Insurance query: Add-ons – The Hindu BusinessLine

I have been reading about new add-ons in health insurance that offer additional benefits. But I am hearing different perspectives from different people. Can you throw light on the myths around add-ons?

Sujan

The health insurance industry has significantly evolved to offer more than just hospitalisation coverage. These innovative add-ons empower policyholders with greater financial security, access to advanced and quality healthcare services, along with personalised coverage options. By debunking these myths and understanding the benefits of these add-ons, individuals can make informed decisions that ensure comprehensive health protection for themselves and their families.

Myth 1

Only hospitalisation costs are covered by health insurance: this is a common misconception. While traditional health insurance policies primarily covered hospital stays, modern plans now offer comprehensive protection that goes beyond just hospitalization. With add-ons such as OPD cover, policyholders can claim expenses for doctor visits, diagnostic tests, prescription medications, and even eye care. This enhances accessibility and affordability by allowing you to use your insurance without waiting for hospitalization. Additionally, coverage extends to preventive care as well as post-discharge services like physiotherapy, medical devices, and post-hospitalization expenses.

Myth 2

Health insurance does not cover mental health services: Traditional insurance plans have overlooked mental health, despite the fact that it is equally as vital as physical health. In response, insurers have launched add-ons that cover psychiatric consultations, therapy sessions, rehabilitation treatments, and preventative mental health screenings. Policyholders can seek expert assistance, long-term therapy, and early intervention without worrying about exorbitant expenses, thanks to these advantages. This coverage is essential to ensuring comprehensive healthcare for everyone, especially considering the rising stress levels and mental health issues in today’s hectic society.

Myth 3

Even with insurance, the expense of cancer treatment is usually prohibitive: Cancer treatment is generally well-covered by most health indemnity plans. Additionally, modern health insurance options provide specialized products and riders, such as lump sum payouts upon the diagnosis of cancer at a certain severity level, helping to manage the often-high costs of treatment. Patients can pay for therapy, prescription drugs, and even necessary lifestyle changes throughout their recuperation thanks to this instant financial assistance. This add-on gives people and their families’ peace of mind during trying times by ensuring that they can concentrate on therapy and recovery rather than financial strain.

Myth 4

Over time, medical inflation will render my insurance coverage inadequate: There is an immediate concern that your current sum covered would not be sufficient in the future due to the escalating costs of healthcare. The Add-ons also have a feature which automatically raises your coverage to keep up with medical inflation, and were created by insurance companies to address this issue. This guarantees that your insurance will continue to offer sufficient protection even if medical expenses increase over the next several years. One of the most complete protection plans in the market today, this add-on also offers a guaranteed bonus (irrespective of claims), global hospital cash benefits, coverage for pre-existing conditions, and international second opinions.

Myth 5

Alternative therapies are not covered by health insurance: While it was traditionally believed that holistic therapies like Ayurveda, Yoga, Unani, Siddha, and Homoeopathy (AYUSH) were not covered by health insurance, many plans now include AYUSH coverage. This shift reflects the growing demand for alternative medicine, allowing policyholders to access traditional and natural therapies without worrying about out-of-pocket expenses. As a result, individuals opting for non-traditional treatments can enjoy the same financial security as those who choose allopathic care.

Myth 6

Coverage ends when my sum insured is depleted: What happens if a policyholder exceeds their sum insured limit in a medical emergency is a key concern for many policyholders. A super top-up cover, which offers further financial protection once the base sum insured is depleted, is the answer. This is particularly helpful for serious conditions, ongoing medical care, or repeated hospital stays in a single insurance year. A super top-up cover is an affordable method to make sure that medical bills don’t deplete your funds, enabling you to get high-quality healthcare without worrying about how much it will cost.

The writer is Senior VP, Consumer Underwriting,TATA AIG