When the term health insurance does the rounds, one often thinks that it pays for expenses incurred on the hospitalization only. But there are a series of expenses for which you can get the cover with your health insurance policy. Being unaware of the same can deprive you from the benefits that you deserve to get. All such benefits are illustrated in your health insurance policy document. But not everyone is keen to ready the lengthy document. So, we, in this article, will demonstrate the additional benefits of a health insurance policy.
Daily Hospital Cash Allowance
We all know health insurance policies provide cover for the cost of hospitalization. But what about the expenses on food, and travelling from home to hospital that are inevitable? These expenses may sound a little when you see them individually. But when combined, they become a substantial figure and can pinch your pocket. So, how can you get the cover for such expenses? The answer is Daily Hospital Cash Allowance, which is a type of health plan that offers a fixed amount to you each day during the hospitalization. This is a fixed amount set at the time of the issuance of the policy. Doesn't matter how much the actual expenses are, the insurer will keep paying you a fixed amount each day. For example- If the amount of your DHC plan is Rs 1,500 per day of hospitalization, you will be paid Rs 1,500 each day even if the daily expenses may be Rs 1,000 or Rs 2,000.
In addition to the hospitalization costs, some health insurance firms also provide cover for the recovery expenses of the insured under convalescence benefit, which is also known as recuperating benefit. It aims to offer a lump sum during the time when the insured stays for a prolonged period in the hospital. The prolonged stay will usually vary between 7-10 days among most of the health insurance policies. This type of benefit looks to reduce the loss of income that you may have during the period of your stay in the hospital. You must ask your insurer of the benefit amount that you are eligible to receive.
Cover for Treatment Undertaken at Home
This may take you by surprise but it is a reality. There are companies that have extended their cover horizon by including domiciliary treatment into their health insurance policies. However, the treatment must be undertaken as per the advice of the doctor for you to get the cover for the expenses incurred on the same. The reason why health insurers provide such benefits is because of the inability of some patients to go to the hospital. If you happen to undertake such kind of treatment in the future, make sure you submit the bills from the clinic of the doctor as health insurance companies can ask you to do the same to get the cover.
Cover for Expenses Associated with Organ Donors
Any organ transplantation surgery can put a lot of financial burden on the insured individual. In addition to the cost incurred on the treatment of the individual receiving the organ, the policies cover the expenses incurred on the donor, which can form the part of hospital bill. The Insurance Regulatory Development Authority of India (IRDAI) has stipulated that the coverage provided in the times of organ donation will feature the expenses incurred on the treatment of the organ donor for the insured individual. The expenses on surgery and harvesting of the organ is covered under the policy. But, you can't get the cover for screening charges.
Lump Sum for Critical Illness
You can get a higher sum insured limit for particular critical illnesses with health insurance policies. Some firms, including L&T, offer double the sum insured amount for treatment of critical illnesses like cancer, kidney failure, in their health insurance policies. You can also find companies that give you a pre-defined amount upon the diagnosis of certain critical illnesses. You can get the lump sum as survival benefit post 180-270 days of your discharge from the hospital.
Allowance for Attendants
Some health insurance policies aim to provide a fixed allowance for adults taking care of an insured child at the hospital. Upon the hospitalization of a child with age of 12 years or less, a provision of daily cash amount for one accompanying adult for each day post the third day of the hospitalization is allowed in the health insurance policies. However, the parameter could vary from insurer to insurer.