benefits of health insurance

Benefits of health insurance policies

Most people assume that health insurance policies will cover just personalised expenses. This is not true at all; some of the best health insurance policies will cover other expenses as well. Some benefits of health insurance are not utilised simply because people lack knowledge of their existence.  The utility of health coverage does not depend on its features alone but also how you are able to utilise them.

Here are some health insurance policy benefits you should consider when picking out your health insurance plan

The convalescence benefit

Also known as the recovery benefit. The insurer will take care of your recovery expenses. This benefit is given to cover the supplementary costs that will arise during your hospitalisation. For instance, if you stay in the hospital for a long period of time that is a lot of income lost. The insurer basically makes a large payment in a lump sum amount in case there is a prolonged stay from a week or 10 days. Some policies will include compensation for family visits.

They cover alternative treatments

Alternative treatment has grown even more popular in recent years. Many insurance companies have been prompted to add this to their list of policies. However, they will only cover the alternative treatment if it takes place in government hospitals or recognised institutions that are listed in the insurance policy.

Organ donor expenses

Kidney transplants costs are very alarming. A regular person cannot afford an organ transplant without some form of insurance or help. Some health insurance policies handle the medical expenses you face before the organ transplant. Most insurance policies will cover their organ transplants as part of their policies.  You can sign up with insurance policies that reimburse the entire cost or one that will cover only a portion.

Attendant allowance

Some insurance companies offer an attendance allowance to the people who accompany the insured individual to the hospital.  Most insurance companies do it provided the person under insurance is a child. Normally, the insurance coverage will last for a week or two.

A free health check-up

One major benefit of having health insurance is that you can go for free health checkups. For some insurance companies, you can go for a free healthcare check-up once every couple of years.

Cashless claim benefits

The cashless claim policy is popular with many insurance providers; it means that if you do not have enough money to take out of pocket payments, the expenses will be settled between the insurer and the hospital. Another option could be to take out a payday loan to help tide you over till the end of the month. To make use of this benefit, you must attend a hospital that is covered by the insurance policy otherwise the cashless claim benefit will not work for you.

Tax benefits

Tax benefits are common among all healthcare plans. The premiums you pay are eligible for tax deductions.  If you are under the retirement age, you can claim the tax benefit on a health insurance premium for yourself.