What is a Mediclaim Policy? Here’s a Brief Overview

The increasing rate of medical inflation has made it difficult to afford quality medical services in the present times. However, amidst the ups and downs of life, we all know health is the real wealth of our lives. Thus, opting for health insurance policies is a wise step towards ensuring the good health of both yourself and your family.

However, before diving into the world of mediclaim policy, it is crucial to be aware of the same thoroughly. It will enable you to have an informed approach towards applying for the suitable plans for you.

Thus, scroll down to learn more about the same.

What is the Mediclaim Policy?

During times when having access to quality medical services is no less than a hectic job, a health insurance policy is a great way to provide the policyholders with financial assistance for the same. A mediclaim is also a medical insurance policy that offers you financial coverage to ensure all your medical expenses are successfully covered, without leaving you with any financial burden.

Mediclaim insurance policies work on routine premium payments like any other insurance policy providing coverage for expenses like hospital room charges, ambulance costs, ICU charges, and other charges related to medical treatments.

By opting for a suitable mediclaim plan, you can also get several benefits including but not limited to coverage for pre-existing diseases, cashless procedures, flexibility in renewability, reimbursement etc.

What are the Types of Mediclaim Policy?

Go through the following points to learn about the types it comes in:

●       Individual Mediclaim

An individual mediclaim plan provides adequate financial coverage only for a single insured member, hence the name. It covers the medical expenses of the insured during hospitalisation. This can be a good option for people who live alone, without any dependents.

●       Senior Citizen Plans

A senior citizen mediclaim plan is specifically designed to meet the healthcare expenses of people who are above 60 years of age. It covers the expenses for critical illnesses or any other diseases related to ageing. You can purchase this plan for 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. The only difference is that the plan provides coverage for your family, including your spouse, parents, and children under one premium.

●       Policy for Personal Accidents

As the name suggests, a personal accident mediclaim policy provides you with further financial coverage for total disability, partial disability or accidental death of the insured member.

●       Mediclaim for Critical Illnesses

A mediclaim policy for critical illnesses shall provide coverage for chronic health issues like kidney failure, heart attack, cancer etc. Considering the higher range of medical expenses for critical illnesses, opting for such medical insurance plans is indeed a smart choice.

What are the Major Features of a Mediclaim Policy?

Mediclaim policies tend to have several significant features that add to the benefits of the policyholders, which include the following:

●       Cashless Settlement

Through cashless settlement features, your medical expenses and hospital bills shall be paid by the insurance provider directly to the hospital.

●       Tax Benefit

You can enjoy a tax benefit under Section 80D of the Income Tax Act through which you can save up to Rs. 1 Lakh of your total taxable income based on the age of the insured member.

●       Wide Choices of Policies

There is a wide range of mediclaim policies to suit your healthcare requirements. So evaluate your needs to choose the one that suits you perfectly.

Things to Consider While Selecting a Mediclaim Policy?

Whether you are purchasing a mediclaim policy for an individual or the entire family, given below are the things you need to consider while opting for the same:

●       Comparing Plans

Make sure to research and compare different mediclaim plans from varied insurance providers to conclude the one that suits you the best.

●       Network of Hospitals

You must go for the mediclaim plans with a wide network of hospitals throughout the country, allowing you to receive cashless treatment conveniently.

●       Co-Payment Clause

You might be required to pay a share of your medical expenses along with the coverage provided as the co-payment clause. So make sure to go through the terms and conditions carefully before purchasing one.

The Bottom Line

To conclude, even though health insurance policy and mediclaim insurance policy are not the same, it is no less beneficial than the other. Therefore, it is crucial to have in-depth knowledge regarding the two types of policies to let you be able to differentiate the two. It will also help you have an informed approach towards evaluating your healthcare needs and opt for the ones that align with your preferences perfectly.

If you have more questions about health insurance policies, make sure to contact ACKO to get the affordable insurance options.

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