Mediclaim health insurance policy: An alternative to health insurance

What is Mediclaim?
The ever increasing cost of healthcare and the rise of lifestyle diseases have made it necessary to have health insurance in India. Further, medical emergencies are expensive and having a mediclaim health insurance policy can help ease the financial strain that comes with hospitalization. A mediclaim plan is an insurance product that offers health cover up to the sum insured in the case of hospitalization.
The insurer either reimburses or enables you to have cashless hospitalization giving you the freedom to focus on your treatment and recovery. An online Mediclaim health insurance renewal plan can easily be done to ensure continued benefits as it is issued for a specific period of time.
Difference between mediclaim and health insurance
Health insurance products are based under two categories – indemnity such as mediclaim and benefit policies which are the traditional insurance policies.
⦁ A mediclaim insurance policy only caters for your medical expenditure while a health insurance policy provides for a sum assured benefit if the policyholder is unable to earn an income.
⦁ Health insurance policies offer a policyholder financial benefit up-front without necessarily requiring submission of proof such as hospital bills for the conditions insured against.
⦁ Mediclaim plans compensate for only the expenses incurred during your hospitalization, on the submission of proofs. However recent advancements enable for cashless hospitalization up to the sum insured in the policy.
Key benefits of mediclaim insurance
The best mediclaim insurance policy cover provides medical cover for treatment outside India. This is subject to predetermined conditions set by the insurer but is availed by most insurance companies.
Although premiums payable on mediclaim policies differ from one insurer to the other, requesting for a mediclaim insurance quote with the proper information will provide you with the best cover based on the term of the plan, age and the sum insured.
Claims policy for a mediclaim plan differs among insurance providers. Compare mediclaim insurance policies to ensure you get one that suits your needs. This is because some insurance firms opt to reimburse claims on the provision of proof while others opt for cashless payments through a TPA.
With the payment of one premium, you can provide a mediclaim family cover that may also make you eligible for discounts. This is however dependent on the insurance provider compare mediclaim plan providers for the best discounts.
Although the age range that can be insured varies between insurance providers, most insurance companies insure persons between 5-80years. Online mediclaim insurance information provided by insurance companies can guide you to find an insurer that covers your needs accordingly.
A mediclaim insurance plan also makes you eligible for tax savings under Section 80D of up to Rs 15,000. These benefits increase as the number of persons and age of persons covered increase.
A mediclaim insurance plan comes with a wide range of cover types available. Depending on your needs, chose the best mediclaim health insurance policy available.
Types of mediclaim health insurance policies available in India:
⦁ Individual Mediclaim plan for the individual who seeks medical cover.
⦁ Family floater plan where the whole family is covered in one insurance plan.
⦁ Group Mediclaim plan ideal for an organization that seeks to offer hospitalization benefits to their employees
⦁ Overseas mediclaim insurance policy caters for your hospital expenses while outside India.
⦁ Senior Citizen and critical illness Mediclaim plan which caters for those over 60 years and those suffering from fatal illnesses are also covered.

Related Articles

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *