Mediclaim Insurance

Mediclaim insurance in India has become a pivotal part of every individual’s investment profile. With medical treatment cost reaching an all time high and further expected to rise, more and more people are realizing the benefits attached to a medical insurance policy. Though one cannot provide coverage for emotional loss, at least financial losses up to 100% can be covered with a health insurance policy during a medical emergency. This implies that though a health insurance policy may not act as a saving or money multiplier instrument like other investment products, it certainly scores as one of the most effective risk coverage instrument which provides financial assistance to the insured during medical contingency.

A person insured under a mediclaim insurance policy can avail cashless treatment at network hospitals. This implies that in case the insured is admitted in the network hospital following a medical emergency, he/she need not pay any amount from his/her pocket but the claim is settled directly by the insurance company or TPA with the hospital. Similarly, reimbursement of medical expenses is paid to the insured by the insurer in case of non-network hospitals.
Further mediclaim insurance policies provide financial coverage against in-patient hospitalization expenses, pre and post hospitalization, domiciliary hospitalization, donor’s medical expenses, etc. Out-patient expenses cover is available under a medical insurance policy; however, only on payment of additional premium.

Mediclaim insurance policy in India does not offer coverage for pre-existing diseases from start though optional benefits are available but on payment of additional premium.

In India, mediclaim insurance can be broadly classified into two types, (a) Individual and (b) Family floater. Depending upon the requirements, an individual can opt for either of them. If a person has a family buying individual coverage for each family member may prove to be an expensive affair. In such a scenario a family health insurance policy commonly known as a Family floater policy would be an ideal choice. Also each family member is entitled for higher coverage amount comparatively with a Family floater policy.

Family health plans in India are designed to provide coverage to the insured his/her spouse and upto 2 children excluding parents. However, few health insurance providers in India have introduced mediclaim insurance which not only provides coverage to your family including parents but also willing to offer coverage arm to your extended family consisting of in-laws and other relationships. The cost of a mediclaim insurance policy depends upon various factors. Individual health insurance policy cost is different from a Family floater policy. Other factors which influence your health insurance policy cost are sum insured, age of the members, number of members, pre-existing diseases if any, etc. Thus, one should select mediclaim insurance which fulfills if not all than at least most of his/her healthcare requirements.