How Do Convalescence Benefits in a Health Insurance Policy Assist You?
Any health insurance can be beneficial in times of financial crisis. Usually, people think that that’s what their savings are there for. But they often forget that paying their hospital bills will drain their savings, and there is still no guarantee that your hospital bills will be paid completely. Health insurance can help by paying those hospital bills for you. In addition, there are many benefits to having a health insurance plan. One of them is known as a Convalescence benefit. Here is all you need to know about this benefit:
What is the Convalescence benefit?
The term convalescence can be understood as a rest period from an illness or medical procedure. It is when you are recovering from the effects of the disease or injury on your body. When it comes to health insurance, the benefit of financial assistance during this time is known as the convalescence benefit.
The convalescence benefit is the facility in health insurance that helps you get a certain amount of money if you have to stay in the hospital longer than the pre-determined period. This is a lump sum amount paid as per the terms and conditions of the policy.
Understanding the benefit
Health insurance usually helps you pay for medical bills. However, its scope does not end here. It takes a comprehensive approach to provide financial assistance to a policyholder facing a medical emergency.
For example, if you are in the hospital for a few weeks, it may affect your work. If you do not work during that period, you can lose income. A lump sum partially replaces this loss of income as part of the convalescence benefit. Such a benefit could be part of various insurance plans, including employee insurance. * Standard T&C Apply
When should a convalescence benefit be claimed?
Firstly, your policy should clearly state that this benefit is included in the policy document. If it is not specified or is part of the policy’s exclusions, you may not be able to claim for it. However, it can be purchased as an add-on. In that case, the terms and conditions of the add-on will apply. Overall, your policy must have such coverage, and you must satisfy the terms and conditions to claim the convalescence benefit.
You should check after how many days you can avail of this benefit. It should also be mentioned in the policy document. For example, if benefits start ten days after hospitalization, you cannot claim them five days. The amount to be obtained under this benefit will be determined in advance. Details can be accessed in your personal / group insurance plan document or by contacting the customer care team. Moreover, you should check if your insurance provider has other conditions regarding the benefit. For example, you should check if this benefit has an age limit and be available with health insurance for senior citizens. * Standard T&C Apply
Things to know about convalescence benefits
- This benefit may be part of individual and group health insurance policies.
- Generally, this benefit can be obtained seven to ten days after admission to the hospital.
- The policy covers the expenses incurred when the family visits the hospital.
- This benefit is separate from the coverage for the cost of medical expenses and other uses of health insurance and is also known as the Recuperating benefit.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.