Understand Your Health Insurance Policy Better

Health Insurances 272 views

Getting yourself and your family secured with a good health insurance for any medical emergency is not a common thing in India. But, it is still gaining popularity in metro cities. More and more people from the cities are buying health insurance for their family. When you buy a health insurance the foremost priority which occupies your mind is it must provide expenses for the hospitalisation. Moreover, most of us buy the policy keeping this main feature in mind and you never pay much attention to other benefits, which come along with your health insurance policy.

You should ask your insurance advisor or insurer to give you detailed information about the various benefits and advantages of your policy. If they don't educate you much about it, you can read the brochure to find out more information. You should always keep this in mind that you can only maximize the benefits if you know them well. In ignorance you can't get the benefits for which you are eligible after buying the health insurance. Here are some special features and benefits of a health insurance policy.

Daily hospital cash allowance: All the health insurance policies take care of your hospitalisation and other expenses related to your treatment. But, what about the other expenses such as daily commuting cost of your family members? Or, the money spend on fruits, refreshment and other food supplements. These are all add-on charges related to your hospilisation. To meet the daily expenses, the health insurance policy provides you special expenses in form of Daily Hospital Cash Allowance. Their disbursment of this amount may vary for different policies. Some might provide it on a daily basis and other might provides you a pre-fixed amount.

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Convalescence benefit: Besides, the hopitalisation cost and add on expenses, some companies  understand the importance of your money and your financial loss when you are on leave. So, they provide you recuperating benefits. This facility offers you a lump sum in case you hopitalisation period is long. However, this duration of hopitalisation may vary between 7 days to 10 days. This benefits is usually offered to meet the financial loss of the insured and offers them a compensatory amount to bear the other expenses. To claim such benefits you need to be well-aware of the policy and your eligibility for the claim. In most of the cases, these benefits are pre-defined by the companies.

Alternative treatment: There are many insurance companies that provide you treatment benefits for non-allopathic form of treatment as well. These companies provide you benefits for Ayurvedic, Homeopathic, and Unani treatment as well. However, IRDA has drafted guidelines for all the insurance companies instructing them to include these forms of treatment in insurance policies.

Treatment taken at home: Most of us think that health insurance provide us benefits for hospitalisation or will provide you day-care benefits. There are many policies, which broaden their area of coverage and include treatment taken at home in their list of benefits. But, this kind of treatment must be done on the instructions and advice of doctor. There could be many reasons behind this kind of treatment such as age factor, unable to visiti hospital, critical illness, etc. Here, the insured may be asked to furnish the bills from the doctor's clinic. You can claim the benefits as capped in the policy.

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Expenses related to organ transplant: If anyone in your family is undergoing any organ transplant treatment you need not to worry about the expenses if you have insured your family member with a good health insurance policy. Organ transplant treatment is a costly affair and it can create a huge impact on your savings in the absence of health insurance policy. Now, there are policies, which will provide you claim for the both the persons, donar and patient. The treatment cost cover the expenses of the surgery and other charges.

Attendant allowance: If a child aged 12 years or less gets hospitalised, in that case an adult who is taking care of the child in hospital can claim the attendant allowance from the insurance policy. Generally, the amount is pre-fixed by the bank and you can claim the benefits after the third day of hospitalisation of the child. However, different banks have different parameters and terms for this term.

Lump sum for critical illness: Almost all the policies provide you insurance benefits for critical illness. These kind of illness include dialysis and chemotherapy. However, the upper limit to claim the benefit is different in different banks. There are some plans, which cover critical illness along with other medical benefits. Some high-end plans do provide you a lump-sum amount as survival benefits once you get discharge from the hospital.

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