In today's world, purchasing health insurance is paramount for safeguarding your finances while looking after your well-being. The right health insurance shields you from the financial burden of medical expenses and also offers peace of mind. Comprehensive coverage lets you focus on your health without worrying about the associated costs.
With medical inflation at a whopping 14%, escalating healthcare costs and unforeseen medical emergencies, have you ever wondered if your current health insurance policy would be enough in case of a medical emergency? Would the coverage you opted for last year also be sufficient this year?
If yes, then it is time for you to consider getting consumable coverage in health insurance. When you choose health insurance covering consumables, you can ensure adequate coverage, providing financial security and access to quality healthcare.
Read on to understand the meaning of consumables and their importance in health insurance.
Consumables in Medical Insurance
Let’s understand the concept with an example-
32-year-old Rajan Mehra had a ₹10 lakh health insurance policy. Last month, he suffered from a stomach infection and had to spend 4 days in the hospital. With a high sum-insured policy, Rajan was quite sure that his policy would cover all his medical bills. While the policy did cover a big share of the bill, Rajan was surprised to see that a big chunk of the money had to be paid by him as well. As he went through the bill, he realised so many items had been added to his out-of-pocket expenses. It was then that he realised that such disposable items like bandages, syringes, and dressings during hospitalisation were categorised as consumables and were not covered under his health plan.
You may wonder why companies do not provide consumable cover in health insurance. One of the main reasons that consumables are not a part of regular health plans is that they are typically single-time used items.
Simply put, consumables are medical equipment that are discarded after first use. During treatment, many such products are used and then discarded. Thus, these can shoot up the medical bills, which might significantly add to the insurer’s expenses.
Another important factor is that the choice of each item depends on the hospital. The brand of each product can differ from hospital to hospital, and so can the price range. For example, a tissue paper box can range from ₹20 to ₹100. These items may appear minuscule but can slowly add to the final bill easily by about 5% to 15%, especially during prolonged hospitalisation.
You also need to remember that the hospital has to cater for waste as well. For example, during your 2-day hospital stay, you used the toothpaste only twice, but you will be charged for the entire tube. Similar will be the case with all other items.
>> Also Read: Know about OPD Cover in a Health Insurance Plan
List of Consumable Items
In 2016, the IRDAI, Insurance Regulatory and Development Authority of India, released a list of 199 items that are not payable by the insurance company. These can be classified into 4 main categories:
- Surgical Items: This category of consumables includes cotton, gloves, syringes, surgical tape, slings, braces, masks, etc.
- Housekeeping Items: Items such as toothbrushes, toothpaste, caps, belts, baby food, diapers, bags, slippers, tissue papers, combs, wet wipes, etc., come under housekeeping.
- Administrative Charges: Documentation is an important part of hospitalisation. The certificates/ paperwork include daily health charts, prescriptions, death/ birth certificates, medical records, visitors' passes, etc.
- Room Charges: Within the room charges, there are several charges that may not be covered under your health insurance policy. For example, telephone, television, air conditioner, attendant charges, etc.
Why Should You Opt For Consumables Benefit in Health Insurance?
The biggest benefit of consumable coverage in health insurance is that you can significantly cut back on out-of-pocket expenses. This benefit not only fosters affordability in healthcare but also protects you from bearing the burden of frequently used medical supplies.
Health insurance covering consumables can lessen your financial strain after hospitalisation.
Let's Wrap It Up
Investing in health insurance is a proactive step toward a secure and healthy future. However, it is also important that you review your health insurance coverage from time to time so that you can ensure sufficient coverage for yourself and your family members.
In most cases, consumables are not covered in a regular policy. These otherwise small yet cumulative expenses can add up to the total medical bill you must pay. Therefore, having consumable coverage in health insurance can be a smart choice.
If you are intrigued by the idea of covering consumables in your medical insurance policy, try securing yourself and your loved ones under an all-rounded health insurance such as Care Supreme. Apart from offering comprehensive benefits, Care Supreme also offers you the flexibility to get covered for coverage of up to 68 non-payable items (consumables) under the Care Shield benefit.
All you have to do is opt for Care Supreme with Care Shield add-on, check out the policy documents to understand the scope of coverage and exclusions, and rest assured of the coverage if a medical emergency strikes!
Disclaimers: The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.
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