Life is a beautiful journey with its fair share of bumps and roadblocks. With our fast-paced lifestyles, rising pollution levels, and unhealthy eating habits, it's no surprise that lifestyle-related diseases are becoming more common in India.
But the real kicker? Access to quality medical care and treatments for these illnesses can be a real financial burden and hard to afford.
To be prepared for any medical emergencies, consider getting a mediclaim policy plan with critical illness coverage. This will give you financial support when you need it most.
But with so many options, how do you choose the right mediclaim policy for your family?
Here are five essential things to consider before selecting mediclaim insurance.
#1 Sum assured
When selecting a health insurance policy, choosing the right sum assured based on your healthcare needs is crucial. The sum assured is the maximum coverage the policy will offer for hospitalization and other expenses. Moreover, the cost of hospitalization can vary from one city to another. Therefore, you should consider your location and family members when deciding on the sum assured.
Additionally, some insurance companies provide a no-claim bonus to policyholders for every claim-free year. This bonus can increase the base sum assured by 10 to 50% for every claim-free year.
#2 Waiting period
When it comes to health insurance policies, the waiting period is a crucial factor to consider. This refers to the duration that you must wait before the insurer can cover any existing health conditions you may have. Generally, the waiting period can range from two to four years, depending on the type of policy and the insurer.
So, suppose you have any pre-existing medical conditions when purchasing the policy. In that case, the insurer won't cover the related hospitalization expenses until the waiting period has elapsed, as specified in the policy documents.
To ensure you get the best coverage for your needs, opting for a policy with the shortest possible waiting period is advisable.
#3 Premium and coverage
You cannot overlook the importance of premium. Choosing health insurance with the lowest premium may seem like a smart move, but it's important to consider both sides of the coin. While a policy with a lower premium can be a good option if it provides extensive coverage at an affordable price, it can also be a sign of reduced coverage.
That's why it's crucial to investigate the reasons behind the low premium. Check for the following clauses which could impact your claim payouts.
#1 Co-payment
#2 Deductibles
#3 Sub-limits
Opt for a policy that offers adequate coverage without compromising benefits and has a premium you can afford. Don't fall into the trap of choosing a policy based on its low premium alone. As it's better to pay a slightly higher premium to ensure comprehensive protection for you and your loved ones.
#4 Cashless payment facility
With almost every healthcare insurance company providing a cashless payment facility, hospitalization no longer needs to be a financial burden. The process is simple - just present your policy document at the hospital, and the bills will be settled directly between the insurance provider and the hospital.
But hold on. There's a catch! Not all hospitals are tied-up with your insurance provider and may not offer this facility. This is where network hospitals come into the picture. These hospitals have an agreement with your insurance provider to offer cashless treatment to policyholders.
So before you sign up for a health insurance policy with a cashless treatment facility, check for nearby network hospitals.
#5 Claim settlement process
Before you choose your mediclaim insurance company, there is one crucial tip that you should keep in mind - familiarize yourself with their claim settlement process. To ensure a hassle-free and speedy settlement, here are a few things you can do:
#1 Some research
#2 Read customer reviews
#3 Analyse the ratio (number of claims settled out of the total claims registered)
Some insurance providers have an impressive claim settlement rate of up to 94%. Moreover, read the policy wording and review the insurance provider's process. After all, a smooth claim procedure can be a significant relief when settling health claims.
The bottom line
Investing in health insurance is not just a smart move but an essential one that can provide you with much-needed financial protection in case of a medical emergency. When selecting a mediclaim insurance plan, make sure to verify that it includes all the necessary benefits, such as tax deductions under Section 80D of the Income Tax Act 1961.
With a mediclaim policy in place, you can rest assured that you'll be covered in case of any healthcare-related expenses. And if you're still looking for the right medical policy for your family, Tata Capital has got you covered.
Apply for a mediclaim insurance policy today and enjoy peace of mind knowing you're protected.
Remember, it's always better to be safe than sorry when it comes to your health.
03 April 2023
5 mins read
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