As medical inflation rises exponentially in India, mediclaim insurance has become a financial imperative to shield one's savings and assets. However, the countless options in the market create confusion among buyers on how to select the right coverage for their needs. Read on to learn more about Mediclaim options and how to choose one.
A mediclaim policy provides financial coverage against medical expenses incurred during hospitalisation. If policyholders are admitted to a hospital for inpatient treatment of an illness, disease, or injury, their hospital charges get reimbursed by the insurance provider up to the insured amount.
Premiums for mediclaim plans are comparatively more economical than more extensive health plans since they focus specifically on hospitalisation needs rather than preventive care, checkups, outpatient services, etc. Cashless settlement and reimbursement facilities bring respite from hefty medical bills when hospitalised.
The following are some compelling reasons you need to buy mediclaim insurance:
Safeguarding Savings - Hospital treatments, especially surgeries and critical illnesses, can severely impact financial stability. Having cashless and reimbursement features guards savings.
Tax Benefits - Premiums paid are acceptable for deductions under Section 80D of the IT Act.
Renewability - Once insured, policies can be renewed annually without hassles, providing lifelong security.
Coverage for Family - Plans like family floaters protect spouses, children, and parents.
Based on demographic profiles and coverage requirements, mediclaim plans have evolved into varied forms:
Individual Mediclaim - Tailored plans for self-coverage for bachelors or nuclear families without dependents. Offers autonomy over personalised covers.
Family Floater Mediclaim - A single policy that covers the entire family, thereby reducing premium outgo compared to individual plans for each family member. The sum insured floats and can be utilised by any insured member.
Senior Citizen Mediclaim - Special plans targeted at customers over 60 include additional coverage for pre-existing illnesses, a shorter waiting period, discounts on premiums, and a higher sum insured to meet healthcare needs during old age adequately.
Top Up Mediclaim - An additional policy over and above an existing basic mediclaim plan to provide supplementary coverage once the base policy amount gets exhausted. Provides further financial aid without heavily enhancing premium outgo.
Critical Illness Mediclaim - Unlike standard plans that cover only hospitalisation costs, these plans provide a lump sum payout on the diagnosis of a significant or critical illness, such as cancer, stroke, heart attack, liver failure, etc. The financial assistance can cover expensive treatments.
Analyse the various plan options based on the below parameters and choose the best health insurance in India:
Adequacy of Sum Insured - Evaluating expected healthcare costs in your city, age profile, pre-conditions, etc., will help determine sufficient coverage.
Cashless Hospital Network - Verify if top hospitals and healthcare facilities near you are part of the insurance company's listed network. Cashless facilities alleviate financial stress.
Ease of Claim Settlement - Understand the claim procedures, paperwork needed, and insurer's processing efficiency to ensure smooth reimbursements.
Policy Renewability - Check if the plan allows lifelong renewals or if renewal is denied after a particular age threshold. Lifelong coverage is ideal.
Customer Service - To assess responsiveness, Check online reviews and ratings about an insurer's customer service, claim settlement processes, and grievance redressal.
Selecting the right mediclaim cover requires balancing multiple aspects to find adequate and affordable protection for your unique needs and risk profile. ACKO Insurance sets itself apart by offering mediclaim plans featuring effortless online purchases, hassle-free claims and renewals, and prompt customer support for a refreshed health insurance experience, making it the best health insurance in India.
