Unused Benefits of Health Insurance

I am sure like most people, you too would be in the belief that a health insurance plan will only reimburse hospitalization expenses. Or, if you are one of those people who think that you don’t need a health insurance because your health is in the best shape, then read this article and get to know many unused benefits of health insurance. To get the most out of a health insurance you should first know how well you can use it.

Convalescence Benefit: This is a recovery benefit and it includes costs that arise due to prolonged hospitalization, such as loss of income. The insurance company will pay a lump sum to the policyholder.

Tax Benefit:  You can avail tax deduction of Rs. 25000 for health insurance premiums paid under section 80D.

Alternative Treatment: With the increase in the reputation of alternative treatment, many insurance companies provide coverage for alternative treatments, such as Ayurveda, homeopathy and yoga. However, this cover is available only for alternative treatments taken in a government hospital or at an institute recognized by the Quality Council of India and National Accreditation Board on Health.

Safeguard Finances: You can keep savings/ investments untouched with a proper health insurance that has adequate sum assured.

Organ Transplant Cost: Most health insurance policies provide cover for organ transplant surgery. So with a good health insurance in place you need not worry about your medical expenses for undergoing an expensive organ transplant surgery.

Domiciliary Treatment: Many health insurance policies now cover even treatment taken at your own home with proper medical supervision.

Cover for Critical Illness:  If diagnosed and confirmed having some critical illnesses such as cancer, kidney failure, and paralysis etc most health insurance companies pay a fixed lump sum amount to the insured person that can be used for rehabilitation and lifestyle adjustments.

Attendant Allowance: If a child with health insurance is hospitalised then most insurance providers offer an attendant allowance to parents accompanying the child.

Daily Hospital Cash Allowance: Some health insurance providers even offer additional daily hospital cash allowance to take care of expenses such as food and traveling that are not covered by the policy.

Free Health Check-up: You can avail free periodic health checkups after every 4 or 5 claim-free years with your health insurance policy.

Dental Treatment: There are some insurance companies that provide cover for dental treatment with sub-limits once in few years.

Bariatric Surgeries: Many insurers provide cover for bariatric surgeries if done for medical purposes and not for cosmetic purposes.

So, now that you know of all these various benefits of a health insurance policy, take full advantage of it. If you do not have a health insurance policy yet, contact your agent today and buy a health insurance policy that suits you the best.


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