc. These are all aimed at keeping the policy holder and their family members in good physical health, so that they may avoid hospitalisation and treatment for as long as possible. Besides, the health insurance provider will offer health insights to better care for your health with advice on exercise, sleep practices, nutrition, diet, mindful living, etc.
#3 Including AYUSH treatments.
Lately, people have started reposing greater faith in alternative medicine. Not every person is content with undergoing Allopathic treatment, not least because of the expense involved and the possible side-effects. However, health insurance in India has traditionally not covered alternative medicine treatments. This picture has now changed, with leading health insurance providers including AYUSH treatments in their coverage. AYUSH is a term to encompass the alternative medicine streams of Ayurveda, Yoga, Unani, Siddha, Homoeopathy. Apart from these, AYUSH also covers Naturopathy treatments. Consultation, medicines and other procedures under AYUSH are covered by leading health insurance plans in India.
#4 Day-care procedure coverage.
Indian health insurance also did not cover treatments that were discharged on an OPD basis. Even today, most generic health plans entertain claims for 24-hours or more hospitalisation only. But leading insurers cover treatments administered under day-care or OPD, which are made possible due to technological advancements and which do not require 24-hour hospitalisation.
#5 Almost immediate cashless settlement.
If customers have one grouse against insurance policies, it is that the claims are processed slowly and the process is tedious. However, the best health insurance plans settle cashless claims in about a couple of hours from the time of receiving the claim. This means that you or a family member can undergo the treatment you require without having to worry about settling the bills yourself.
