Best Cashless Mediclaim Policy for Family

Dealing with medical illnesses can be a stressful experience. However, having an insurance policy during such times can substantially reduce mental agony.

Medical insurance, also known as a mediclaim policy, is a crucial financial tool that can protect you and your loved ones during times of medical crisis. By paying regular premiums, you can ensure that you receive financial assistance to manage future medical expenses. Choosing the right policy is an important decision that demands careful consideration.

This blog provides detailed information to guide you in selecting the most suitable cashless mediclaim policy for your family's needs.

What is a Cashless Mediclaim Policy?

Medical insurance can be based on either the reimbursement or the cashless claim model. Under the reimbursement model, you are supposed to pay for the medical expenses initially, which are then reimbursed by the insurer on submission of required documents like hospital bills, health cards, etc.

In contrast, a cashless mediclaim policy does away with the need to make upfront payments. You can get the necessary medical treatment without any out-of-pocket expense, provided that you get treated at a network hospital. The insurer then settles the claim directly with the network hospital.

How to Select the Best Cashless Mediclaim Policy for Family?

Cashless mediclaim policies are preferred by policy buyers for their convenience and administrative ease. There are several options available in the market that you can consider. However, you must make the final decision after evaluating the policies based on the following parameters:

Coverage

Selecting a policy offering all-encompassing coverage is important to avoid incurring out-of-pocket expenses. Look for policies that cover inpatient care, ambulance charges, AYUSH treatments, domiciliary care, daycare procedures, preventative care, etc. Policies that offer the option of adding riders, like critical illness, accident care, travel insurance, maternity care, etc, also make for a great financial tool.

Premium

Family policies are comparatively more cost-effective than individual policies. Additionally, you must compare the cost of different cashless policies in the market and select the one that aligns with your budget. Also, remember to check for clauses about co-payment and deductibles as they influence the overall cost burden of the policy. You must strive to strike a perfect balance between the premium and the sum insured.

Network Hospitals

As mentioned above, you can avail of cashless treatment only if you get admitted to a hospital included in the insurance provider's network. Thus, you must buy insurance from a company with a wide network of renowned hospitals. Make sure to check whether these hospitals are located near your residence and offer treatment for the illnesses you and your family are most susceptible to.

Claim Settlement

Though cashless policies offer a smoother claim settlement process, you must still check the specific claim settlement steps and requirements of your insurer. For instance, there are time limits within which you must inform the insurer in case of planned hospitalisation. You must also read online reviews of the insurer and become aware of the claim settlement ratio. Go for a policy from the insurer with a higher claim settlement ratio.

Flexibility

As you are buying the cashless plan to cover your family, you must check whether the plan offers flexibility to add or remove members in the future. For instance, this flexibility will be useful if you plan on having a child.

Which is the Best Cashless Mediclaim Policy for Family in India?

Among the various options available, Niva Bupa offers well-renowned policies known for their comprehensive coverage and an extensive network comprising 10,000+ hospitals. Some of their notable policies include:

ReAssure 2.0 Policy

Available in multiple versions, such as platinum, titanium, bronze, and gold, this policy covers up to 6 family members under a single plan. It provides coverage ranging from ₹5 lakh to ₹1 crore for various medical expenses.

Health Companion Policy

This policy provides financial protection against hospitalisation costs, pre and post-hospitalisation expenses, alternative and daycare treatments, and more. It offers a sum insured ranging from ₹3 lakhs to ₹1 crore and includes a no-claim bonus and refill benefit.

Health Premia Policy

With coverage ranging from ₹5 lakh to ₹3 crore, this policy comes in three variants - silver, gold, and platinum, each offering an increasing sum insured. In addition to standard benefits, it provides international coverage, maternity and newborn benefits, loyalty bonuses, mental illness cover, OPD treatment, and unlimited e-consultations.

Apart from these, Niva Bupa also offers other options, such as GoActive, HeartBeat, SuperSaver, MoneySaver, and SeniorFirst plans. You can check out more details on these policies here.

Make sure you select the cashless mediclaim policy for family that best suits your requirements. Consider factors such as the possibility of severe illness within the family, which may necessitate a higher sum insured. Prioritise policies and insurance providers that uphold the well-being of policyholders and have a positive reputation in the market.