The COVID-19 pandemic showed the importance of a good health insurance plan to meet medical emergencies. Today’s stressful lifestyles and unhealthy food habits are making more people sick. It calls for regular medical attention. This increases the hospitalisation expenses incurred. So, you need to have adequate Mediclaim for you and your family.
The best Mediclaim policy for family offers added protection to your family during stressful situations. A Mediclaim policy takes care of your family’s hospitalisation expenses. It helps to beat the rising cost of medical treatments.
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Selecting the best Mediclaim policy for families requires research and assistance. You must compare the terms offered by different health insurance providers in India. It will help to derive the most benefits from the Mediclaim plan selected. These include Mediclaim premium, availability of the cashless facility, etc.
Read on to learn about Mediclaim and the importance of selecting the best Mediclaim policy for family.
What is Mediclaim?
The IRDAI guidelines describe a Mediclaim policy as a kind of health insurance plan where the person insured is reimbursed for medical expenses incurred for their medical condition.
If you have a Mediclaim plan, you can submit your medical bills to the insurance provider for payment. Else, you can opt for a cashless facility if available. Under a cashless facility, the bill gets settled between the insurance provider and the concerned hospital administration.
People think of Mediclaim and health insurance as the same. Although both provide financial protection during medical emergencies, they are different.
How is Mediclaim different from Health Insurance?
Mediclaim is one of the basic health insurance plans. Mediclaim offers coverage against hospitalisation expenses. So, you can claim Mediclaim only on hospitalisation. Health Insurance is a comprehensive plan. It offers various insurance benefits, including hospitalisation expenses. A health insurance plan offers more coverage. Yet, Mediclaim is more affordable, making people opt for it.
What are the Inclusions in the Best Mediclaim Policy for Family?
The Mediclaim inclusions for a family floater plan differ. It depends on the Mediclaim plan chosen and the insurer (insurer provider). Common policy inclusions are:
1. In-patient hospitalisation covers 24 hours or more of hospitalisation expenses for the insured.
2. Daycare treatments are treatments that do not require hospitalisation.
3. Pre- and post-hospitalisation cost cover both medical expenses incurred before and after hospital release.
4. Domiciliary hospitalisation implies treatments provided at the insured’s home. It is due to a lack of hospital beds or owing to the insured’s incapacity to go to a hospital.
5. Annual health check-ups cover free preventive health check-ups. These check-ups must be once every 1–4 claim-free policy years.
6. No claim bonus is given annually when you do not claim the policy.
What is not covered in Mediclaim?
Before selecting the best Mediclaim policy for your family, consider the general Mediclaim exclusions. These include
- Cosmetic surgery
- Pregnancy, including abortion
- Infertility treatments
- Congenital diseases
- Self-inflicted injury, including attempted suicide injury
- Transmitted diseases like AIDS
- Permanent exclusions (war, riot, etc., induced hospitalisation)
- Injury owing to consumption of alcohol/drugs
- Pre-existing diseases whose symptoms/signs occur within 30 days of starting a Mediclaim policy
- Diagnostic expenses
- Miscellaneous expenses like administration charges
- Health supplements
What are the Benefits of the Best Mediclaim Policy for Family?
Top reasons why you should choose the best Mediclaim policy for family are:
1. The policy offers financial protection to you and your family during a medical emergency.
2. The premium is affordable.
3. Based on your financial and health needs, select the appropriate Mediclaim plan.
4. Mediclaim premium is eligible for tax deduction under Section 80D of the Income Tax. The deduction is available for self, spouse and dependent children. As per the current income tax benefits, up to Rs. 25,000 is allowed as a deduction.
5. Cashless treatments are available. It helps your family to get treatment on time during a medical emergency.
6. You get quality treatment at affordable costs helping offset rising medical inflation costs.
How to Select the Best Mediclaim Policy for Family?
Now that you have understood Mediclaim and its benefits, you need to know how to select the right policy.
Before buying a Mediclaim plan, you must check your family’s requirements. Consider the below factors to select the best mediclaim policy for family.
1. Adequate Coverage
While buying Mediclaim for your family, ensure the policy chosen provides adequate coverage. An adequate sum insured helps tackle unforeseen medical emergencies. It leads to less financial burden and stress.
2. Check the Co-payment Clause
Read the policy document for any co-payment clause. A co-payment clause implies the percentage of the amount you need to pay while claiming a Mediclaim policy. The insurance company pays the rest of the hospitalisation charge.
3. Compare Different Mediclaim Plans
Premium cost should not be the only factor when buying a family Mediclaim plan. You should compare various Mediclaim policies to get detailed information about their benefits. Compare them to your requirements. Check each plan’s exclusions, limits, and sub-limits. For example, go for policies with minimal or no waiting period. A few policies may also provide add-on covers.
4. Select a Plan Offering Lifetime Renewability
The best Mediclaim policy for family should offer lifetime renewability. It means you do not have to renew the policy every year, thus saving on time, cost and effort.
5. Verify Network Hospitals
Opt for a Mediclaim policy that provides a wide hospital network. Also, look for a cashless treatment facility. You can avail of the best healthcare across India. You need not worry about the medical expenses incurred.
Selecting the best Mediclaim policy for your family is important. It will help meet your family’s health requirements. It will also help bear the rising medical costs effectively and get quality treatments.
Turtlemint is a one-stop destination for selecting the best Mediclaim policy for your family. You can enjoy fast, simple, and convenient decision-making. It offers a one-click comparison across different Mediclaim policies to select the best plan. The free premium calculator helps in quick premium calculation. Visit Turtlemint for further information.