Medical treatments and hospitalisation costs are off the charts. With each passing day, the healthcare facility is getting expensive to avail. In such times, medical contingencies can put a strain on your finances, especially if you do not have adequate mediclaim insurance to cover the expenses.
A mediclaim policy is known to cover the expenses incurred in case of planned/unplanned hospitalisation and treatment. It helps combat rising medical costs and allows you to avail high-quality healthcare facilities as and when needed.
Let us understand a mediclaim policy in detail.
A mediclaim policy is a health insurance plan that protects the policyholder against sudden medical contingencies by taking care of the expenses incurred. The insurer will cover the cost of treatment and hospitalisation up to the sum assured chosen by the policyholder. The policy primarily covers the insured against medical emergencies, illnesses, and accidents that may lead to hospitalisation.
The mediclaim policies in India are issued for a specific period. For the policyholder to continue availing the benefits under the mediclaim plan, they must renew the policy when the expiry nears. In the event of a claim, the insurer will either pay the compensation directly to the network hospital (known as cashless claim settlement) or reimburse the amount to the policyholder (known as reimbursement claim).
Keep reading to know why a mediclaim policy is necessary.
As mentioned earlier, the medical costs are rising by the day. It has become costly for people to avail healthcare facilities, even for minor treatments in India. However, people should be able to access best-in-class medical facilities despite the rising costs. Having a mediclaim policy makes it affordable to avail high-quality treatments without worrying about the expenses incurred.
The things that are covered under the mediclaim policy vary depending on the insurer. However, the following are a few standard inclusions of mediclaim plans in India.
While the exclusions may vary from one plan to another, it is important to make a note of these. Much like any other insurance plan, mediclaim plans have a few exclusions. Some of these are as follows -
Here’s a list the kinds of mediclaim plans available in the market
Depending on your affordability and necessity, you are free to choose a policy that fulfils yours and your family’s medical needs.
Following are the standard features and benefits of mediclaim plans -
Here are some things that you need to remember when buying mediclaim plans in India.
The need for adequate health insurance or mediclaim is beyond explanation. Several insurers in India offer different types of health insurance plans, each fulfilling specific purpose. You need to evaluate your medical needs and affordability before buying the mediclaim policy.
You can buy health insurance plans at Finserv MARKETS and benefits from features such as cashless claim settlements, reinstatement benefits, tax benefits, bespoke health plans that suit your needs, hassle-free renewals, and more. In fact, you can use the health insurance calculator to determine the premiums charged on your chosen coverage and add-on benefits.
Medical contingencies can arise at any point and without warnings. Having a mediclaim plan ensures that you and your loved ones are protected financially in such situations. Moreover, the policy allows the insured to avail high-end healthcare facilities at an affordable premium price.
The mediclaim premiums are primarily dependent on your age, income, health condition at the time of buying the policy, lifestyle habits, etc. Based on these factors, the insurer will calculate your mediclaim plan premiums.
You can renew your mediclaim policy by visiting your insurer online or in-person. Submit the renewal application form and supporting documents. Upon verification, pay the premiums and the renewed policy will be issued to you in no time.