Mediclaim is a health insurance that protects you and your family from paying medical bills incurred as hospital expenses. It pays a specific amount, which is called the sum assured. But, due to having its limited capability to cover only hospital expenses, what factors make mediclaim a reliable option?
To know the answer, keep reading this article.
What is Mediclaim?
As mentioned, the mediclaim policy is made to cover your healthcare expenses incurred in hospitals. You can get financial protection by reimbursing the cost of hospitalisation, treatment and other medical services up to the sum assured. You can get such claims for illness, surgery or accidents.
This medical insurance provides you with financial protection for your room charges, doctor’s fees, diagnostic tests, pre- and post-hospitalisation costs, and sometimes the ambulance cost. To know in detail, contact your insurance provider and thoroughly check which services are included in your plan.
How Does Mediclaim Insurance Work?
The mediclaim insurance is made to provide you with financial support during your health emergencies. Here is what you need to know to assess the reliability of this health insurance:
Coverage
Mediclaims covers the cost of hospitalisation due to accidents, surgeries or critical illness during the policy period. It acts as a protective shield to protect you from the financial burden of hospital expenses.
Premium Payments
Like any other medical insurance, you have to pay a fee to keep this policy active. This can be based on monthly, quarterly or yearly payments.
Renewal Terms
Medicalim policies come with a pre-specified insurance cover, and you need to renew the policy at the end of each term.
Settlement Options
You can choose between cashless hospitalisation and reimbursement options. If you choose the cashless option, your insurer pays the full amount for your hospital expenses. In case you have chosen the reimbursement option, then you have to pay your hospital expenses, and then you can get money back from the insurer.
What are the Types of Mediclaim Policy?
There are mainly four types of medical policy, which are discussed below:
Individual Mediclaim Policy
This health insurance policy provides you with financial protection against any medical bills, including hospitalisation, treatment charges and room and ambulance charges. This policy is best suited for those people who have dependents or want to secure their health against medical uncertainties.
Senior Citizens’ Health Insurance Plans
This health insurance for senior citizens is made for people who are aged 60 and above, and this health coverage policy also covers elders with higher health risks. This plan is best for protecting your elders from severe medical issues.
Critical Illness Health Insurance
This mediclaim policy works differently; it pays you a lump sum amount when you are diagnosed with major illnesses such as cancer, heart attack, stroke, etc. Before selecting this plan, read the policy terms thoroughly to confirm that all forms of health risk are listed, which you may be prone to have.
Mediclaim Policy Coverage
These health insurance policies often provide compensation for pre- and post-hospitalisation charges. But be sure that your sum assured is enough to sustain all of these charges, as medical policy may have a limit to pay you the designated healthcare cost. While keeping all these factors in mind, yes, you can say a mediclaim policy is reliable for protecting you from all your hospital coverage.
Tips for Choosing the Right Mediclaim Policy
To select the best health insurance, there are several things to consider. Below are some tips mentioned for the same:
Assess Your Needs
Evaluate your medical history, age, family health background and potential medical risk to determine the coverage you need. Ensure that your policy covers illnesses, hospitalisation, and treatments which may be required to your situation.
Compare Coverage and Premiums
Compare different policies based on coverage, premiums, and benefits. You should look for policies that offer coverage at an affordable premium without compromising on essential benefits.
Check Network Hospitals
Ensure your policy has a wide network of hospitals, including your neighbouring healthcare units. A broad network ensures you can easily access the benefits of such policies.
Understand Policy Terms
Carefully read these documents to understand inclusions, exclusions, waiting periods, and claim procedures. During this period, clarify any doubts with your insurer to make a smooth claim settlement before you buy medical insurance.
Conclusion
There are several factors that make your medical policy reliable when you are hospitalised. Some of the key factors include transparent coverage, premium plans, renewal terms, and settlement options. But you have to make sure what you are opting for, like with cashless options, your insurer pays the whole hospital bill on your behalf.
On the other hand, with the reimbursement option, you have to pay the hospital bill, and later you can claim this settlement from your insurer. Also, cross-check your documents to understand their clauses and what benefits you get in the health policy. Now you can buy medical insurance, depending on your needs.
