8 Hidden Benefits Of Health Insurance You Might Be Missing

Many health insurance plans offer a restoration benefit which restores your policy’s original coverage amount if it gets exhausted due to claims, typically within the policy year

Some insurers may hike premiums after a claim is made on the policy

Source : Finnable

In a world where medical costs are rising and more young people are facing serious illnesses, health insurance is no longer a luxury but a necessity. A comprehensive health insurance policy is the safest bet, offering core benefits such as hospitalisation coverage, cashless treatment, and tax deductions under Sec 80D of the Income Tax Act. 

But it also comes with several lesser-known advantages that can add significant value. Here are six health insurance benefits that many policyholders might not be aware of. Before we dive in, remember that the limits and terms of these benefits can vary across policies, so check with your insurer or read your policy document carefully.

Lifelong Renewals

Lifelong renewability of life insurance ensures continued health insurance coverage regardless of your age or health status. This feature has been mandated by the Insurance Regulatory and Development Authority of India (IRDAI) to ensure that insurers cannot deny policy renewal except in cases of fraud or misrepresentation. This is especially beneficial for all policyholders, especially senior citizens, as healthcare costs tend to rise with age.

Good Health Bonus

Much like the No Claim Bonus in motor insurance, health insurers reward policyholders who do not make claims during a policy year with the Good Health Bonus. This benefit may be offered as a premium discount or a higher sum insured at no extra cost and is meant to encourage policyholders to maintain good health and avoid unnecessary claims.

Restoration Benefit 

Many health insurance plans offer a restoration benefit which restores your policy’s original coverage amount if it gets exhausted due to claims, typically within the policy year. This ensures continued financial protection for policyholders in case they have had to raise multiple claims for medical emergencies within the same year. 

Donor Expenses For Organ Transplants

Organ transplants can be costly for both recipients and donors. While most health insurance policies cover the recipient’s expenses, some, like insurers now offer add-on covers to include donor costs like pre-surgery tests, hospitalisation, and surgery.  

Domiciliary Treatment Coverage

There may be situations when a patient may require treatment at home due to limitations like a lack of hospital beds or medical conditions preventing movement. Many health insurance policies offer domiciliary treatment coverage that essentially offers reimbursements for treatments done at home under a doctor’s supervision. 

Recovery/Convalescence Benefit

The Convalescence or Recovery Benefit kicks in if you're hospitalised for an extended period, typically 7-15 days. It offers a lump sum to offset the loss of income or additional expenses that may arise due to prolonged recovery. 

Zero Loading Charge

Some insurers may hike premiums after a claim is made on the policy. The Zero Loading Charge waives this premium hike after a claim, keeping your renewal costs stable. This benefit ensures your policy remains affordable even if you’ve used your insurance.

Attendant Allowance

When a policyholder is hospitalised, this benefit helps cover the expenses of a caregiver staying with them. It helps with costs like food and travel for the attendant during the hospital stay and is usually offered on a per-day basis, subject to limits. 

Health insurance doesn’t just cover hospital bills but also offers many hidden benefits which can provide significant financial relief. Since the benefits can vary across policies, always make sure to read your policy fine print or reach out to your insurer before proceeding. 

(The author is the Senior Manager-Communications at BankBazaar.com. This article has been published as part of a special arrangement with BankBazaar)