Nowadays, nearly both public and private sector General Insurance Companies are offering mediclaim policy. The question is what makes these policies worth buying? Well, through this insurance product, the insured person can receive a unique benefit - cashless service.
For the uninitiated, the mediclaim insurance policy takes care of expenses following hospitalization/domiciliary hospitalization, in case of any of the following situations-
Sudden illness or identification of a disease/ailment
Surgical treatment during the policy tenure
Under the cashless facility, the insurance company directly settles the bill with the healthcare provider- a hospital or a nursing home. The aim of this benefit is to reduce the financial burden on insured individual at the time of hospitalization. Therefore, whatever bill is raised by the healthcare provider, insurance company settles it directly through a Third Party Administrator. The beneficiary can avail of the cashless facility at any of the hospitals in the insurance company’s network by presenting valid documentation on admission. The hospitals in the network are those, which have signed on with the insurance company to honor the insured person’s claim of cashless service. Click here to find a network hospital near you.
Important question is how you buy a health insurance plan. One needs to understand that buying from agents and raving about the cheapest plan is only a surface level talk because every health plan is full of numerous features that sometimes, are not peculiar to the understand of the layman. To make it easy for you, we list down three things to understand before buying a mediclaim policy
Individual and family floater-
Each individual is insured for a specific amount under an individual health plan, whereas, a family floater plan covers the whole family for a fixed sum assured. Under a family floater, when the primary person dies or reaches a specific age, the policy is not taken forward. In such a scenario, other insured (even younger) members cannot renew the policy.
This is an important factor to consider if the insured person is suffering from a pre-existing disease. Insurance companies usually covers pre-exiting disease after a certain number of years have passed, which is maximum four years. The best health plan is the one that covers pre-existing disease as soon as possible.
Check the myths and facts related to pre-existing disease here.
Upon inception, although the policy offers coverage for only a year. On technical grounds, the contract keeps on renewing every year at the will of the policyholder and the insurance company.
Thus, your health plan should give coverage to the individual as s/he ages. This is also important because as the person ages, it becomes difficult to secure adequate coverage.
Read why investing in a health plan in a younger age is the best gift one can give self?
To choose the best mediclaim policy from the wide range available in the market is a tedious job especially as you need to do comprehensive research before investing in a health plan. However, your task is becoming easier as these days it is so easy for you to get information online. You can obtain quotes for mediclaim policy online; not only that, you can compare different mediclaim policies. Thus, you are able to ensure that you are getting the right cover for your individual needs at a price that meets your budget.