Mediclaim Policy
A mediclaim policy is a type of health insurance that provides coverage for medical expenses incurred by the policyholder during the policy period. This can include hospitalization expenses, outpatient treatment, medical tests, and medication costs.
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What is a Mediclaim Policy?
Due to the rising medical costs and the emergence of new diseases now and then, health insurance is a foremost requirement for everyone. A Mediclaim policy can support you mainly in case of hospitalization.
Benefits and Features of Mediclaim Policy
Hospitalization Expenses
A Mediclaim policy provides financial cover to expenses arising out of hospitalization charges during medical emergencies. It also covers pre and medical post-hospitalization expenditures for 30-60 days and 60-120 days, respectively.
Premiums and Terms
Different insurance providers have different terms and norms for premiums. Premium calculated depends on policy term, the sum assured, and age of the insured.
Tax benefits
You are eligible for tax deductions under section 80D of Income-tax act on the Mediclaim premium paid every year.
Provides Peace of Mind
It eliminates the need for borrowing money from anyone and relieves stress and gives you peace of mind.
Day Care
Some Mediclaim policies cover daycare expenses for treatments that do not require 24 hours’ hospitalization.
Family Cover
You have an option to avail Mediclaim for your family with Family Floater Policy.
Renewable for life
A Mediclaim policy offers lifelong renewability option.
Cashless Treatment
Cashless treatment option is available at network hospitals.
Cost-Effective
It is the most cost-efficient way of dealing with a medical emergency.
Mediclaim Policy Vs Health Insurance
Eligibility
Mediclaim policies can be bought only by the users within a specified age group. Usually, the insurance companies have an entry age of 18 years and an exit age of 65 years. But these days, coverage is provided from the age of 5 and goes up to 80 years. The age factors vary with the company, so it’s better to check with the company before applying for a policy.
Types of Mediclaim Policy
Mediclaim Policy Claim Procedure
● If you are planning for a medical admission, inform the insurance provider a day or two before it. On occasions of sudden admission, tell the insurance company that moment you get admitted. Provide your health card at the time of entry. You or your guardian will have to fill the preauthorization form.
● The hospital will intimate the company to obtain approval for cashless treatment. This process takes typically 1-3 hours depending upon the hospital.
● After discharge, the bills are sent to the insurance company which the company settles with the hospital.
● If you are planning to go for reimbursement claims, it is imperative to inform the company as soon as you are hospitalized.
● Keep all the bills, medical reports, and discharge summary.
● Submit the duly filled claim form to your insurance company along with the documents.
● The insurance provider shall verify the claim and send you a verification email or SMS.
● Generally, for the approved cases, you will receive the insurance amount within 30 days after filing.
Factors to Consider while choosing a Mediclaim Policy
If you are planning to buy a Mediclaim Policy, it is highly recommended to take note of a few factors before buying one. Having a look at these checkpoints will ensure you buy the most appropriate policy suited to your requirements.
- Sum Assured: Sum assured, or the coverage amount is the most critical checkpoint that you have to consider before buying a policy. It would help if you took into account factors such as inflation, hospitalization charges, and your financial capability. These factors could help you select a plan that meets your requirements. Also, the area you live in could make a difference. For example, the hospitalization expenses in urban areas may be significantly higher than the rural areas. Take these factors into consideration and choose the most appropriate policy.
- Network Hospitals: One of the most significant advantages of Mediclaim policy is the option for cashless treatment in-network hospitals. Therefore, you must choose the plan which has network hospitals near to your residence.
- Renewability: Almost all the Mediclaim policies provide coverage for one year only. It is essential to keep renewing your policy as you age. If you fail to renew the policy, you may land up on occasions where acquiring a new one is difficult because of your age.
- Co-Payment: Several insurance plans come with a co-payment clause. It means that you have to pay a specific part of the sum while raising the claim before the insurance company settles the rest. Usually, co-payments range between 10%-30% of the expenses.
- Pre-existing illness: Most companies have a clause which states that you can avail cover to pre-existing diseases only after a certain number of years. Choose the one which covers pre-existing conditions in a limited time.
- Exclusions: Beware of the exclusions in the policy that you select to avoid confusions later.
Documents Required for Claim
- Duly Filled Claim Form
- Bills
- Medical Reports, X Rays, Scans, etc
- Original Policy documents
- ID Proof
- Death Certificate
- FIR Copy (Unnatural death)
Exclusions in a Mediclaim Policy
- Regular Dental and cosmetic Procedures
- Childbirth, pregnancy
- Treatment for Alcohol/drug abuse
- Sexually transmitted diseases
- Intentional Self-harm
- Non-allopathic treatments like Naturopathy
- Plastic surgery
- Contact lens and hearing aid
How to buy Mediclaim Policy at Fincover?
Fincover is a one-stop destination to find the best Mediclaim policies. Your search for a good plan ends at FinCover.
- Login to Fincover
- Select Insurance -> Health Insurance -> Mediclaim
- Enter your details such as name, annual income, age, DOB, and occupation, and submit
- You will get to see free Mediclaim quotes from multiple insurance providers
- Choose the one that fits you the most and purchase
- You will receive your policy documents in your email which you can take a printout copy