In former times, doctors would recommend people to get hospitalized even for minor health-related problems. Minor injury stitches would take at least 2 days of hospitalization. This resulted in time loss of time and extra expenses. With the advancements in medicine and technology, most of the surgeries and treatments nowadays are done within 24 hours. According to reports, more than 200 common surgeries require less than 24 hours to be performed. This type of treatment is known as daycare treatment.
What is day care treatment in health insurance?
Daycare treatment is a policy in health insurance that covers all the expenses of the policyholder when they undergo treatments that do not require more than 24hours. The Insurance Regulatory and Development Authority of India (IRDAI) has instructed health insurance companies to include a list of daycare treatments under their insurance policies. The treatment expenses will be borne by the insurer either through reimbursement or a cashless facility.
Read: Mediclaim Policy: Saving your Life and Life Savings
What are the treatments covered in the daycare treatment insurance policy?
Different health insurance companies have a different extensive list that includes all the treatments covered in the policy. Therefore, the policyholder must thoroughly go through the policy document carefully to avoid any future hassles. Some of the general treatments include:
1. Ear, Nose Throat (ENT): Foreign body removal, Septoplasty, Nasal Sinus treatment, Tonsillectomy, Tympanoplasty.
2. Heart-related treatments like coronary angiography.
3. Cancer treatment like radiotherapy, chemotherapy.
4. Eye treatment like removal of foreign body, cataract surgery, tear duct operations.
5. Tongue incisions, excisions, glossectomy.
6. Hemodialysis, colonoscopy, Appendix, hemorrhoids, skin treatments, and dental treatments.
Advantages of day care treatment in health insurance
· Due to the high inflation rate in the health care industry, the cost of surgeries and treatments is at an all-time high. Therefore, having this policy has the biggest advantage of saving a lot of money.
· Policyholders can avail of cashless facilities by getting their treatment done in any one of the network hospitals of insurers. Alternatively, they can avail of reimbursement from insurers if they take the treatment from a hospital not under their network or PPN.
Read: Network vs non-network hospitals
· It is easy to claim this treatment for policyholders as it usually follows the same procedure that of in-patient hospitalization. The insurers pay the total sum of the treatment.
· This provides continence to policyholders as they need not worry much about bills, and can access quality medical care without any problems. The policyholders can recover their health with peace of mind.
· Daycare treatment also provides tax benefits to the policyholders according to Section D of the Income Tax Act, 1961.
Read: Domiciliary Hospitalization in Health Insurance
What are the things to consider before buying a daycare treatment policy?
It is important to note what all are included when one is opting for a daycare treatment policy.
· Consider how much is the sum being insured by the insurer. With the rising inflation in the medical sector, it is important to choose policies that meet your healthcare needs.
· What type of policy are you opting for? There are many options from individual policy to family floater, so it is essential to choose the policy which best suits you.
· Check if there are any kind of exclusions in insurance that cannot be claimed under the policy you opt for.
· Is there any co-payment option with the insurance company available, so that you can prepare to pay a certain percentage of the amount?
· Take account of all the network hospitals provided in the policy and find out the nearest network hospital for your convenience.
In addition, keep it mandatory to read and understand the terms and conditions of the policy you are going to opt for.
Read: How to calculate Insurance Premium?
Employee healthcare benefits by Pazcare
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