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Benefits of Health Insurance You May Not Know About

Health insurance is often seen as a financial safety net for medical expenses, but its advantages extend far beyond that. Here are nine secret health insurance benefits that you should be aware of for correct decision-making.

  • 1,710 Views | Updated on: Dec 26, 2023

Updated On: 5th September, 2023

The significance of health insurance coverage is becoming extremely important. To protect your family and your own future, it is critical to invest in health insurance coverage that will serve as a pillar of strength through these trying times. Since a health problem can cause your loved ones to experience unprecedented emotional and financial stress, it is vital to obtain health insurance for your parents, yourself, or your entire family to confront this battle without having to worry about depleting your savings.

Key takeaways

  • If a specialist recommends it, your health insurance will cover the cost of at-home treatment.
  • Health insurance providers offer a daily cash allowance to offset expenses like food and travel.
  • The predetermined sum remains constant throughout your policy’s duration, but you may have the option to request additional funds if your insurance policy permits it, in case you exhaust the allocation before the policy period ends.
  • Health insurance can be instrumental in covering the expenses associated with rehabilitation services for you or a family member in need following an injury or illness.

While we are aware of the numerous benefits of health insurance that motivate us to get it, it also comes with a number of other features that you may not be aware of when you buy health insurance. Therefore, to get the most out of your health plan, conduct thorough research for health insurance online and choose a policy that is most ideal.

Some Health Insurance Benefits You May Not Know About

Here are nine secret health insurance benefits that most people do not know about.

1 At-Home Treatment

At-home treatment, if recommended by a specialist, is covered as part of health insurance coverage. The grounds for residential care hospitalization range from a lack of hospital wards for frail health conditions. The payment for such procedures is generally calculated as a percentage of the money covered or as a lump sum payment when you buy health insurance for your parents, yourself, or your entire family.

2 Inclusion of Mental Healthcare

This change was made in accordance with the Insurance Regulatory and Development Authority of India’s directives (IRDAI). Under this change, IRDAI has mandated that mental ailments be included in all normal health plans. It has also instructed companies to simply not refuse health insurance coverage to policyholders who have previously taken opioids or antidepressants.

3 Per Day Cash Allowance

The constant back-and-forth travels for family members between home and hospitals can be a challenge. Thus, if you search for health insurance online, you will see that companies also provide health insurance coverage and give a daily cash allocation to compensate for food expenditures, travel, etc. Such reimbursements, if included in a health plan, normally do not need the filing of bills to substantiate claims.

4 Top Off Your Sum Assured

The sum covered is predetermined for the duration of the policy, but if you use it up before the end of the policy period, you may be able to get a top-up if your insurance policy allows it. It is, therefore, advisable to buy health insurance with a rechargeable sum insured that may be used to pay any future claims that are unconnected to those made earlier in the policy period.

5 Maternity and Newborn Care

Health insurance often provides financial support during pregnancy, labor, and postpartum periods. This coverage includes prenatal care, hospital stays, and necessary tests and treatments for both the mother and baby.

6 Rehabilitation Services

If you or your loved one require rehabilitation services due to injury or illness, health insurance can play a crucial role in covering the costs of physical and occupational therapy and other rehabilitation programs to aid recovery and regain independence.

7 Prescription Drug Coverage

Many health insurance plans include prescription drug coverage, which can significantly reduce the cost of essential medications. This is particularly beneficial for individuals with chronic conditions that require ongoing medication.

8 Dental and Vision Benefits

Some health insurance plans offer dental and vision coverage as well. Routine dental check-ups, eye exams, and eyeglasses or contact lenses can be expensive without insurance, making these benefits a valuable addition to your overall health coverage.

9 Emergency Services

Health insurance provides peace of mind when it comes to emergencies. It covers ambulance services, emergency room visits, and urgent care treatment, ensuring that you can receive prompt medical attention without worrying about the financial burden.

Bottom Line

Health insurance is more than just a financial safety net for medical expenses; it provides a range of benefits that can enhance your overall well-being. From preventive care and mental health support to access to telehealth services and discounts on medicines prescribed, health insurance offers a wide array of valuable perks that policyholders may not be aware of. By understanding these hidden benefits and utilizing them to their fullest extent, you can take better control of your health and enjoy a more fulfilling and stress-free life.

Now that you are aware of these health insurance benefits start making plans for a stress-free future with your family. A good life is a well-insured and well-protected one!

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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