Health Insurance 495 views January 9, 2020

Health Insurance Mediclaim Policy

A health insurance mediclaim policy is nothing but an insurance cover that promises to compensate you for all the medical expenses as long as you pay the premium on time. These plans are available from all of the leading health insurance companies in India. A health insurance plan has many features and benefits. Take a look at this article to know more.

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What is a health insurance mediclaim policy?

A health insurance policy, sometimes called a mediclaim policy, is a health cover. It is an insurance plan that offers financial protection against expenses incurred when recovering from a disease, a surgery or an accident. Health insurance offers a vast range of covers from in-patient care to domiciliary care. To stay covered, the policyholder needs to pay the health insurance premiums on time as a lapsed policy will not be eligible when making claims.

What are the types of health insurance mediclaim policy?

A health insurance policy is available in two forms:

  1. Cashless – The cashless plans help you to get treated in a smooth manner. The insurance provider directly pays the hospital when you get discharged be you don’t have to worry about making any payments. This happens only at the network hospitals.
  2. Reimbursement – At the non-network hospitals, you can simply get treated and pay the bills. Then, you can submit the bills and the original medical documents and get the entire sum reimbursed.

These plans are available in the individual health plans as well as the family floater plans. These are also available for the regular health covers and also for the specialised covers such as the critical illness plans or senior citizen health insurance plans.

What are the covers available under a health insurance mediclaim policy?

The different health insurance providers offer different covers, but some covers are common and found in almost every health insurance plan. They include:

1. Hospital cover – Every health insurance policy offers coverage for the in-patient charges. When the policyholder gets admitted following an illness or an accident, he can have the entire medical bills taken care of by the insurer. This is the chief and most important feature of a mediclaim policy.
2. Pre and post-hospital cover – Some ailments, especially if they involve surgeries, require pre and post-hospital care. These periods of care and treatment can be quite expensive, and having a medical insurance cover helps a lot. Thankfully, most of the health care plans offer coverage for all pre and post-hospital routines that help you to recover wholesomely.
3. Domiciliary care – Home health care is important. Some procedures, such as physiotherapy or dialysis is often done at home. All the leading health insurance plans offer compensation for thee domiciliary care routines. This helps the policyholder to make use of the domiciliary care facilities and nurse himself back to health.
4. Daycare procedures – Hundreds of daycare procedures such as cataract operations and angiography are conducted as daycare procedures. This means that one does not require overnight hospitalisation to get these procedures done. Just getting admitted for a few hours suffices. A helpful feature of health insurance is that it offers compensation for daycare procedures.
4. Ambulance charges – An ambulance cover to go to the hospital and to return from in, proves to be highly beneficial. Every health insurance plan includes this cover which makes a health policy very comprehensive and well-rounded. Some plans even include an air-ambulance cover, but this is not available in every plan. Read the policy wordings to know more.
5. OPD coverage – The OPD expenses at times can steep up a lot. This happens if you need to visit doctors often. But when you have a health insurance plan in place, you get financial assistance and your OPD bills are reimbursed. This helps you to stay fit and healthy at all times.

There are many other features that you can get added to your basic health insurance plan if you buy riders. Riders are add-on covers that you can add to your existing policy by paying an extra premium. When you buy a rider, the scope of the health cover increases and you get better protection overall. The common health insurance riders include the critical illness rider, the personal accident rider, the hospital cash benefit rider, the room rent waiver rider and so on

What are the benefits of buying a health insurance mediclaim policy?

Now let us look at some of the benefits of buying a health insurance policy:

1. Keeps you fit – Every aspect of a health insurance mediclaim policy helps you to stay fit and active. From getting OPD checks done to seeking hospital care when needed, your health stays truly protected when you invest in a health insurance policy. Since health is so fragile these days, getting a health plan is of utmost importance.
2. Secures your money – Health care costs are too high these days. A simple hospital stay of a few days can cost more than a lac of rupees. This is a lot of money that you can lose if you don’t have health insurance. When you have health insurance, your funds remain secured as the insurance provider takes care of the bills and your savings stay intact.
3. Offers tax benefits – The premium you pay towards health insurance is tax-free. So when you buy health insurance, you get an easy and legitimate channel through which you can save tax money. This provision is available under Section 80D of the Indian Income Tax Act.

These are some of the best advantages that a mediclaim policy offers. As you can guess, these are very handy benefits indeed. So get a health insurance cover and keep yourself and your loved ones protected with ease.

To sum it up

To sum it up, a health insurance mediclaim policy is of great use and everyone needs to get such a plan. As you can clearly see from the points mentioned above, a health plan is loaded with features and offers many benefits as well. So go online, compare the health insurance quotes and find your ideal cover without any further delay.

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