Health Insurance & its Advantages
Last Updated : Feb. 7, 2022, 4:41 p.m.
A health insurance policy will cover medical expenses incurred due to accidents, illness or injury. You can buy such a policy by paying a monthly or annual premium for a one or two-year tenure. During this coverage period, if you have an accident or are diagnosed with a severe ailment, the expenses incurred for its treatment will be paid by the insurance provider. You can also customize your health insurance plan with several add-on benefits. So, read this page below and know the benefits of a health insurance plan.
Advantages of Having a Health Insurance Plan
When you buy a health insurance policy, you don’t need to worry about the following expenses –
Hospitalization Expenses
If your condition requires hospitalization, the same will be covered under a standard health insurance plan. The insurer will take care of all the expenses incurred during the stay at the hospital, such as room rent, nursing, medication, etc.
Pre and Post-hospitalization Charges
Pre-hospitalization expenses are diagnosis expenses, doctor fees, etc. incurred before the date of admission. And the expenditures post-release from the hospital such as medication, routine check-ups, injections, etc. will be reimbursed by the insurance company.
ICU Room Charges
Health insurance policies cover ICU bed charges, and if you choose to stay in a private room, check if your policy covers the same.
Cover Against Mental Illness
Hospitalization for psychiatric treatment needs to be intimated to the insurer. With rising rates of mental health issues in India, the insurance company starts covering such health problems in its insurance policies. But some do not cover, making it imperative for you to read policy wordings thoroughly.
Bariatric Surgery Costs
Obesity leads to complications such as heart problems, diabetes, high blood pressure, etc. So get a health insurance policy that will bear all expenses incurred for surgeries aiming to overcome obesity problems. This promotes the overall well-being of your health in the long run.
No Room Rent Capping
If there is no room rent capping under your policy, you don’t need to worry about the hospital stay.
Daycare Procedures
The insurer covers any expenses incurred for daycare treatment at hospitals such as cataract, dialysis, tonsillectomy, etc. Treatment wherein the hospitalization is less than 24 hours qualifies for daycare treatment.
Road Ambulance Charges
A health insurance policy covers the ambulance expenses incurred during an emergency for transportation to the hospital or from one hospital to another for better treatment.
Refill Sum Insured
In case your sum insured isn’t enough to file another claim, the insurer will restore it to 100%, subject to certain terms and conditions.
No Claim Bonus
Fortunately, if no medical expenses arise in a year, your sum insured will increase by a no claim bonus. The company declares the same after every claim-free year.
Daily Hospital Cash
The insurance company offers a daily cash allowance to make up for the loss of pay during the time of hospitalization.
Zero Co-payment
If your health insurance policy doesn’t have a co-payment clause, it means the insurer will cover the entire medical bills up to the sum insured amount. Zero co-payment mitigates the financial liability.
Zone Upgrade Facility
In metropolitan cities, the medical cost is high. So, you can opt for a zone upgrade add-on cover to secure all financial requirements for treatment in premium hospitals.
Domiciliary Treatment
Coverage against expenses incurred for home hospitalization like medication, nurse fees, injections, etc. payable if the treatment exceeds three days.
Organ Donation Expenses
In case the doctor advises you to undergo an organ transplant, the company will bear the cost of an organ donor who is donating his/her organ for your transplantation.