How to Identify a Good Mediclaim Insurance Policy?

The eminence and perks of a good mediclaim insurance policy cannot be overstated. Although it is encouraging to witness more and more people opting for health insurance for themselves and their families, a specific fragment of the population remains negligent in this regard. 

It is essential to spread awareness on how we can identify a good mediclaim insurance policy and that medical insurance is not a waste of money. 

We try to discuss some key points to consider before buying a mediclaim policy. But before getting into it, let us briefly know what a mediclaim insurance policy is.

What is a Mediclaim Insurance Policy?

A mediclaim policy works as a financial buffer in any medical emergency. It covers almost all the expenses incurred by the insurer while treating ailments they are insured against. Many reputed insurance companies like Bajaj Allianz Health Insurance also provide their insurers with a list of additional benefits that enable them to get treatment hassle-free during a medical crisis.  

The coverage includes a wide range of expenses, including pre and post-hospitalisation costs, ambulance charges, hospitalisation and treatment costs, preventive medical check-ups, critical diseases treatment, domiciliary hospitalisation charges, covid-19 treatment, and much more. 

Section 80-D of the Income Tax Act, 1961 allows you to avail yourself tax exemption if you have a mediclaim.

You should be attentive and careful before choosing a good mediclaim policy. But how do you identify one? Which factors should you be mindful of? This article will give you an overall idea of everything that must be kept in mind. 

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What to Know Before Buying a Mediclaim Policy?

  • Research and compare– Several insurance providers in the market offers countless insurance plans with many details. Thorough research and comparison might be a daunting task, but in the end, it will be worth all the time and effort put in. Make sure your chosen company is reputed and trustworthy as you entrust your hard-earned money to it. It should also be approachable with a helpful customer support system. 
  • High sum insured– The most significant purpose of getting health insurance is that you don’t have to depend financially on anyone when a medical contingency occurs. Therefore a plan that gives you a high sum insured in times of need is necessary to clear your medical bills comfortably.
  • Group covers– It is suggested that too much dependence on group covers might prove disadvantageous as they contain sub-limits on room rent and other treatment charges. They may or may not cover all the expenses incurred during the hospitalisation, and ultimately the insurer has to pay a certain amount of the bill from their pocket.
  • Family needs/ Family floater or individual plan– Knowing your family’s medical needs according to size, the number of family members, age, health conditions, etc., can help you choose the plan that serves your family’s needs well. 

Here are some plans for different families based on their size, recommended by experts:

  • Newly married- Family floater
  • Young family- Family floater
  • Older family- family floater
  • Grown-up family- family floater for couple and individual plans for the children
  • Amount of insurance– Several factors like the surging inflation, rising costs of healthcare facilities, place of residence, etc., should play an important role while deciding the coverage amount. For instance, if an amount of Rs. 5 lakh is sufficient in one part of the country, the situation could be different in the case of metropolitan cities where some private hospitals charge more than Rs. 60,000 for 2-3 days. Therefore the amount of coverage you need has to be decide carefully. 
  • Top-up policy– There are situations where the sum insured provided by the health insurance policy/employer mediclaim policy may not be enough for your medical expenses after some time. Here comes a top-up policy to your rescue. It provides additional coverage after you have exhausted the sum insured offered by your regular plan/policy. Also, it is cheaper than family floaters. 
  • Network hospitals– A good mediclaim insurance policy will contain an extensive list of network hospitals so that you can avail of the cashless hospitalization facility with them during an emergency. Therefore, you can check the list of network hospitals before buying the policy. 
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The Bottom Line

Increasing pollution and people’s sedentary lifestyles are contributing to degrading health. At the same time, looking at the rising inflation and the surging costs of healthcare facilities, it is high time for all of us to accept that health insurance is no more a choice but a necessity.   

So do not delay your medical insurance any further, make sure to read the various mediclaim policies offered and shortlist the best one as per the needs of your family.

 

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