Mediclaim insurance is the most important investment that you ever make. In today’s time, injuries, illness, medical setbacks, etc., can be expensive if there is a need for surgery, hospital visits, or any serious medication. In such circumstances, mediclaim insurance can be your survivor. According to stats, in 2020, around 500 million people were covered under health insurance schemes. Technically, every citizen must have a Mediclaim as it will help them to survive from unnecessary expenses that can pop up anytime.
About Mediclaim Insurance
Mediclaim or Mediclaim Insurance is a kind of health cover, mitigates your risk concerning monetary terms. The policy will cover the hospitalization expenses with treatments and specific ailments incurred when you get admitted. Avail insurance policies from the best health insurance companies according to your need. In this article, get to know some tips that will guide you to pick the best.
1. Look for the required policy coverage.
Choose a health plan against all-inclusive medical problems, ambulance charges, post and pre-hospitalization charges, cashless treatment, maternity benefits, in-patient hospitalization, daily hospital cash benefits, critical illness cover, etc. While buying a medical cover for the entire family, check if it caters to the needs of everyone.
The things to consider are types of plans, their requirements, the policy features with limitations, etc. Some hidden aspects, like the waiting period and sub-limits are things that you can miss. Go word by word on the policy before picking one.
2. The waiting period clause
Generally, the policy covers maternity expenses, pre-existing diseases, other specific treatments, like varicose veins, hernia, etc., after a certain time, say two to three years. It depends on the plan that you choose. Usually, maternity expenses are covered for two to four years from the date it has been purchased. Checking the time after which the pre-existing disease will be covered and a minimal waiting period is a better choice.
3. Check for flexibility for adding new family members.
While looking for an insurance policy, opt for the one that has the flexibility to add new members easily. Suppose a senior member of the family has expired or no longer eligible for the policy, anyone can take their place without facing inconvenience. It is the most vital point to keep in mind while looking for a Mediclaim.
4. The co-payment clause
It is a percentage of money the buyer has to pay and the remaining amount is made by the hospital. Suppose the policy has a 10% co-pay clause for a claim of 2 Lakhs; it indicates you have to pay Rs 20000. Apart from that Rs 1,80,000 will be paid by the insurance company. Besides that, some policies come without a co-payment clause, and if possible, it is better to choose this option.
5. Pick a lifetime renewability plan.
How many years will the plan cover? It is a crucial question to ask to choose a policy providing a lifetime renewability plan. Because as you grow old, you will require a health plan the most. Considering that, investing in a policy providing lifetime benefits will be a better choice.
6. Compare estimates online
Compare health insurance policies online for the ones catering to your needs. Additionally, you can request a quote online by providing the details as asked and getting an estimated premium of the Mediclaim. By collecting the best quote, you can decide which will be the best.
7. The network of hospitals
Some insurance policies are there that do not cover all the hospitals. They have a list specifying the names of hospitals to be covered. It is of greatest importance to ask for the list and check if your one is included. Also, the policy should not sub-limit ICU charges, surgery charges, rent, etc. Some medical conditions and illnesses may not be incorporated in the health plan, which you should not before availing. Once you have taken it, nothing can be changed, so check and decide which one to opt for.
8. The limit of room rent
Depending on the type of policy you choose, you will get a semi-private, private, or shared room. Take insurance covering the higher room-rent limit as it avoids paying extra from your hard-earned money. The more cautious you are, the more benefits you can enjoy by choosing the right policy.
9. Knowing the types
Various types of insurance policies are there, like critical illness plan, family floater policy, individual health plan, top-up policy, senior-citizen plan, etc. Your age plays an integral role in picking the right choice. Younger ones can choose lower coverage plans, but it keeps on increasing over time. It happens as the chances of your health problems increases. Your present health condition will also be assessed when you opt for a Mediclaim.
10. Online policy renewal feature
The insurer must have a facility to renew the policy online; otherwise, you may need to encounter inconvenience. The renewable process should be simple, and anyone must do it by reading the steps. Some policy renewals take a longer time and process, which can be difficult for people to follow. That’s why; look for an insurance provider where you do not have to invest a huge amount of time for renewals.
11. Handling complaints
Ask the insurance provider about the time they will take to resolve a complaint that can come up any time. Do not visit a company taking a huge amount of time to solve a simple issue. All these things must be considered when you look for a Mediclaim policy for you and your family.
The bottom line
Considering the tips will increase your chances to opt for the best Mediclaim policy covering all the needs. If you are unable to make an informed decision, the policyholders can assist you. But always remember you should have a health policy if you do not want to deal with uncertain expenses at any time. Look for the best Mediclaim plan from the top insurers and complete the paperwork at the earliest. Make sure to evaluate every aspect without hurrying.