When you think of health insurance, it’s natural to focus on the basics – covering hospital stays, doctor visits, and tests. But did you know that many health insurance plans actually come with extra perks beyond the standard coverage? These are value-added benefits that give you more than just the essentials. Thus, offering additional support for your overall health and well-being. Whether it’s wellness programs that reward you for staying active, or coverage for alternative treatments like Ayurveda and Homeopathy, these extras can really enhance your policy. But are they actually worth it?
In this article, we’ll break down some of the most common value-added benefits in health insurance.
What Are The Value-Added Benefits In Health Insurance?
Health insurance companies offer several value-added benefits that go beyond basic coverage. Let’s break down some of the most popular options, how they work, and whether they’re actually beneficial for you.
- Wellness Programmes
A wellness program is basically a way for your insurer to reward you with points for maintaining a healthy and active lifestyle. The idea behind it is pretty simple: if you stay fit, you’re less likely to make claims, which helps the insurance company save money in the long run. Plus, it’s a win-win because these programs encourage people to adopt healthier habits.
While these wellness programs can offer policyholders some perks, it’s not always a huge win. For example, you might earn points for things like quitting smoking or staying active by going to the gym, practicing yoga, or running marathons. However, the points don’t translate into massive rewards. You can use that towards things that aren’t typically covered by your main policy, like consultations, medication, etc. The details and benefits vary depending on the insurer, so it’s worth checking what your specific policy offers.
- Second Opinion
The second opinion benefit, as the name implies, allows you to consult another doctor to confirm a diagnosis or treatment plan. This can be really helpful, especially for critical illnesses or when you’re facing a major treatment decision. Getting a second opinion can often lead to better outcomes for the patient. Most insurers include this benefit at no extra cost, and it’s a great option for those who have a family history or a predisposition to certain illnesses.
- Health Check-ups
Free check-ups are part of the value-added benefits. These are designed to encourage preventive care, helping policyholders stay on top of their health. Regular health screenings can lead to early detection of diseases or conditions. This potentially reduces the need for more expensive treatments down the line. This perk not only helps you stay proactive about your health. It can also save you money on routine tests and consultations that standard policies don’t cover
- Cumulative Bonus
A cumulative bonus is a reward for staying claim-free, where your sum insured increases by a certain percentage each year without a claim. For example, some plans might offer a 10% boost to your base coverage annually, up to a certain limit. However, if you do make a claim, that bonus might decrease. While the cumulative bonus can be a nice perk, experts suggest you shouldn’t rely on it as a way to save on costs. Instead, think of it as a bit of extra coverage rather than a key part of your plan.
- AYUSH Benefit
AYUSH covers traditional Indian medicine systems like Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy. Some health insurance policies actually include AYUSH as part of their coverage. Since a lot of people in India prefer these treatments, especially for chronic conditions, this benefit can come in handy. It helps cover costs that usually wouldn’t be included in a standard health policy.
The AYUSH benefit does come with some strings attached. Usually, the coverage is capped, either as a percentage of the sum insured or a maximum amount you can claim. Also, it’s typically not available for outpatient care. You’d need to be admitted to the hospital for at least 24 hours to qualify. Plus, the treatment has to be provided by a recognized government hospital accredited by the Quality Council of India or the National Accreditation Board on Health. While plans with AYUSH benefits tend to have lower premiums, plans without it generally offer more comprehensive coverage.
- Medical Repatriation/Evacuation
This benefit can be a lifesaver during medical emergencies abroad, where treatment can get really expensive or certain facilities may not even be available. However, like most extra perks, it comes with some conditions. It’s also important to remember that the insurer will cover evacuation costs only if the main hospitalization claim is valid. So, it’s a good idea to check the fine print before relying on it.
- Restoration Benefit
The restoration benefit replenishes your base sum insured if you use it up fully during a claim. This means if you exhaust your coverage, the insurer will reset it to the original amount, ensuring you have protection for future claims within the same policy year.
Please note that, besides these, there are many value-added benefits available with health insurance policies. These can vary across insurers.
Wondering what value-added benefits your health insurance brings to the table?
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It’s all about helping you easily understand your insurance, so you can make the most of your coverage and focus on what matters most: staying healthy and worry-free!
