Are you worried about reaching the maximum benefit limit of your health insurance plan? Introducing restoration benefits – a game-changer that allows you to unearth the full potential of your coverage.
Restoration benefits are a valuable add-on feature in health insurance plans. They offer continued coverage without the burden of hefty out-of-pocket costs, especially for those with chronic health conditions. To make the most of this incredible feature, it’s crucial to understand the specific terms and conditions outlined in your health insurance plan.
This blog explores restoration benefits, how they work, and how you can maximise their value to get the best out of your health insurance plan. Let's dive in!
What is a restoration benefit in health insurance?
Restoration benefits in health insurance allow you to continue receiving coverage for medical expenses even after reaching your annual maximum benefit limit. They are a valuable add-on feature in health insurance plans. However, it’s important to consider several factors before opting for them.
Some important features that need to be considered before deciding on restoration benefits in a health policy include:
· Partial or full exhaustion: Some plans only restore your annual maximum benefit if you exhaust it fully, while others allow you to make claims even if you have only partially exhausted them.
· Percentage restored: The percentage of your annual maximum benefit varies from plan to plan. Some plans restore 100%, while others only restore a portion.
· Waiting period: Some plans have a waiting period before you can use your restoration benefits. This means you may have to go without coverage for some time after you exhaust your annual maximum benefit.
· Exclusions: Some restoration benefits may not cover certain types of treatments or procedures. It is important to read the details carefully to understand what is and is not included.
· Single or multiple restorations: Some plans only allow you to restore your annual maximum benefit once, while others allow you to restore it multiple times.
· New vs. existing illnesses: Some restoration benefits only cover new illnesses, whilst others also cover existing ones.
What is the restoration of cover in health insurance?
Restoration of cover in health insurance means the policyholder's coverage is reinstated after exhausting the annual maximum benefit. So, restoration benefits kick in even if you reach your limit, providing additional coverage for medical expenses. It's like a safety net that ensures you can still receive necessary care without worrying about excessive out-of-pocket costs.
Restoration benefits in health insurance are valuable for subsequent hospitalisations in the same year, but do not cover initial hospitalisation if the sum insured is insufficient. To make the most out of this benefit, choose a policy with an adequate sum insured based on your age, health, lifestyle, and medical costs.
Best health insurance plans
1. FG Health Absolute
FG Health Absolute is a comprehensive health insurance plan that covers up to 15 members of your family for their physical and mental wellness needs. It is inclusive of pre and post-hospitalisation expenses and daycare procedures. The policy also includes restoration benefits that reinstate the sum insured if it gets exhausted during the policy term. There are also features like a no-claim bonus, lifelong renewability, and coverage for alternative treatments. Overall, Health Absolute provides extensive coverage and added benefits to ensure comprehensive health protection.
2. FG Health Elite
FG Health Elite is an exclusive insurance policy designed for premium customers. It offers maximum coverage and a range of exclusive benefits for all-round health. The policy provides a higher sum insured than standard plans, shorter waiting periods for specific benefits, and wellness benefits such as telecounselling, access to health content, and more.
3. DIY Health Insurance
DIY Health Insurance is a customisable health insurance plan that allows policyholders to create their own plan with only the benefits and coverage they prefer. The plan offers 17 assured base covers, including medical expenses, daycare procedures, pre and post-hospitalisation expenses, organ donor expenses, bariatric surgery, HIV/AIDS treatment, room rent, ICU charges, wellness benefits, OPD cover, LASIK surgery, mental/psychiatric conditions, gender reassignment surgery, screening, and vaccinations. Policyholders can choose the covers that suit them and only pay for them. The plan also offers telecounselling, health content, webinars, vouchers, and health check-ups as wellness benefits.
Restoration benefits are a hidden gem in the health insurance realm. They offer a safety net for unexpected medical costs that may arise even after you've used up your coverage. These benefits ensure you can focus on your recovery without the added stress of financial burdens. So, if you're looking to maximise the value of your health insurance plan, considering restoration benefits is a smart move. It's an investment that could bring you significant peace of mind and financial security in the future.
