Mediclaim health policy is a hospitalization benefit policy offered by general insurance companies. The policy takes care of medical expenses following hospitalization of the insured in case of sudden illness, an accident or any surgery which is required for any particular disease occurred during the policy period.
Many corporates are now offering this benefit to their employees where in the employees of that organization are covered by the policy on health or medical grounds up to a certain limit in the year. In addition to that the employees are also eligible for comprehensive preventive medical checkups, which they may not otherwise opt for due to cost constraints.
When you have invested in medical insurance policies, there are two different ways that you can apply for the benefit in case of an emergency. You can either access cashless facility i.e. in this case your bills are directly paid by the insurance company to the hospital (but there is a catch, the hospital must be registered with the insurance service provider.) or you can pay your bills in the hospital and get a reimbursement afterwards by submitting the same to the insurance company.
One point to note is that your mediclaim health policy may exclude some health concerns if they fall under the category of pre-existing diseases. Also, depending on the plan, some other specific ailments too may not be covered. As per some medical insurance policies 24 hours' hospitalization may be compulsory for a claim to be settled. You need to, therefore, read the fine print carefully, so that you understand what benefits you can claim for and what you can't.