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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.
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
