We all understand the benefits of having a health insurance plan with the right amount of cover.Plans offered today by insurers come with various kind of value added services which we need to understand before we opt for it.We should remember than nothing comes free so we should always make a conscious decision.
Let’s try understanding the various value added services which are in offer today and evaluate the merits and demerits around it.
A Wellness program is more off like a reward program for the policyholders and they get incentivized with additional benefits for maintaining good and healthy habits. The whole idea behind a program like this is that it a saves a lot of future costs for the insurer. The underlying idea of cost savings comes from the fact that people staying healthy would raise lesser claims. Some of the common examples of Wellness program is insurers offering loyalty points for quitting cigarettes. Like some insurers provides a set off of loyalty points for following certain healthy practices like going to gym, doing yoga on a regular basis etc.
Under most these wellness programs which are part of a base policy , the policyholder can avail an option to cash out the loyalty points and use the same as reimbursement against medical expenses which are not covered under the base policy.
If you go by the structure of health insurance plans and compare plans offering ayush benefits and those which are not , plans without benefits are preferably more comprehensive whereas the plans offering ayush benefits are more cheaper. Ayush benefits are more related to covering medical costs if the treatment availed by the policyholder through a ayurvedic , unani or any other forms of alternative medicine and which are not covered by any base policy.
We should remember in case of Ayush benefit, one need to go through a 24 hour hospitalization under any medical facility offering ayush services and the services should be recognized by a government hospital and should be accredited by Quality Council of India or National Accreditation Board on Health. We should also keep in mind that outpatient services under Ayush medication methodology are not covered under ayush benefits.
As the name suggests, it is related to cost involved in taking a second opinion from a different medical expert. In terms of ailment management this can act a real boon. People who have a hereditary history or a predisposition to certain illness the option can be quite helpful. Plans offering this particular value added service offer it as an embedded service and generally charges no extra cost.
Medical repatriation /evacuation
Most of the existing plans become ineffective outside India and that is why travel insurance plans are recommended. But there are lot of health insurance plans which have started offering this benefit as an additional value. We all know that medical cost outside India is always costly and if in case of an emergency situation the policyholder is forced to depot to the home country in a state of medical emergency , this particular value added service can be quite helpful.
But one thing that we need to keep in mind the claims under this special benefit are only settled if and only if the base policy also addresses the claim.
Sum insured restoration:
This is a common value add service which provided by most insurers. In case of claim years we all know that the sum assured get reduced by the amount of the claim but for the policy to run efficiently the sum assured need to maintain. This particular value added service comes with an extra cost and while opting for the same one should effective compare with the benefits of a top up plan. It is better to do a cost benefit analysis.