What Are Three Benefits of Health Insurance?

Health insurance plans are bought by the policyholders to get financial support in case of a medical mishap. The health insurance plans come into action as soon as they are availed in case of an emergency, and the policyholders can avail its features and benefits. Some of the prominent inclusions under a health insurance plan are room rents, ambulance charges, medication costs, organ donor expenses, etc. The benefits of a health insurance plan can be availed only after the waiting period of the policy that is specified by the insurer depending on the medical condition.

About Health Insurance Plans

A health insurance plan is a contract between the insurer and the policyholder abiding to which the health insurance provider offers financial aid to the policyholder in case of a medical emergency. It offers several features and benefits to the policyholders at an affordable price and ensures them quality treatment irrespective of the monetary constraints. You can customize your plans based on your choices and requirements, therefore you must analyze your requirements before investing in a particular health insurance plan. Following are some of the features of a health insurance plan, that are commonly available under all the basic plans:

• These plans have sub-limits on the room rents under which the amount of compensation for room rents is pre-specified by the insurer.
• Pre-existing diseases are generally not included under the health insurance plans and if some of the insurers cover it, they include it with a waiting period of around 2 to 4 years.
• Co-payment clause specifies the share of the medical expenses that are to be borne by the policyholders from their pockets.

What Are Three Benefits of Health Insurance?

Let us look at some of the prominent benefits of a health insurance plan that are available for the policyholders:

1. Hospitalization Expenditures

Health insurance plans compensate for the hospitalization expenses that may incur at the time of a medical emergency. Variety of hospitalization expenses are covered under a health insurance plan by the health insurance providers. Some of the common expenses that are financed by the insurers include accidental hospitalization, illness related, ICU room rents, ambulance charges, domiciliary expenses, inpatient costs, no cap on room rents, and much more. You can get a detailed description on the coverage of hospitalization for your purchased health insurance plan under the policy terms. Therefore you must always go through the fine print of your policy papers to avoid any confusion.

2. Accumulated Benefits

Health insurance providers offer accumulated perks to the policyholders under their respective health insurance plans. Some insurers offer complementary healthcare checkups to the policyholders for every 3 to 4 claim free years. While, some insurers provide no-claim-bonus which increases the sum assured under the plan for every claim free year. The no-claim-bonus can range from 10% to 20% on the claim amount. The free medical checkup is offered at the network hospital of the insurer and it ensures the healthy well being of the policyholders by regularly monitoring their health.

3. Alternative Treatment Benefits

Under this benefit, the health insurance providers compensate for the alternative methods of treatment during hospitalization. Apart from the modern treatments, alternative treatments like Ayurveda, Yoga, Unani, Siddha, and Homeopathy are also gaining a trusted base of patients due to their effectiveness. These AYUSH treatments must be received at the government hospitals or any other authorized medical center to avail the benefit under the coverage of the purchased health insurance plan. These treatments have little to no side effects and can be received by people of any age.

Conclusion

Apart from the above mentioned benefits of a health insurance plan, there are several other perks too that can be availed by the policyholders. You can understand the benefits and features of your purchased health insurance policy by carefully going through its terms and conditions.

Also Read: What Is The Main Purpose of Health Insurance?

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.