‘Health is wealth’ is an old adage that holds good even today. Besides saving money for the rainy day we also need to take care of expenses that are likely to occur due to illness. A chunk of our earnings goes into paying for health insurance. When you think of a health insurance policy, you generally think that it pays only for hospitalization expenses. On the contrary, there are many more benefits of health insurance that everyone should be aware of. Below are some interesting facts about health insurance which you may not be aware of.
1. It is true that health insurance pays for your hospitalization costs. However, besides the hospitalization costs, it also pays for all the expenses incurred during your stay in the hospital like food, refreshments and even the money your family spends on commuting between the hospital and home. Surprised?
It’s wise to check and find out if your policy offers a pre-fixed or per-day cash hand out system. Most health insurance companies compensate this amount without even asking for any bills to support the claim. This will help you to save some money.
2. Some health insurance policies also take care of your recovery expenses. This is called “recuperating benefit”, which offers a lump sum if you have a prolonged stay in a hospital for 7-10 days.
This benefit is given mainly to supplement the income lost because of your stay in the hospital. Some policies also provide for the post-hospitalization stage. However, check the eligible benefit amount and period which is usually predefined in the health insurance policy.
3. There are some health insurance companies that provide coverage for alternative treatment options like Ayurveda, homeopathy and Unani, as long as the treatment is taken at a government hospital.
4. It’s surprising and good to hear that many health insurance companies offer coverage even for treatment undergone at home, as per your doctor’s advice. This is offered mainly because you are not in a condition to visit a hospital; you however have to present bills from the doctor’s clinic to receive the money for a legitimate claim.
5. Health insurance companies may even provide coverage if you donate organs to an insured patient. Policies today include the cost for treatment of an organ donor who donates his organs to the insured person. This treatment coverage includes surgery costs and the money spent harvesting the organ. However, health insurance policies may not provide coverage for screening charges.
6. There are even health insurance policies that provide attendant allowance coverage. So if a child aged less than 12 years is hospitalized, money that accompanying adult spends each day, after the third day of the child’s hospitalization, is included and covered in the policy. However, the specific parameters for this vary based on the health insurance provider.
7. Last, but not the least, health insurance policies also provide coverage for expensive procedures like chemotherapy and dialysis. The only difference is that some providers offer higher sums for certain illnesses.
Looking at all the benefits offered by health insurance policies, you now know that you gain much more from the policy than coverage for hospitalization charges. In fact, this is an insurance policy everyone should have as you never know when you may fall sick or end up in the hospital.
Sarah Lamb is an online marketing specialist. This time around she has chosen to write on a subject which people often ignore. To find out how getting acan save you money, visit Choosi today.