Mediclaim Policy: The Need of the Hour in the Health Sector

Amidst the race to save and secure your wealth in a materialistic world, we all are aware of the fact that health is the real wealth. However, with the growing rate of medical inflation, it has become difficult to afford quality medical treatment.

Therefore, opting for a health insurance policy is a wise step towards ensuring the good health of yourself and your family. Whenever you get a mediclaim policy, you can secure yourself financially to deal with medical emergencies.

Scroll down to learn more about the benefits of a mediclaim policy.

What is a Mediclaim Policy?

A mediclaim is a medical insurance policy that offers you financial coverage to let you cover all your medical expenses, without leaving you with any financial burden. It also works in cashless methods where the claim will be covered by the insurance provider directly with the hospital.

Mediclaim insurance policies require monthly premium payments like any other health insurance policy. It offers you coverage for medical expenses like ICU charges, hospital room charges, ambulance costs, and other charges related to hospitalisation.

So you need to purchase a suitable mediclaim plan, through which you can avail several benefits including but not limited to coverage for pre-existing diseases, cashless procedures, flexibility in renewability, reimbursement etc.

How Does a Mediclaim Policy Work for Policyholders?

Before diving into the world of mediclaim policies, it is crucial to be aware of the entire process on which a mediclaim works. It will help you to inspect and keep track of the process whenever you wish. Thus go through the following features of a mediclaim policy that define how it works:

●       Provide Coverage

A mediclaim policy can provide you with financial assistance to help you cover medical expenses like costs of hospitalisation and medical treatment costs related to accidents or specific diseases. Mediclaim plans offer cashless facilities through which you can access medical treatments and the costs will be settled by the insurance provider with the hospital.

●       Group Mediclaim Plan

Mediclaim policies come in quite a few types, one of them being a group mediclaim plan. It is one of the most helpful medical insurance plans through which you can get financial coverage for all your dependent family members under one premium amount monthly.

●       Premium and Sum Insured

In order to avail the facilities of a mediclaim policy you need to pay a specific amount as premiums every month. This amount is usually predefined from the time of applying for the policy and it is based on certain factors like policy duration, age of the insured member, treatment location etc.

●       Claim Settlement

Whenever you require coverage of your mediclaim plan, you need to claim it following their instructed process for the same. The claim is settled in the form of reimbursement of the medical expenses by the insurance provider directly.

●       Tax Benefit

Every policyholder of mediclaim plans is eligible to get a tax benefit under Section 80D of the Income Tax Act. Through this benefit you are allowed to save a considerable amount from the monthly premiums, saving your total taxable income.

How Many Types of Mediclaim Plans Are There?

Mediclaim policies come in different types, which include the following:

●       Individual Mediclaim

An individual mediclaim plan offers financial coverage only for one insured member, that is why it is usually called an individual mediclaim plan. It provides coverage for the medical expenses of the insured. Hence it is a good option for people who live alone, without any dependents.

●       Senior Citizen Plans

A senior citizen mediclaim plan provides coverage to meet the healthcare expenses of people who are above 60 years of age. It covers the medical costs for diseases related to aging or critical illnesses. You can opt for this plan if you have your in-laws, parents or any member of the family who is a senior citizen.

●       Family Floater Mediclaim

A family floater mediclaim plan is almost the same as the individual mediclaim plan, except this plan offers financial coverage for all your dependent family members, including your spouse, parents and children under one premium.

●       Policy for Personal Accidents

A personal accident mediclaim policy provides you with financial coverage for total disability, partial disability or accidental death of the insured member.

●       Mediclaim for Critical Illnesses

A mediclaim policy for critical illnesses offers coverage for chronic health issues like kidney failure, heart attack, cancer etc. Having said about higher medical costs for critical illnesses, opting for such medical insurance plans is a wise step if you have senior citizens in your family.

The Bottom Line

To conclude, a mediclaim policy is indeed the need of the hour, keeping in mind the increasing expenses of medical treatments. So make sure to research the mediclaim plans and insurance providers, compare them and select the ones that align with your preferences perfectly.

For more information, go through the ACKO health insurance plans.

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