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A health emergency is always unpredictable and can arise at any time. Investing in a health insurance policy is a wise idea to ensure you do not compromise on the quality of the treatment while tackling a medical condition. It ensures you get quality medical support without having to shell out huge amounts from your pocket. A good health insurance policy can offer a number of benefits for the insured and help them get quality healthcare without having to worry about the costs. The Companion Care Benefit is one such feature that offers a lump sum amount to cover the expenses incurred by a close relative in case of hospitalisation of the insured. Read on to know more!
What is a Companion Benefit?
A health insurance plan is your financial fall-back cushion that acts as a support pillar in times of need. A health plan has various clauses and benefits. Companion care benefit is one such feature offered by a number of health insurance policies.
Companion benefit in health insurance is a policy feature that covers the costs of an immediate family member taking care of the policyholder in case of extended hospitalisation. This feature covers any justified costs incurred throughout the treatment. However, it is important to know that this benefit is subject to certain conditions, as stated in your policy documents.
Features of Companion Benefit
The companion health insurance plan has several benefits. However, you should also be aware of the policy conditions and exclusions. Let us talk about the same in detail:
Amount Covered
Companion benefits help cope with the additional expenses of the insured's close relatives. It is a fixed benefit plan, where the benefit coverage varies according to the chosen sum insured options. Here is an example of our Care Freedom plan that offers companion benefits as mentioned in the table below:
| Care Freedom (Sum Insured) | Companion Benefit Coverage |
|---|---|
| ₹3 lakhs | ₹10,000 |
| ₹5 lakhs | ₹15,000 |
| ₹7/10 lakhs | ₹15,000 |
When to Claim
Companion benefit can be claimed when the hospitalisation of the insured exceeds 10 days.
Multiple Sum Insured Options
Companion benefit is a part of Care Freedom Health Insurance. As you may see in the table above, the cover of companion benefit is available with all the 4 sum insured options of Care Freedom plan. So, no matter which sum-insured plan you choose, your close relatives can get coverage of companion benefits when hospitalisation exceeds 10 days.
Care Freedom Health Insurance: Let’s go Deeper
Care Freedom is a health insurance plan specially designed for people with pre-existing diseases. With sum insured coverage as high as up to ₹10 lakhs, Care Freedom aims to offer comprehensive coverage to people with illnesses like diabetes, hypertension, etc.
Here are some benefits that you can expect with Care Freedom health insurance:
Inpatient Care
In case of hospitalisation requirements, the in-patient care expenses are covered. The major costs covered under this clause are nursing charges, OT (Operation Theatre) charges, equipment costs if implanted for a surgical procedure, medicinal and drug costs, doctor's fees, etc..
Pre-hospitalisation Charges
This covers the costs of any kind of medical expenses incurred within 30 days prior to when the insured is admitted to the hospital. However, it is important to note that these charges are only covered when the company has accepted the inpatient care plan.
Post-hospitalisation Costs
In addition to the best companion pass, the plan also covers the post-hospitalisation expenses which extend for up to 60 days after discharge. These are also released as reimbursement and can only be claimed for the same illness for which the patient was admitted.
Daycare Treatment Cover
The daycare treatment benefit covers the costs of procedures that do not require the policyholder to be hospitalised. The duration of these procedures should not be more than 24 hours. This includes treatment like chemotherapy, hemodialysis, etc.
Ambulance Charges
Subject to certain terms and conditions, the insurance company also covers the cost of an emergency ambulance used to move the patient to the nearest hospital up to Rs. 1000 per hospitalisation.
Exclusions to Consider under the Care Freedom Plan
In addition to all the benefits provided by the Care Freedom health insurance plan, there are several exceptions that the insurance agents aren't liable to pay for. Here are some of these exclusions:
Eye Treatment
Costs of eye treatment to improve sight or for other psychological reasons are not to be claimed under the insurance plan. The company is not liable to pay for routine check-ups, lenses, and more.
However, you can make a claim if the eye treatment is a result of any accident that is covered under the plan.
Waiting Period
The company is not liable to pay for your medical treatment immediately after the purchase of the policy. Every insurance company has a different waiting period. 30 days is the general and the minimum waiting period accepted by all insurance agents. For pre-existing illnesses, the waiting period can be up to 24 months.
However, the waiting period is different for distinct medical conditions and has some exceptions to it as well.
In addition to these, there are several other exclusions. They include circumcision treatment, hereditary conditions, treatments for addiction, rehabilitation, HIV/AIDS, obesity, self-harm, sleep disorders, etc. Check the policy document and understand all the exclusions.
Wrapping Up!
Medical treatment in our country can be expensive and can be daunting. Not only is it emotionally exhausting but financially challenging as well. Healthcare insurance is one of the best ways to deal with it without completely depleting your savings. With Care Companion benefits, you can cover the additional expenses of your family member without breaking the bank. With a health insurance policy like this, you do not have to constantly keep worrying about your finances getting drained in a health emergency. Rather, you have the peace of mind of knowing that you did your best for a secure future.
>> Also Read: What is Companion Care: Types and Benefits
Disclaimers: The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.
