Lesser Known Facts About Health Insurance

One of the lessons the COVID-19 pandemic has taught is that one should never skip buying a health insurance policy. It was during this time that the importance of health insurance was realised more than ever by many. The increase in the number of health insurance policies sold during these times shows is a proof that people have now started identifying the need for health insurance for themselves and their family members. But there are still many people who do not own the required health insurance coverage. If you are also one of them, then this article is for you. It consists of some interesting facts that might motivate you to buy a health insurance policy soon. Read the facts below:

Health insurance plans come with lifelong renewability benefits: Most indemnity based health insurance companies, adhering to the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), offer lifetime renewability benefits through their health insurance plans, to the insured. This means that there is no restriction on the maximum age when the insurance policy can be renewed. You can hence, enjoy coverage under a health insurance policy for a lifetime, provided you timely pay the premium for it.

You May Also Like to Read: Health Insurance Policy Renewal - Guide To Online Process

1. Recharge of Sum Insured Limit

Some insurance companies offer refill benefits in their health insurance plans in case the sum insured gets exhausted due to claims made earlier. This benefit is useful if any claim is made in future. Also, some insurance companies offer this benefit several times during a policy year.

2. Enhanced Coverage with Cover for Daycare Procedures

These are the procedures that do not require hospitalisation of at least 24 hours. For instance, radiotherapy, chemotherapy, dialysis, etc. Many health insurance plans offer coverage for daycare procedures which not many people know. It is an attractive feature that is preferred by many people.

Health insurance plans without any maximum entry age: Many individual or family floater health insurance plans come without any maximum entry age limit. This means that you can buy these plans at any point in your life without considering the age factor. In fact, you can buy family floater plans that will cover you as well as your spouse under a single sum insured, even during the golden years of your life.

3. Benefit of Cashless and Reimbursement Claims

It is a common misconception that an insurance company only covers the treatments that are availed at a network hospital. As a matter of fact, the insured can avail of the required treatment at a non-network hospital as well and the insurance company will cover the same. Just that in the case of the non-network hospital, the insured is first required to settle the medical bill from his/her own pocket and can claim the same later.

4. Maternity Cover in Health Insurance Plans

Several insurance companies offering health insurance plans provide cover for maternity-related expenses to the insured. These plans cover hospitalisation expenses for childbirth, ambulance expenses, tests and medication, follow-up visits, related confirmatory tests, etc.

Bottom Line

Though health insurance plans provide a wide range of coverage benefits to the insured, not everyone understands the features and benefits offered under these plans. It is important to understand the features and benefits as it helps you make an informed buying decision and helps in a smooth claim settlement process in the future. So, understand the above-mentioned benefits and avail full coverage benefits provided under health insurance plans.

Also Read Here: How To Find The Right Health Insurance Plan For Coronavirus?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.