The Best Way to Save Money on Medical Bills: Get a Mediclaim Policy

With medical inflation rates skyrocketing, Mediclaim insurance or health plans have become essential for making healthcare accessible to the general public. A best mediclaim policy is health insurance that provides coverage for sickness and hospitalisation up to a predetermined amount. Such policies are only valid for a limited time before the policyholder must renew them to continue receiving benefits.

What is a mediclaim policy?

A Mediclaim policy provides coverage for medical bills that may arise. Individuals with a Mediclaim can file a cashless or reimbursement claim. Policyholders can also benefit from tax breaks under these programmes.

Mediclaim is a type of insurance in which the insurance provider reimburses the policyholder for any medical expenses incurred during the policy period. The insured can either submit the required bills for reimbursement or use cashless services at the insurer's network hospitals.

Types of mediclaim policy

You can select from the following mediclaim:

• Individual mediclaim: An individual Mediclaim coverage protects only the policyholder from medical bills.
• Mediclaim policy for family: A master premium is paid in a family floater mediclaim plan to financially support the family members against any medical obligations.
• Group mediclaim: A group Mediclaim is purchased by an employer or a person in charge of a group for the employees/members. It is frequently in addition to the employer's remuneration.
• Senior citizen mediclaim: This insurance is created exclusively for senior citizens and frequently includes additional provisions or requires testing.
• Critical sickness mediclaim: Mediclaim insurance covers medical expenses associated with treating critical illnesses like cancer, kidney failure, and multiple sclerosis.
• Overseas mediclaim: Overseas Mediclaim coverage allows the insured to seek reimbursement for medical expenditures outside India.
• Low-cost Mediclaim: Low-cost Mediclaim plans are aimed at the less fortunate members of society. Employers in small and medium-sized businesses typically purchase such insurance to insure their staff at modest costs.

Benefits of mediclaim policy for family

With the best mediclaim policy, insured family members can receive various benefits. For example, you can obtain coverage for all family members, regardless of age, under one policy. Here's a quick breakdown of the main advantages of purchasing a family health insurance plan:

• Hospitalization expense coverage without the hassle: In the event of hospitalisation, the insured family member, like in individual health plans, can receive cashless care in an insurer's network hospital. In this way, you can ensure that all your family members are qualified for medical care without compromising their treatment.
• Get parental health insurance on the same plan: Several health insurance companies allow consumers to include parents and parents-in-law in a family health plan at no extra cost. Under one plan, you can protect your parent's and your spouse's parents' health.
• Affordably priced premium: You can cover your parents, partner and kids under the same plan at a reasonable rate. Family mediclaim insurance policies do not force you to pay individual premiums for all family members.
• Insure new family members: You can add a new family member to your family health insurance plan by paying an additional cost. Unlike individual coverage, you do not need to purchase a new policy every time your family grows. Make sure to raise your sum insured if you add your parents to an existing family health insurance plan.

Mediclaim coverage provides financial support to the policyholder through cashless services or reimbursement for medical treatments and hospitalisation. It protects the insured against any medical expenses incurred during the policy period and provides tax benefits under Section 80D of the Income Tax Act of India. The best mediclaim policy helps you maintain financial health and protects your funds from being drained. Platforms like Niva Bupa can help you find the best mediclaim policy for family.

FAQs

1. How is a Mediclaim policy different from health insurance?

Although used interchangeably, a Mediclaim policy tends to reimburse only hospitalisation expenses, whereas health insurance can provide wider coverage, such as OPD, critical illness, maternity, and wellness benefits.

2. Is Mediclaim reimbursement or cashless?

Mediclaim policies provide cashless facilities at network hospitals and reimbursement upon submission of hospital bills.

3. Can I include my parents under a family Mediclaim policy?

Yes, most insurers permit you to include parents and even in-laws under a family floater Mediclaim policy, with flexible premiums depending on age and health status.

4. What are the tax benefits I can obtain from a Mediclaim policy?

You can also deduct from income a maximum of ₹25,000 (₹50,000 in the case of senior citizens) of Mediclaim premium under Section 80D of the Income Tax Act, 1961.

5. What is the best way to select the right Mediclaim policy for my family?

Search for one that provides extensive network hospital coverage, low premiums, renewability for life, and easy addition of new members. Websites like Niva Bupa can also compare plans.