Most people in India confuse a mediclaim policy with a complete health insurance policy. This is what keeps them from realising unique benefits of both the policies. The below post will help you understand various aspects of a mediclaim policy and thereby assisting you in making an informed decision before buying an insurance policy.
What is mediclaim policy?
A mediclaim policy is basically an insurance cover that compensates for the expenses incurred during hospitalization to the policy holder. The claims can be settled either on the cashless basis or reimbursement basis. A policyholder needs to clarify with the insurance provider regarding the claim settlement procedure to avoid any trouble at the time when compensation is to be made.
For reimbursement, you will have to submit all the relevant bills when the hospitalization is over. And Incase of cashless facility, the insurance provider will directly settle the bills with the hospital.
What does the policy covers?
The cover of the policy will vary from policy to policy rather provider to provider. However, the below listed are a few common areas that are covered by all.
- Treatment expenses such as medicines, oxygen, x-rays and expenses due to other diagnostic tests are covered under this policy.
- Hospitalisation expenses are fully covered.
- Fees of medical professionals is also covered under this policy
The most important thing that makes a medical policy different from a health insurance policy is the coverage. A health insurance plan will have a wider coverage as it is not limited to only hospitalization expenses.
Things to consider before buying a mediclaim policy:
- If you want to keep yourself protected, you can opt for an individual mediclaim policy. However, if you wish to avail protection for your family, a comprehensive health package will be perfect for you
- Avail a policy with maximum renewal age.
- If you are opting for an individual policy, you can lower down your coverage amount to 3 to 5 lakhs.