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Mediclaim Policy - Need of the Hour

Updated on September 17, 2020 , 3954 views

Mediclaim policy (also known as medical insurance) is a medical policy that provides coverage for treatment and hospitalisation during a medical emergency. Mediclaim insurance also provides coverage for the pre-hospitalisation expenses incurred few days before hospitalisation and post-hospitalisation expenses. This policy is offered by both Life Insurance and health insurance companies in India. It is important to buy an individual mediclaim policy or mediclaim policy for family (depending on your personal needs) to ensure protection during medical emergencies. But before you buy, compare mediclaim policies and then choose the best mediclaim policy among them. Moreover, one can buy cashless mediclaim policy online as well. Medical expenses incurred under certain situations are covered under the mediclaim insurance policy. These situations include-

  • A sudden illness or surgery
  • An accident
  • Any surgery during the policy tenure


Types of Mediclaim Policies in India

Majorly, there are two types of mediclaim policies. They include-

Individual Mediclaim Policy

Under this mediclaim insurance policy, coverage is provided to a single person. The mediclaim premium is decided on the basis of the age of the person getting health cover. When required, the individual covered under this policy can claim the entire sum assured amount.

Family Floater Mediclaim Policy

It is a medical policy for family providing coverage for the entire family. Usually, the family mediclaim policies include spouse, self and dependent children. However, some plans provide mediclaim for parents as well. Under this medical policy, the mediclaim premium depends on the oldest family member. Moreover, the entire sum assured amount can be used by both, an individual member or the entire family. So, people who wish to be tension-free from hospital bills and related expenses should buy a family floater mediclaim policy.

Types of Claims under Mediclaim Policy

Cashless Mediclaim Policy

Cashless mediclaim is a mechanism in which a patient can easily get treated in the network hospital and then the insurer can either settle the entire claim or a part of it. This means a patient can get the treatment done without paying anything that time. To ensure a smooth claim process, follow all the procedures well.

Reimbursement option of the Mediclaim Insurance

With the reimbursement option of the mediclaim policy, it is mandatory to inform the insurance company regarding the hospitalisation that has happened or is likely to happen. Remember, you will have to submit your payment receipts, medicine bills and original discharge card to get your reimbursement.

Benefits of Buying a Mediclaim Insurance Policy

Benefits of Mediclaim Policy, Ensures Cost-effective Healthcare, Reduces Financial Burden, Enables Peace of Mind, Cashless Hospitalization Available, Medical Expenses are well managed, The Insurance Company manages Medical expenses


What Should a Best Mediclaim Policy Cover?

Mediclaim insurance policy provides coverage for various kinds of expenses. But, it is important to choose a health plan that provides coverage suitable for your needs. How to choose one? We have mentioned some important things that a good medical policy should cover. Take a look!

Hospital Charges

A good medical plan should cover all the direct charges incurred during hospitalisation. These include charges of medicines, blood, oxygen, x-rays, organ transplants etc.

Day-care Treatment

Not only the direct charges, the policy should also cover technologically advanced treatments that do not require 24 hours hospitalisation.

Pre and Post Hospitalisation Expenses

One must consider a mediclaim insurance that provides coverage for pre and post hospitalisation expenses. An ideal policy is supposed to cover 30 days before and 60 days after hospitalisation. Moreover, you should try to include services like ambulance as well.

Medical professional’s fees

Look for a policy that also covers the fee that you pay to medical professionals like doctors, nurses and anaesthetist.

Accommodation Charges in Hospital

There are various cashless mediclaim policies that cover accommodation charges of the regular wards or ICUs. Consider buying those policies.

Broadly, while there are various covers offered by mediclaim policies, one should also look for the list of nearest hospitals that have tie-ups for cashless claims etc, during emergencies and otherwise this is beneficial. Also look for the sum assured being offered, today with high Inflation the cost of medical care is ever increasing, protect yourself from being under-insured by going for a policy that suits your requirements. Many a time those who have undergone the claims process cite that "you are never fully covered" till one goes through a procedure. Beyond this, some insurers offer benefits like dental coverage, coverage of pre-existing diseases with a limited cooling period (e.g. 1 year), OPD (out-patient department) coverage of doctor fees, one should look at the coverages, claims process, the list of tie-ups etc and then make a final decision.

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Compare & Buy Mediclaim Policy Online

With the advent of technology, the ease of buying a mediclaim insurance policy has increased even more. You can easily compare mediclaim policies and buy a best medical insurance online. In my opinion, everyone should get a mediclaim policy, not only for themselves but for their entire family (with a family floater mediclaim policy). To ensure that you and your entire family remains safe during medical emergencies, buy a mediclaim policy now!

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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