Special Features of Health Insurance
Last Updated : Feb. 8, 2022, 7:21 p.m.
A health insurance plan protects you from the financial burden arising from unforeseen medical treatments and other related expenses such as pharmacy, consultation, etc. But does health insurance provide anything extra? Yes, it does! Benefits like bonuses, restoration, cash allowance and more have become synonymous with most health insurance plans. But how they add value to your plan is something you need to know about. Let’s spare time for these special features of health insurance.
What are the Special Features of Health Insurance?
The special features of health insurance will add to your savings, give you that extra flexibility you seek amid medical contingencies, besides helping you take care of your health, etc. Let’s learn about these features individually.
No Claim Bonus
The benefit enhances your sum insured at no extra premium. And how does this happen? Well, this is a bonus amount that the insurance company provides to the insured when he/she doesn’t file a claim in a policy year. So, when a claim arises later in the year, you will have a sum insured plus the bonus amount that can be used to cover medical expenses. But you should know once you file a claim, the accrued bonus would reduce accordingly. And the bonus can’t exceed 100% of the sum insured or any limit as specified in your policy schedule. So, file a claim wisely when you get sick or injured. Because by saving them, you could enhance your sum insured.
Daily Allowance
Being admitted to the hospital can put a pause on your income. To compensate for that, the insurer provides you with a daily cash allowance as specified in the policy schedule. How is it helpful? Using this extra money you can meet your family’s daily needs. When will this be payable? The allowance shall be available to you when the hospitalization exceeds a certain limit and continues without any break.
Healthcare Benefits
A wide range of health programs shall be offered to you under health insurance. So, if you enroll in any of them and maintain a healthy lifestyle, you can get a discount on your premium amount. This is a great way of a healthy lifestyle and protecting medical expenses at the same time. The discount will be provided based on the improvements in your health from where you start till the current time. And if you’re able to maintain a healthy lifestyle, it is good for you in both ways.
But, how will the insurer track your health? For this, insurers have introduced apps. All you need to do is connect the app with your smartwatch or smartphone. It will track the number of steps you have taken in a day and other health parameters, etc.
Lifetime Renewability
Insurers have now come with the benefit of lifelong renewability for continuous coverage of the insured. Because as the age progresses, it becomes difficult to get health coverage. In case you do get the same, the premium rise is a mere formality!. This is where the lifetime renewability feature helps you. According to the revised guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), all health insurance providers need to offer lifetime renewability.
No Medical Tests Upto the Age 45 Years
To buy a health insurance plan, you need to undergo a list of medical tests. And if the application is approved, the insurer will reimburse the expenses of such tests. But now, the buying process is hassle-free as insurance providers don’t require medical tests for applicants up to the age of 45 years. However, you need to disclose any pre-existing disease beforehand to avoid discrepancy, heavy penalties, or cancellation of the policy.
Automatic Restoration of the Sum Insured
When there’s not a lot of money left to file a claim, the insurer will restore your sum insured to 100%. And this benefit is available only once in a policy year. You can utilize the restored amount for such illness/injury for which the claim hasn’t been filed yet.
Add-on Option
With this, the insurer gives you the freedom to choose your coverage. You can add more coverage to your base policy by paying an extra premium for it. It helps ensure wider cover against medical expenses. So, in case you’re diagnosed with a critical illness and the same is covered under your policy via an add-on, you don’t need to worry about the expenses incurred due to the treatment.
Free Health Check-ups
The insurer provides you with free health check-ups once in a policy year. And this benefit is available to all insured members aged 18 years and above.
Cashless Treatment
Yet another special feature of health insurance is that you’ll get access to a wide range of network hospitals. There, the insurer will pay your bills directly to the hospital. All you need to do is take care of the expenses that aren’t listed under the policy coverage. For a cashless treatment, you need to seek pre-authorization from the insurer. And for this, you need to submit a duly filled claim form. More importantly, you must notify the insurer within 24 hours of an emergency hospitalization or 2 days before a planned treatment. Based on that, the insurer will start processing your claim.
Upon the completion of treatment, pay expenses not covered under health insurance and collect your discharge certificate. Subsequently, the hospital will send documents and bill receipts to the insurer. After checking these, the insurer will pay the claim amount to the hospital.