“Life gets better when health becomes your first priority” – Maxime Lagace.
Living in a fast-paced generation comes with more awareness and an advanced form of caution that we all follow when we buy health insurance for ourselves and our families.
Today, in this article, we will intricately talk about the following:
- What is restoration benefit in a health insurance policy?
- What are the types of restoration benefits?
- What are the advantages of having restoration benefits in a health insurance policy?
What Is Restoration Benefit?
As the name suggests, restoration benefit in health insurance policy refers to the incentive of refilling the insured sum of money after exhaustion due to an ailment or hospitalization in a year.
It also carries the accrued cumulative bonus that was used up during the aforementioned circumstances. Let’s take you through this with an example, so that you get a better idea of the concept.
For instance, Mr. X is a 30-year-old man who has the best health insurance policy that he could get his hands on, in which he opted for restoration benefits.
In a particular year, he meets with an accident and gets hospitalized, for which his entire insured sum gets exhausted.
In a particular year, he meets with an accident and gets hospitalized, for which his entire insured sum gets exhausted.
A few years later, he was diagnosed with a brain tumor. Now, this treatment was fully recovered by the insurance policy because he opted for restoration benefits too.
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Also Read- Points To Remember Before Purchasing A Health Insurance Plan For Family
Types Of Restoration Benefits
Now that you know the basics of this incentive provided in any health insurance policy, there are two types of restoration benefits offered:
- Complete Exhaustion: Being the first type of restoration benefit, complete exhaustion restoration benefit implies refilling the entire insured sum amount once it has been exhausted. If the entire amount has not been used up, then the insurance holder needs to pay the balance out of his pocket as this situation won’t be triggered.
- Partial Exhaustion: Under this situation, the benefit can be availed even if a little or partial amount of the insured sum has been exhausted.
Coming to the major crux of this read, restoration benefits in health insurance policy comes with major advantages for the insurance holder. Some of them are:
- Enjoy The Add-on: Standing on the top of the list, is that you get to enjoy the additional sum added in your health insurance under the same policy year.
- Don’t Pay Extra: Who doesn’t enjoy a free dessert after a full main course meal? When you get in-built restoration benefits added in your health insurance, you do not have to pay extra premium. This implies that you get more coverage at the same price!
- Stay Prepared: You never know how crazy the hospital expenditure could get. Having restoration benefits in your health policy prepares you for everything effortlessly.
- Overall Coverage: If you are someone who has invested in family floater plans, restoration benefits provided in such a policy would offer a sufficient sum that would provide adequate coverage for all family members.
Restoration benefits in any health insurance policy work like carrying an extra umbrella on a rainy day. Though it can be used only once a year, it is still the perfect add-on for so many reasons we just mentioned above. Give yourself and your loved ones the best gift ever – health, in a simplified way!
