What are the coverage benefits of health insurance plans?

1. What are the coverage benefits of health insurance plans? A medical contingency is an emergency which causes two major setbacks, physiological and financial. The physiological setback cannot be avoided but the financial one can be. Health insurance policies have been designed which help in taking care of the financial setback which you might suffer in a medical emergency. These policies cover the different types of medical costs that you might incur thereby sparing your financial savings from being wiped out. Right from the time that you seek medical assistance until the time that you recover, a health insurance plan covers all possible medical expenses. Let’s have a look at some of the common health insurance coverage benefits which are found in most policies – Common health insurance coverage benefits ● Pre and post hospitalization expenses You might incur expenses on doctor’s consultations, investigative tests, etc. before you are hospitalized for treatment. These expenses are called pre-hospitalization expenses and they are covered under all health insurance policies. Moreover, the expenses incurred on recovery are also covered under the scope of post-hospitalization coverage. These expenses include expenses incurred on consultations and investigative tests that are required to monitor your health after you are discharged from the hospital. ● Inpatient hospitalization expenses This health insurance coverage benefit covers the expenses which are incurred when you are hospitalized for at least 24 hours in a hospital. The expenses can include room rent, fees payable to attending doctors, surgeons, nurses, anesthetists, cost of medicine, blood or oxygen used in your treatment, etc. Inpatient hospitalization forms the crux of your health insurance coverage as it covers your hospital bills which might run up to considerable amounts. ● Ambulance expenses If you need an ambulance to transport you to the hospital for treatments, the cost incurred in hiring an ambulance is also covered under health insurance plans. ● Daycare treatments There are some treatments that do not require you to be hospitalized for 24 hours or more because of advanced medical techniques. These treatments are called daycare treatments and these treatments up to the sum insured that you have chosen. ● Organ donor treatments If you need an organ transplant, the cost incurred in harvesting the required organ from a donor is covered under health insurance policies. ● Domiciliary treatments

2. If you have to take treatments at home because there is no empty hospital bed or if your condition does not permit you to be moved to a hospital, such treatments would be called domiciliary treatments. Domiciliary treatments are also covered under health insurance plans. ● AYUSH treatments AYUSH treatments are non-allopathic treatments which include Ayurveda, Unani, Siddha, and Homeopathy. These treatments are covered under most health insurance policies either up to the full sum insured or up to a specified limit. These are some of the common health insurance coverage benefits which can be found in most plans. Besides these basic benefits, different health insurance plans also cover the following – ● ● ● ● Maternity related expenses incurred on childbirth Outpatient expenses Daily hospitalization benefit when you are hospitalized for 24 hours or more Convalescence benefit which is paid in a lump sum if your hospitalization exceeds 7 or 10 continuous days Restoration of the sum insured when it is used up in a policy year, etc. ● Benefits of health insurance Besides providing a comprehensive scope of coverage, there are other benefits of health insurance plans which you should know. These are as follows – ● There are family floater health plans which help you avail coverage for all family members under the same policy You can buy different types of health insurance plans for different coverage needs. There are critical illness plans which pay a lump sum if you suffer from specified critical illnesses, diseases specific plans which are designed for individuals suffering from specific diseases, etc. Health insurance plans offer lifelong renewability allowing you to enjoy coverage even in your older ages Free health check-ups are allowed under health plans which help in monitoring your health You get rewarded in the form of premium discounts or increase in the sum insured if you don’t make claims in a policy year The premiums that you pay for a health insurance plan are allowed as a deduction under Section 80D of the Income Tax Act. You can claim a deduction of up to INR 25,000 for a policy that you buy for yourself and/or your family and another deduction of up to INR 50,000 if you buy a policy for your senior citizen parents. ● ● ● ● ● Thus, a health insurance plan is a must to protect against the financial strain of a medical contingency. Given the benefits of health insurance policies, buying the plan is also advantageous. So,​​invest in a health plan​ for yourself and your family and get yourself financially secured.