Health Insurance Benefits

By: EconomyWatch Content   Date: 18 February 2010

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Right from medical emergencies cover to ambulance charges, the extent of health insurance benefits vary based on the plans they are associated with. However, identifying a plan that offers the right kind of coverage, which protects you for medical situations you are most vulnerable to, is quite a task. One can, nevertheless, refer to health insurance agents for help.

Essential Health Insurance Benefits

Health insurance benefits are extensively listed in the coverage clause. The exclusionary clause is more important as it specifies the various medical conditions that are excluded from the coverage. This section is a little tricky as most insurers tweak the definitions of various medical conditions. For example, emergency coverage may be limited to just a lethal medical condition leaving out urgent non-lethal conditions. This means that you may end up paying a higher co payment than what, otherwise, should have been.

Many insurers may not offer coverage for pre-existing conditions such as diabetics or hyper tension. At the time of reimbursements for severe ailments or conditions such as heart attacks, the insurers may use diabetics as the reason for the condition and exclude heart attacks from the coverage.

 Therefore, clarify all the heath insurance benefits that an insurer offers and ensure that the coverage is apt for your needs.

Most Common Health Insurance Benefits

The most common benefits are:

Financial:  This is the most basic of insurance benefits. The very purpose of taking a health insurance is to have a financial cover in case of any unexpected expense incurred when a  specified medical condition occurs.

Pre-tax insurance benefits: Insurance plans also help in saving a large portion of tax payments. This is a perfect way to assist in increasing the disposable income.

Optional:  These benefits are offered as a supplement to the conventional coverage and one may buy them for some extra premium. Optional coverage includes:

  • health and dentalinsurance of the family
  • lifeinsurance of the spouse and the child
  • accidental death policy for the policy holder in addition to the actual insurance for which he/she has enrolled for
  • long term and short term insurance plans against disability of the policy holder
  • Unit-linked insurance schemes meant for appreciation of the accumulated capital during the life span of the same, managed by an experienced and well-learned fund manager.

 

While owning the plan, one should also learn the procedure of applying for reimbursements to ensure maximum convenience with health insurance benefits.


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