The benefits of having health insurance are numerous. It provides a cover to you and your loved ones. If you are planning on buying health insurance, it is one of the soundest financial decisions you will make. However, choosing the right health insurance plan is not as simple.
There are a lot of features that one may not be aware of. Most financial planners suggest that the first step in any financial plan should be to ensure that one has adequate health insurance. One must get adequate health insurance cover for self and family even before starting to save for one’s goals.
In this article, we have tried to cover a few important features of health insurance for your benefit.
1. Free health check-up: Health plan covers free medical check-ups up to a certain limit. These health check-ups are cashless and are available to people who have had four to five consecutive claim-free years.
Regular check-ups can help find potential health issues before they become a problem. When you see your doctor regularly, they are able to detect health conditions or diseases early. Early detection gives you the best chance for getting the right treatment quickly, avoiding any complications. By getting the correct health services, screenings, and treatment you are taking important steps toward living a longer, healthier life.
2. No claims bonus: In case you don’t file a claim during the policy’s year-long tenure, you become eligible for a bonus. The bonus could be a higher sum insured (up to 50 percent) or a discount in premium during the annual renewal. Insurers may also offer a cumulative bonus instead for every no-claim year.
3. Day care treatment: Many mistakenly believe that their standard policy does not cover expensive treatment procedures pertaining to critical illnesses since these do not necessitate 24-hour hospitalization. If you buy an outpatient department (OPD) health policy instead of under this incorrect impression, your decision would be faulty, as regular policies do cover several day-care procedures.
Home treatment for a disease or injury under medical supervision is compensated by the health insurance companies. There is a limit on the number of days and the plan varies from policy to policy. Check before you are buying a health plan and ask how many days of daycare is covered.
4. Recovery benefit: A few insurance companies also pay a lump sum to cover additional costs such as loss in income or compassionate visits by family members result from prolonged hospitalization, as defined in the policy document. It could range from 7 to 12 days. Read the policy features to make use of this benefit.
5. Daily cash benefit: A few insurance companies also cover your other expenses apart from the medical costs. These are costs like food, visits, etc. Check with your company and make use of this policy in case of hospitalization.
A daily hospital cash benefit provides a lump sum amount daily in case of hospitalization and this amount can be used per the insured’s need. The money can be used for meeting additional expenses that are not covered by health insurance or for even compensating the loss of income during the period of hospitalization.
