Looking at today’s scenario a health insurance has become critical. It saves you from the stress and turmoil. A lot of people face problems during an emergency due to lack of a proper health insurance. The biggest problem is to arrange funds. It cannot be made in seconds and sometimes even a second cannot be spared. A health insurance comes into play in the very situation. It covers all your expenses from hospitalization to the discharge of patient. The health insurance covers the expenses in both of the situations that is, planned hospitalization and unplanned hospitalization. The sum is reimbursed either after the discharge of patient or the sum is paid directly to the hospital by the insurance provider simultaneously. A cashless addition to the health insurance also saves the haste of arranging money at the time of hospitalization.
However, sometimes the situation becomes so critical that the insured sum gets exhausted during the treatment. Usually a specified amount is insured by the company at the time of registration. The amount is sufficient to meet the medical needs in emergency or even a planned hospitalization. But sometimes in serious cases the expenses cross the insured amount threshold. It begets more problems in the already unfavorable situation. So, what is the solution to it? The insurance companies provide a benefit of restoration. It is also called as refill benefit. The company restores the amount that has been exhausted during the treatment thus you will not be deprived of treatment at any point. For example, say that someone has insured a sum of around 5 lacs. The person is diagnosed with a heart problem and his sum gets exhausted in the initial months of the treatment. Unfortunately, the person is further diagnosed with another complication then the insurance company will restore the insured amount so that the person stays safe. So, basically the person gets an additional coverage of 5 lacs during the same policy year.
However, in the second case where a person insured with 5 lacs, diagnosed with a heart problem gets hospitalized again due to relapse of the problem then the restore benefit will not work in such case. The restoration works in case of only unrelated illnesses. It will not work even the case where you have exhausted the money because of additional bills. In such case you will have to pay for the remaining money from your own pocket.
What are the attributes of restoration benefits?
The restoration benefits come along with some of the clauses which differ from company to company but the basic agenda remains the same. The clauses are made so as to avoid the deception. The basic clauses are:
- The restore sum will be insured only after the basic sum insured inclusive of multiplier bonus (if any) has been completely exhausted.
- The restore sum insured can be used only by the person insured. In case of a family floater policy, restore sum will be available for every insured person in the policy.
- The restore sum can be used only for future claims made by the insured person.
- No multiplier bonus will be added to the restored sum.
- The restore will be applicable only once for the insured person during a policy year. You cannot claim for it more than once.
- In case if a restoration is made and it is not utilized by the person then the claim will not be carried forward to the next policy year.
So looking at the attributes of restoration benefits you should go for a family floater plan so as to insure each of your family members.
How much excess premium do you pay for restoration benefits?
It is very likely to strike in your mind. The premium costs, however, vary from company to company. The cost does not bring burden to your pocket. It is kept suffice so that everyone can take advantage of it. The premium cost is worth considering because of the benefits it offers.
Is there only one type of restoration benefit?
No, restoration benefits are again of two types and you can opt for the one you think of worth investing into.
The first one is, complete exhaustion, as the name suggests this type of restoration benefit insures the restored sum only after the complete exhaustion of the insured sum. This is the most common type of restoration benefit offered by nearly all health insurance companies.
The second type is, partial exhaustion, in which you can claim for the restored sum after the partial exhaustion of the insured sum.
Thus, securing yourself and your family members with restoration benefits begets more advantages to your health insurance. It helps you and your family in crisis.