Why do you require Mediclaim Policy?


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Mediclaim is considered to be a popularly availed health insurance plan. In this type of insurance, the providers tend to cover the medical expenses of the policyholder which might have been incurred during the tenure of the policy term. Either, the policyholder is required to submit the medical bills at the provider’s office for reimbursement or visit any network hospital to avail cashless medical facilities. Currently, mediclaim insurance premium in India is quite low when compared to foreign countries and covers a wide range of health ailments.

Why need to avail a policy?

Healthcare expenses in the country as well as abroad is skyrocketing, a fact that cannot be denied or neglected. Hence, it has become important for every individual and family members to derive a mediclaim policy to stay financially protected when availing medical treatment from the best hospitals. Medical cover is offered to the policy holders and those covered in the plan for a specific sum amount insured. It covers critical illnesses and hospitalization. The policy however remains valid for a specific time period. Once the expiry date comes near, the insured is required to renew it so that the policy benefits can be availed during medical emergencies.

What is the difference between Mediclaim and Health Insurance policy?

Both the terms are used often interchangeably. However, they are both cited to be somewhat different. In case of health insurance policy, it works on benefit principle, with the insured provided with a lump sum amount benefit in case of facing issues like critical illness, accident, etc. On the other hand, Mediclaim insurance policy functions on indemnity basis. This means, the policyholder will get reimbursement for all healthcare expenses borne by him from the selected insurance provider.

Some significant differences to know

·       Sum Insured: Usually, Mediclaim policy comes with lower sum insured. Health insurance plan of comprehensive nature can provide higher sum insured with instances of crossing even crores at times.

·       Claim: In Mediclaim, the insured has the facility to make multiple claims. This is until he/she has exhausted the available insured amount. In health insurance policy, the insured is provided lump sum benefit in case, they are diagnosed with critical illness or meet unfortunate accident. On completion of payout, the plan ceases to exist.

·       Coverage: Mediclaim covers hospitalization and medical expenses. Health insurance covers hospitalization and additional expenses like daily cash allowances, ambulance charges, etc.

Reasons to invest in Mediclaim policy

People these days are suffering more from health ailments resulting from wrong lifestyle choices. Hence, investing in a good mediclaim policy for the entire family is termed to be inevitable. Such plans offer you with a financial cushion taking care of medical emergencies. It also offers different types of benefits like:

·       It is a cost-effective way to obtain top quality healthcare services from the best hospitals in the country.

·       Cashless hospitalization facilities

·       Provides peace of mind

·       Reduces financial burden

·       Insurance provider manages all hospitalization expenses as agreed in the policy.

·       Eliminates unwanted out of pocket costs.

·       Premium charged towards availing mediclaim policy comes with crucial tax benefits.

·       Can avail family floater and individual policies

What expenses are covered under the Mediclaim policy?

The coverage offered by Mediclaim policy tends to differ between policies. Hence, you need to be careful and compared the features offered by different policies to ensure selecting the best one for your family. Some common expenses taken care of by the policy are as follows:

·       Daycare expenses: Some expenses arising on technically advanced medical treatments might require a day’s hospitalization like dialysis, cataract treatment, etc.

·       Hospitalization expenses: The plan will cover all medical costs incurred during hospitalization like blood, OT charges, diagnostic procedures, chemotherapy, radiotherapy, x-ray, room rent, pacemakers, etc.

·       Hospital room charges: Staying in hospitals means you have to rent beds in regular wards or get advanced treatment in the ICU. Such expenses will be fully compensated by deriving mediclaim hospitalization facility. But for this, you have to visit only provider network hospitals.

·       Pre & post hospitalization expenses: On hospitalization, medical expenses borne for about 30-60 days before admission to about 60-90 days after discharge get reimbursed by the policy. However, based on the policy chosen, number of days is likely to vary.

·       Medical professional consultation charges: Charges of the surgeons, doctors, medical professionals, etc. will be adequately compensated.

What benefits are offered by Mediclaim policy?

·       Affordable: Taking a policy can help combat increasing healthcare expenses and avail top quality facilities.

·       Medical emergencies: Having a policy will help avoid financial stress otherwise resulting from medical issues.

·       Income tax benefit: The policyholder can save a good amount of tax money under Section 80D of Income Tax Act, 1961.

·       Cashless facility: You can opt for cashless mediclaim policy where you and your family members can get hospitalization facilities without having to pay any advance money. Moreover, the medical bills are taken care of directly by the insurance company.

Selecting Care Health Insurance to get your Mediclaim policy will allow you to breathe freely and leave behind your medical related worries.

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