Five Tips To Buy Mediclaim Policy

The number of diseases is steadily increasing due to our sedentary lifestyle, bad dietary habits, unpredictable sleeping cycles, and declining environmental conditions. Medical expenditures are rising, as is the complexity of illnesses. Typical operations range from Rs 30,000 to 70,000, with more sophisticated treatments costing over Rs 3-4 lakh. Because this type of money isn't simple to come by, the best option is to get a mediclaim policy. Increasing medical expenditures have necessitated the purchase of medical insurance in India.

Many disorders that were formerly deemed critical have become relatively prevalent in today's world. As a result, having health insurance coverage is now required to protect yourself from the financial strain of costly medical procedures. Most employers provide their employees with a Group Medical Insurance Plan that covers their dependants, such as parents and spouses. However, the coverage offered is insufficient for everyone. To understand more about the importance of buying mediclaim policy, read on.

What Is A Mediclaim Policy?

A Mediclaim policy is a type of insurance that protects you from growing medical bills as a result of hospitalisation. It provides financial security in the event of hospitalisation caused by illness or an accident. Mediclaim policy benefits, like other types of insurance, can be used by paying an annual premium. This type of insurance policy has a set policy duration that must be renewed in order to continue receiving benefits from the policy.

Mediclaim is a type of health insurance that allows you to either get paid for hospitalisation expenditures or choose for a cashless approach to cover your hospitalisation costs. Furthermore, the premium you pay is tax deductible under Section 80D of the Income Tax Act of 1961, making it a wise investment.

Important Tips To Remember Before Buying Mediclaim Policy

Following are the important tips for individuals to remember before buying mediclaim policy - 

1. A Person Should Consider The Coverage And Premium Costs Involved - Based on your medical demands in the next years, you must compare and select a suitable mediclaim plan. You must consider the quantity insured that would appropriately protect you and your family when choosing a plan. Similarly, you should look into how much of a premium you'll have to spend to get your selected health insurance coverage. Make sure you don't pick the first plan that appears to be the lowest because it could not be enough to satisfy your health insurance needs.
2. A Person Should Be Aware Of The Waiting Period Under The Coverage - Certain disorders are subject to a waiting period in some medical insurance coverage. As a result, it's critical to examine the policy's waiting period to see if the illness is covered, especially if you have a pre-existing condition like diabetes.
3. A Person Should Properly Evaluate Their Dependants - When purchasing a medical insurance coverage, this is an essential element to consider. Since the number of dependants that may be covered by a plan is restricted, you must decide whether you need one plan to cover everyone in your family or separate health insurance plans for select older members of your family.
4. A Person Should Be Aware Of The Associated Network Hospitals - Certain network hospitals are affiliated with health insurance companies and provide cashless services. It is critical to review the list of network hospitals affiliated with the insurers from whom you plan to purchase mediclaim insurance. Take a look at the ones in your area and make an informed selection.
5. A Person Should Always Read ‘The Fine Print’ - The majority of us fail to read the mediclaim policy's 'terms and conditions.' We only realise how important it is when we file a claim and discover that our claim may be denied due to a provision that we overlooked. To prevent a scenario like this, it's essential to study the fine language of a mediclaim policy carefully before deciding on one.

Endnotes

With rising stress levels, demanding schedules, and lifestyle difficulties, having medical insurance coverage is becoming more of a need than a want. As a result, it's important to compare and select the mediclaim coverage that best matches your health demands.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.