A health insurance policy is important if you want to secure your future. Many people don’t buy health insurance as it comes with a cost. However, they fail to realize that if they don’t buy one, they will have to bear a high multiple of the insurance cost if they get into a health emergency.
Predicting medical emergencies is impossible; sometimes, paying for them can be beyond your capacity. Health insurance, also known as a mediclaim policy, comes in handy in such a situation. Health insurance will settle all your medical expenses, and you will not have to pay for them. However, to avail of this benefit, you must pay a small amount called the premium every month.
Mediclaim Policies in India
The Indian health insurance industry is booming as more people are availing of mediclaim policies to aid them in taking care of their medical expenses. People interested in health insurance can buy a standalone policy or get it as an addition to a different insurance plan like travel insurance.
A mediclaim policy in India covers a variety of medical expenses. Also, several policies cover accidental injuries and health emergencies too. You might be perfectly fit, but any unfortunate circumstance can knock you off your fight, and you might need to pay a huge medical cost to get back on your feet. To avoid such a situation, you must buy a mediclaim policy.
Most health insurance policies cover doctor consultation charges, hospitalization expenses, the cost of minor surgeries, diagnostic tests, emergency health care expenses, etc. The new-age mediclaim policies also extend to expenses incurred in availing of mental healthcare services. Opting for a comprehensive mediclaim policy might also cover the cost of home care, prescription drugs, etc.
Most Indian mediclaim policies do not cover the cost of support groups and group therapies. However, few special health insurance policies cover alcohol de-addiction programs, smoking, and substance abuse programs, etc. You must check with your insurance provider about these inclusions.
The Indian health insurance market also has a few premium plans where the insurance provider connects the insured with a relationship manager. The manager takes care of all the documentation while enrolling into the policy and filing a claim. The manager also oversees all the other formalities if the insured is admitted to a hospital.
Benefits of a Mediclaim Policy
Getting a mediclaim policy is important if you want to secure your future and safeguard yourself from the exorbitant prices of healthcare services. There are several other benefits of buying a mediclaim policy. Let’s have a look at these benefits.
- It safeguards you from a major financial obligation
- The insurance provider will pay any hospitalization expenses that you incur
- A mediclaim policy allows you to safeguard yourself along with your family members.
- Modern mediclaim policies are readily available online. Hence, you can make an online purchase.
- You can also avail of a tax exemption for your mediclaim plan under section 80D.
- You can avail of cashless hospitalization, where all the expenses will be directly paid to the hospital if the policyholder avails of a medical service.
Mediclaim Policy Coverage
While mediclaim and a health insurance policy might seem similar, they are slightly different. Health insurance covers all medical expenses; however, a mediclaim policy in India mostly covers hospitalization expenses. A mediclaim policy covers the following:
- Pre and Post-Hospitalization Expenses: A mediclaim policy in India covers the pre-hospitalization expenses for up to 30 days before the date of hospitalization. The policy also covers a post-hospitalization expense for up to 60 days after hospitalization.
- Actual Hospitalisation Expenses: The policy extends coverage to all expenses you bear while you are admitted to a hospital. These expenses are mostly OT-based, like Oxygen cylinders, x-ray, etc.
- Room Charges: The hospital rooms, like ICU, wardroom, etc., are available on a rent basis. Your mediclaim policy covers the cost of rent of these rooms to a certain extent.
- Day Care Expenses: Coverage is provided for medical costs related to advanced medical care that does not require a patient to stay in the hospital for more than 24 hours.
In most cases, the policy also covers the consultation charges of the doctor or a medical professional.
Buying a health insurance plan is quite important. Even if you don’t need it, you must consider buying it as it can help you in emergencies and relieve you of the financial burden that diseases and healthcare can bring. You must check different mediclaim policies available out there and choose one that fits your requirements. You can get in touch with an insurance provider today and safeguard yourself from high medical expenses.