Many times, we are surprised by how quickly health issues can arise. This is why it is necessary to be familiar with your health insurance policy, its clauses, deductibles and even something as simple as the panel network covered by the policy.
We never know when some urgent medical trip is needed. In such a situation, going to the nearest medical facility may not be viable as it is not under your policy coverage. Going to any of the medical facilities listed in your insurance company’s panel list is more practical and saves you time, money and hassle.
This is why it is always good to be familiar with your insurance policy, its coverage and claims rules, and know how to initiate a point of emergency contact. As a policyholder, you should know how to contact your insurance company, and your portfolio holder will help you figure out where to go or who to contact.
This is information you should have handy with yourself as well as your near and dear ones for any emergency.
Steps to get the most out of your insurance policy
Even if you have a basic, low premium plan with multiple deductibles, many such policies cover health screenings and other “preventive” care. You just need to check and confirm. This means that you are not responsible for any copay or additional out-of-pocket costs.
The following are some additional benefits available with most health insurance policies that we don’t usually know about.
Schedule your procedures strategically
While urgent medical conditions must be treated immediately, many procedures can be scheduled at your convenience. This makes it easier to plan them around your insurance year.
Many health insurance plans have an inbuilt deductible amount, which sets the limits of payments you must make before your insurance policy starts paying for medical expenses. This means that if you have an expensive procedure, you can plan for it by the end of your insurance cycle so that the insurance policy steps in for payment.
This allows for peace of mind for your medical bills and leaves you free to plan for the procedure without worrying about payments.
Know how to file a claim
You often need to pay in cash or credit on your own and then file for reimbursement. In such situations, make sure that you get a detailed, itemized bill for all expenses. Many insurance providers also require specific information like diagnosis, treatment, and their in-house claim forms (usually available online).
It makes sense to get the claim form, fill it out with all the usual personal and policy-related information, and use that to save time and energy when filing claims.
Know about Recovery Benefits
In the case of self-paid health insurance, many policies have covered the policyholders’ recovery costs under this benefit. This is also known as the recovery benefit.
Under this benefit, policyholders get financial compensation for the income loss they suffer due to being hospitalized because of a medical condition.
In the case of an extended hospital stay, the policyholders and other beneficiaries are given a lump sum payment of the claim amount.
If there is a lapse of two to four years of health insurance without you filing a claim, many insurance companies will offer their policyholders a free medical checkup.
These preemptive medical exams are usually free for the policyholder and are available at the network hospital of the health insurance company. This is a significant advantage for policyholders, along with other accumulated perks like no-claim bonuses, discounts, etc.
Hospital-based Daily Cash Allowance
Daily cash allowance is one of several extra perks that health insurance companies provide their customers.
Under this coverage, the insurer gives the patient a certain sum per day to help with living expenses while in the hospital. In the event of intensive care treatments, this fee can be as high as Rs. 4000 per day.
This allowance is meant to help policyholders with their lodging and meal costs. Subject to their medical condition, people can submit claims for this allowance.
There are several other hidden benefits that people can take advantage of when it comes to the claim reimbursement process as well as the multiple known benefits of health insurance policies for policyholders.
As always, you need to read the fine print in your policy in detail at the time of purchase. This will help you gain deeper insights into your health insurance plan and the benefits it can offer.
Sadia Zaheer holds a Masters in Business Administration from IBA, Karachi. After working in several financial institutions in Client Management, Corporate Lending, Islamic Banking and Product Management she jumped careers to pursue a career in writing.
She is a Finance, Business and HR Development writer with four years of experience. She reads a lot and takes care of her multiple cats to remain calm.