A health insurance policy is a smart choice to protect yourself and your family members from unforeseen and unfortunate health issues that can arise anytime during the course of life. In fact, the government also provides tax benefits for medical policy premiums to encourage people to avail the benefits health insurance offers. However, like in the case of any financial investment, you need to carefully read the terms and conditions to clearly understand the inclusions and exclusions. Exclusions are those items that are not covered under the insurance plan. Consumables in health insurance are mostly a part of the exclusions, which means you need to bear their costs personally. So, you need to confirm -- is your health insurance covering consumables as part of the inclusions?
Let us elaborate on what are consumables in health insurance plans. These are mostly those medical items that are discarded after their use, in other words, consumed. Hence the term -- Consumables. If you do not have a consumables cover in the health insurance you have purchased, then the cost of all these items will be billed to you directly without any obligation of the insurance company to pay for them. It is worth noting that while these consumables may appear small and inexpensive individually when combined together, they can add up to a substantial amount. Take, for example, an accident-related injury for which treatment is required. Being admitted to the hospital for a week or even more can result in a long list of consumables that will be added to the final bill.
Let us take a more detailed look at what these consumables typically include.
The most common form of consumables includes surgical items, which are frequently used for any surgery and post-operative care. They include needles, syringes, stitching sutures, surgical tape, cotton gauze, razors, gloves, masks, gowns, plasters, braces, collars, etc.
Your stay in a hospital involves several housekeeping items like Mineral water, toothbrush, toothpaste, slippers, sanitary pads, tissue paper, combs, shampoo, powder, caps, belts, diapers, baby food, cradle, carry bags, etc.
Room related and administrative charges
These charges kick-in especially during admission for any treatment in a hospital and include documentation generation and processing fees, admit cards, visitor passes, medical records, billing process, room convenience charges, additional taxes etc.
It is important to note here that the above mentioned list is not exhaustive. There are hundreds of consumables that one can be billed for. Most of these are listed in the relevant section under your policy document. Policyholders and new buyers are advised to carefully read these sections to avoid disputes later on that will fall beyond the jurisdiction of the insurance provider.
The recent couple of years have shown the true value of health and the importance of health insurance in safeguarding you and your family from the steep costs associated with various kinds of medical treatments. But you must be judicious in examining the consumables covered in the health insurance you intend to buy. The easiest way to do so and to buy health insurance covering consumables is to visit the health insurance page on Finserv MARKETS. Here you can choose from a variety of top medical policies, carefully compare the features of each before buying the one that suits you the best.
So, go ahead and protect the health of your family right away.
In such a case you should check the available riders with your insurer. Most reputed insurers provide an add-on known as ‘Consumables Benefits’ in health insurance. Using this, you can get consumables covered in your existing plan.
No, these add-ons, also known as riders, can be added to your base plan at an additional cost.
Consumables, while small ticket items, can add up to be a substantial portion of your eventual medical bill. Most experts claim this to be usually in the range of 5-15%.
If you do not have a specific consumable allowance in your health insurance then all the related charges will need to be borne by you personally and paid directly to the medical care provider. The insurance company will not be obligated to pay these charges.
Finserv MARKETS is the one-stop for all your health insurance needs. Here you can choose the ideal plan while ensuring a robust consumables cover in the base plan or as an add-on.