Are you looking for a mediclaim plan for your family? The varied options available in the market today make this decision difficult. This article will discuss the key factors you must consider before finalising a mediclaim plan. From understanding the coverage offered to comparing the premiums and choosing the right insurer, it will cover everything you need to know to make an informed decision.
So, whether you are buying a mediclaim plan for the first time or looking to renew your existing one, keep reading to ensure that you make the right choice for your and your family’s health needs.
What is a Mediclaim Plan?
A mediclaim policy or plan, also known as a health insurance policy, is an agreement between you and an insurance company that provides financial coverage for medical expenses incurred due to illnesses or injuries. With a mediclaim plan, you pay a premium to the insurer; in return, they cover your medical expenses up to the sum assured.
Here are the five features of a mediclaim policy:
- It covers hospitalisation expenditures such as room rent, nursing charges, doctor’s fees, and medication costs, among other things.
- Many mediclaim plans include cashless treatment, meaning the policyholder may receive medical care at network hospitals without paying anything in advance. The insurance company covers the cost with the hospital directly.
- Some mediclaim insurance, subject to specified terms and restrictions, covers pre-existing medical issues.
- Add-on coverage, such as critical illness insurance, maternity benefit, and personal accident protection, may be available with mediclaim plans.
- Premiums paid for mediclaim plans are tax deductible under Section 80D of Income Tax Act. The tax benefits differ based on the policyholder’s age and health status.
5 Factors to Consider When Choosing a Mediclaim Policy
There are various elements to consider while selecting a mediclaim policy to guarantee that the policy offers enough coverage for one’s healthcare requirements. Here are five factors to think about:
1. Benefits and Coverage
The first and most important item to evaluate is the policy’s coverage and benefits. The coverage should cover hospitalisation charges, pre and post-hospitalisation fees and other relevant costs. In addition, the insurance should include additional advantages like cashless treatment, covering for pre-existing conditions, and add-on covers such as critical illness coverage, personal accident coverage, maternity benefits, etc.
2. Premiums and Deductibles
Another significant thing to examine is the policy’s premium and deductible amount. The premium is paid to keep the insurance active yearly, quarterly, or monthly. The deductible is the amount paid out of pocket by the policyholder before the insurance company covers the balance of the medical expenditures. Before purchasing a mediclaim policy for family, one should evaluate the premium and deductible amount since they should be affordable and give enough coverage.
3. Network Hospitals
Look into the insurance company’s network hospitals—a network hospital contracts with insurance companies to provide cashless care to policyholders. A mediclaim plan with an extensive network of hospitals, including those in the city where the policyholder resides and institutions with high infrastructure and reputation, should be chosen.
4. Waiting Period
Some policies contain a waiting period when the policyholder must wait before receiving coverage for specific conditions. For example, if someone has diabetes or another pre-existing ailment, the insurance may require waiting before giving coverage. Persons with pre-existing conditions must select insurance with a shorter waiting time.
5. Claim Settlement Ratio
The Claim Settlement Ratio (CSR) is the ratio of claims settled by the insurance company as a percentage of all claims received. A high CSR suggests the chance of the policyholder’s claim being handled promptly and hassle-free. Thus choose an insurance provider with a high CSR. Before purchasing mediclaim insurance for family, it is critical to research and evaluate various insurance providers’ CSRs.
Conclusion
Choosing the right mediclaim insurance for family is essential to secure their health and financial well-being. Considering these factors, you can select a mediclaim plan that provides adequate coverage, meets your requirements, and fits your budget.
If you’re looking for a reliable mediclaim plan provider, consider Niva Bupa Health Insurance. They offer a wide range of mediclaim policies that cater to your unique requirements and provide comprehensive medical coverage. Don’t wait; secure your health and financial well-being today with a reliable mediclaim policy for family from Niva Bupa.