All you need to know about Mediclaim Policy in India

Rising medical expenses may become a huge burden on your life unless you don’t have good savings. It becomes difficult to manage treatment costs and medical bills even if you earn very well. That’s why you need to buy a mediclaim policy catering to your needs. It differs from a health insurance plan, and you should know the details properly that will help make the right decision. Moreover, it allows you to get treatments in any hospital during medical emergencies.

Let’s have a look at what you should learn in this post 

• What is Mediclaim Policy?
• What are the inclusions in mediclaim policy?
• What are the benefits of buying a mediclaim policy?
• What are the types of mediclaim policies available in India?
• Factors to consider while purchasing a mediclaim policy

What is Mediclaim Policy?

The mediclaim policies are indemnity plans allowing you to choose either cashless claims or reimbursement claims based on your choices. It covers only medical and hospitalization charges when compared to health insurance. Moreover, you can make unlimited claims until your policy sum insured does not get exhausted. Different types of mediclaim plans are available in the markets today, and you can choose the right one among them accordingly. The coverage may vary from one insurer to another, and you have to evaluate them with more attention. This, in turn, gives ways to find a plan which satisfies your requirements. 

What are the inclusions in mediclaim policy?

Before buying a mediclaim insurance plan, you should know the inclusions from different sources that will help you a lot to get coverage easily. The plan provides coverage for hospitalization costs such as room rent, operation theatre charges, blood, oxygen, medical bills, organ donor costs, etc. You can even claim daycare expenses under this plan for advanced treatment that doesn’t require 24 hours of hospitalization. Furthermore, the policy allows you to claim pre-hospitalization and post-hospitalization charges which have a waiting period of 30 days and 60 days. The policy doesn’t provide any coverage for critical illnesses and rider benefits. 

What are the benefits of buying a mediclaim policy?

Choosing mediclaim health insurance is the best option for you because it is a cost-effective solution for all your healthcare needs. The policy lets you prevent any financial stress caused by accidents and health problems during an emergency. Not only that, you can even claim tax benefits after paying your premium amounts. You can choose the sum insured amount depending on your income and other things. The cashless claims offered by the plan allow you to receive amounts for both planned and emergency hospitalization. 

What are the types of mediclaim policies available in India?

As a customer, you should know the types of mediclaim insurance plans before investing money. Some of them include individual plans, family floater, group insurance, senior citizen plan, critical illness mediclaim, overseas mediclaim, and low-cost mediclaim that caters to your requirements. You should know the features of all plans that will help to invest money. It is wise for you to compare the plans online to buy the best one at a low cost. You should consider reading the reviews of insurers that will help gather more information.

Factors to consider while purchasing a mediclaim policy

Buying a mediclaim plan involves several challenges, and you should keep them in mind. Besides that, it allows you to focus more on your goals while selecting a new plan from an insurer. 

10 Things you should consider when buying a new mediclaim policy

• Coverage: You should decide the coverage amount while choosing a policy. Having a higher sum insured plan allows you to protect yourself against medical expenses. Not only that, you can ensure financial stability in your life after picking the right type of plan. 
• Waiting Period: All insurers will have a waiting period except for hospitalization due to accidents. Therefore, you should evaluate them with more attention before buying a policy.
• Co-Payment: While buying a mediclaim policy in India, you should consider the co-payment option in detail. This is because having a high co-payment will lead to various problems. 
• Network Hospitals: You must evaluate the network hospitals of an insurer before buying a policy. This will help a lot choose a cashless mediclaim policy when you don’t want to spend money from your pocket. You can ask for the details of network hospitals from your insurer that will help select anyone among them accordingly. 
• Sub-limits: You should check whether a plan has any sub-limits because they will affect your claim process. For example, some insurers will have a cap on some illnesses and treatments. Hence, you should know them while buying a policy from a company that will help reduce the financial burden to a large extent.
• Exclusions: You should evaluate the exclusions of a mediclaim plan because you can claim amounts for medical expenses without any difficulties. 
• Claim Settlement Ratios: When choosing the best mediclaim policy from an insurer, you need to consider the claim settlement ratios. Buy a plan from a company with high settlement ratios because it allows you to claim amounts without any difficulties. 
• Age: Age is the most important factor to consider when purchasing a policy because it will impact your premium amounts.
• Premiums: You need to know about the things that will affect the premium prices while purchasing a policy. For example, policy periods and insured amounts are some factors that can influence premiums, and you should consider them with more attention.
• Terms and Conditions: You should read the terms and conditions of a policy while buying it from a company to minimize disputes in the claim process.

If you want to buy the best mediclaim policy in India, you should do research online to meet the essential needs. Several insurance companies offer the plans at discounted prices, and you can buy them at low prices that can save your money. You can also buy from insurance aggregators like iiflinsurance.com to buy the best mediclaim policy in India. They also offer quotes for you to compare the prices. Many insurance companies offer a free looking period of 15 days, and you can decide whether the plan suits you or not. You can even contact the customer care team to gather more information about the plans.