Things to Know About Mediclaim Policy

Most of you have undoubtedly heard of Mediclaim, but you may not have a clear understanding of the term. Let us first define Mediclaim insurance.

 

A Mediclaim policy is a health insurance policy in which the insurer reimburses the policyholder for medical expenses spent while obtaining treatment for their medical condition. Furthermore, if you choose cashless treatment, you will not be required to pay any expenses. If you have Mediclaim coverage, you can request reimbursement by submitting your bills to the insurance company. The payment will be paid to the policy holder by the insurance company. In case of a cashless claim you must seek treatment at one of the insurer's network hospitals and the expenses will be paid directly to the hospital.

 

Some Features of a Mediclaim Policy

People who have an unhealthy lifestyle are at a higher risk of developing numerous ailments. Purchasing medical coverage might help you obtain financial aid in an emergency. Many people today opt to get medical insurance coverage for the following reasons:

 

• You can use the cashless service at network hospitals.
• Individual and family Mediclaim policies are available.
• It offers tax savings on the yearly premium.

 

To help you make a better decision, let's go through the different types of Mediclaim Policies available on the market:

 

Senior Citizen Policy

This policy is designed exclusively for persons over the age of 60. This coverage covers hospitalisation expenses for persons of that age bracket.

 

Individual Policy

An individual policy is for one person, and the health insurance benefits listed in the policy are only available to the named individual.

 

Family Floater Policy

A family floater policy provides coverage to the policy holder and their family with the sum Insured being shared amongst the family members for medical expenses.

 

Critical Illness Mediclaim

Hospital expenses can quickly deplete your savings while dealing with life-threatening illnesses such as cancer, renal failure, heart disease, and so on. A critical illness policy can assist in lessening these costs by giving a lump sum payout upon diagnosis of a condition.

 

Policy on Mos-Bite Protectors

This insurance will pay you a flat payment if you are diagnosed with any vector-borne diseases such as malaria, dengue fever, chikungunya, or the Zika virus.

 

It provides coverage for unintentional death, permanent full disability, permanent partial disability, and temporary total disability.

 

How Can You Select the Best Mediclaim Insurance Policy?

It's natural to be confused while choosing a Mediclaim insurance policy, especially if you're a first-time customer. Insurance may be tough to comprehend, and selecting the right plan can be tricky. With this in mind, we've highlighted key points to help you make an informed selection and ensure you have the right Mediclaim coverage.

 

What Should You Bear in Mind While Purchasing a Medical Insurance Policy?

As you may be aware, there are several Mediclaim insurance plans to choose from. Each of these programs will have its own set of benefits and features. This may make it difficult to pick among all of the available options. But don't be alarmed! To assist you in making the right selection, we've highlighted five crucial elements to consider when comparing plans.

 

Look for a Wider Network of Cashless Hospitals

Once you've decided on the coverage you want, you can evaluate the various plans on the market. If you have a medical emergency, you can seek care at any of these hospitals, and your insurance provider such as Niva Bupa will pay the expenses on your behalf. To begin, make a list of health insurance companies that have a larger network of cashless hospitals. This is because plans with a greater number of network hospitals give you better access to cashless treatments in the event of a medical emergency. This helps you to concentrate on getting the best treatment than worrying about medical fees.

 

Ratio of Claim Settlements

The claim settlement ratio is a straightforward idea. It is the proportion of health insurance claims successfully settled by an insurance company out of the total number of claims received in a year. Choose a plan and an insurance provider with a better claim settlement ratio, like Niva Bupa. Niva Bupa settled 8.61 lakh claims in the 2019 fiscal year, with a claim settlement percentage of 92.65%. This will guarantee that your claim is more likely to be resolved in the event of a medical emergency. 

 

Limits and Caps

Hospital expenses are made up of many expenditure categories, such as ambulance fees and room rent. Most plans cap the amount of compensation provided for each of these costs. For example, your room-rent compensation may be restricted to 1% of the insured amount. As a result, regardless of your total sum insured, you may incur large out-of-pocket payments in the event of hospitalization.  As a result, choose plans with fewer or no limitations and caps. This will help you receive adequate compensation if you file a claim.

 

Premium

Last but not the least, the most affordable health insurance plans will provide the most comprehensive coverage. You can shortlist a few plans based on the aforementioned criteria and then compare them based on their premium amounts. In this manner, you may select a plan that satisfies your coverage requirements while still staying within your budget. When comparing plans, some purchasers just consider the premiums. This may assist them in locating a Mediclaim insurance package that is highly economical but sacrifices other vital aspects.

 

Conclusion

We hope we have helped you to gain a better understanding of the Mediclaim policy. Whichever option you select, the Mediclaim policy will benefit not only you but also your family in tough times. If you want to buy a Mediclaim policy, visit Niva Bupa. We have the best health insurance plan for all your needs.