Medical inflation has made healthcare services expensive. If you end up getting admitted to a hospital due to a medical emergency, the hospital bill will exhaust your lifelong savings in no time. Buying a mediclaim policy is the best way to pay for your costly medical treatment without losing your savings.
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Renewal Benefit
Pre & Post Hospitalization
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In an individual plan, each individual is insured for a specific amount, whereas in a family floater plan, the whole family is insured for a fixed sum assured. In the case of the family floater, when the primary person dies or reaches the exit age, the policy is closed and other younger members can’t renew the policy.
While choosing the coverage amount or the sum assured, it is recommended to take various factors, such as rate of inflation, surging healthcare cost, etc., into consideration. Moreover, if you’re living in any metropolitan city, the costs of hospitalization will be way higher than in rural areas.
Various mediclaim plans come with a co-payment clause. Co-payment is usually a percentage of the claim amount that the insured has to bear while raising a claim before the insurance provider settles the remaining amount. The co-payment can range from 10% to 30% based on the insurance provider
There are a few medical expenses that are either covered after a certain time or not covered at all under a Mediclaim policy. HIV infection, drug or alcohol addiction, are not covered under the Mediclaim policy, but specific diseases like removal of kidney stones, gall bladder surgeries, etc. are covered after waiting period.
Some policies come with a lifetime renewability option allowing you to renew your policy irrespective of your age. This is essential for older people because it is tough to get insurance at that age. Therefore, you must check the renewability option of your policy before buying a Mediclaim policy.
Almost all insurance companies cover pre-existing diseases after a waiting period. While buying a Mediclaim policy, you must check the pre-existing waiting period as the best Mediclaim insurance plan will cover pre-existing diseases as soon as possible.
It covers all the direct charges incurred during hospitalization, such as OT charges, diagnostic procedures, blood, oxygen, medicines, chemotherapy, x-ray, radiotherapy, donor expenses, pacemakers, etc. It provides coverage for sickness as well as accidental hospitalization.
Charges of a regular ward or intensive care unit are fully recompensed or taken care of by the insurance company with cashless hospitalization at network hospitals.
Compensation is provided for fees charged by the doctor, surgeon, nurse, anaesthetist, etc. while admitted to the hospital.
Diseases covered under mediclaim likewise covers day care treatment, i.e., you don't need to be admitted in the emergency clinic for 24 hours. Chemotherapy, cataract, dialysis, and so forth are incorporated in this section.
You may likewise take the benefit of domiciliary hospitalization for diseases covered under Mediclaim policy, if you are not in the condition to travel to the clinic. You will be reimbursed for treatments exceeding 3 days under Mediclaim.
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