With a continuous rise in healthcare facilities, it has become more important to choose health insurance wisely. One needs to thoroughly evaluate their needs and then choose a coverage suitable for them. With the lack of sufficient coverage, you put your or your family's health at risk, and might result in a considerable rise in out-of-pocket costs during the treatment.
Therefore, to help you out in this, Health Insurance companies have started offering several benefits. These benefits are generally overlooked by common people due to the legal terminology of a policy document.
One such benefit that many people are still unaware about are Restoration & Recharge Benefits in their policies. Read on to know more about the restore or recharge benefits in the health insurance plan, read on.
Restoration benefit restores or refills the sum insured once the original coverage has been exhausted. This benefit is offered under health insurance plans available for individuals as well as families.
In short, the Restoration benefit helps you to avail the coverage even after you exhaust the sum insured. So, you don't have to worry if you use the entire amount insured since if you have this benefit, your insurance provider will provide you the entire sum insured again that can be used in the future.
For Instance: Ravi, a 40 year old IT employee bought a health insurance of INR 5 Lakh with inbuilt restoration cover. After 2 years, he suffered from a cardiac ailment and had to go through the operation. The operation costs him INR 5 Lakhs. After a few 2-3 months, Ravi met with a serious accident and needed an emergency hospitalization that cost roughly INR 2 lakhs. Now, the health insurance coverage that Ravi has is almost expired. Fortunately, he bought a plan with a restoration benefit, which means that the treatment expenses incurred a second time will be covered by the insurer.
There are two types of restoration options available in health insurance:
Restoration Benefit is perfect for a certain group of people who have specific sorts of health insurance coverage. The following people will benefit from this benefit.
The recharge benefit in health insurance is useful if your sum insured is decreased/depleted due to a previous claim. You can make use of the recharge benefit immediately upon the next claim without waiting for the next policy year.
In short, with health insurance recharge benefits, your sum insured is instantly recharged and you can avail the benefits again in the same year.
There are numerous advantages of having a restoration and recharge benefit in your health insurance plans. Make sure you compare health insurance plans before buying one.
Some of the benefits of restoration and recharge benefits are as follows:
Nowadays when the healthcare prices are on rise, it is important for you to explore all the benefits that a health company offers. One such popular feature that comes with many health insurance plans are recharge and restoration benefits. Having such benefits are useful when there are several claims and you need enough coverage. So, look for best health insurance plan that include a "restoration & recharge benefit." for maximum coverage.