A Mediclaim policy is also known as health insurance, in which you will pay a premium amount which can be used to cover for expenses that happen while getting medical treatment. It is vital to get such a policy in order to meet the rising healthcare expenses. Without it, if any sudden serious health problem were to arise, the result is a significant level of expenses which simply cannot be controlled. You can take a policy for yourself or the entire family. Usually, when health insurance is taken for the entire family, a discount on the premium is obtained as compared to when each family member is covered with an individual Mediclaim policy.
Reduce Medical Treatment Expenses Considerably with A Family Mediclaim Policy
In the event of a health problem, you can make a claim on the policy. There are several conditions under which claim can be made. You should look if these are met with when filing for a claim so that you can get compensation. In case of hospitalization, the policy might pay for pre-hospitalization as well as post-hospitalization expenses, depending on the type of policy that you have taken. It is possible to make an income tax deduction on the policy under Section 80D of the Income Tax Act.
You can take a Mediclaim policy in the form of an individual plan, in which coverage is provided only for yourself. However, it is better to take a Mediclaim policy for the family or a family floater plan, in which all members of the family come under a single plan. In case any member covered under the plan falls sick, compensation for the medical expenses comes from the policy. This type of policy is most beneficial for a family with many members. Those who opt for this type of medical policy pay a lesser amount than those who opt for an individual policy for each of the members of the family.
One of the key features that you have to check before getting a Mediclaim policy is cashless hospitalization. This means if you fall ill suddenly, just ensure that you are admitted to a cashless network hospital, so that there is no need to make sudden arrangements for cash. Just show the insurance card provided to you by the insurer and avail treatment right away.
Another key feature that you should look into before signing up for a policy is whether it offers critical illness cover. You might have to suddenly undergo a bypass surgery, or maybe it is vital for you to take a serious treatment process to overcome an illness. In such situations, a Mediclaim policy will pay for the critical illness, thus bringing down the severe expenses and helping you cope easily with such a serious situation.
It is very important to learn beforehand about the policy exclusions and inclusions. These can be on pre-existing diseases, certain types of medical problems, operations or treatments that are covered or are not covered under a specific plan. By knowing about them, you will be aware of the circumstances under which claims can be made.
Though various types of health plans are available, it is best to go in for the comprehensive policy as it offers a wide range of benefits. You should also look into add-on benefits which give coverage for additional medical expenses, thus considerably mitigating your losses when a health problem occurs.