Mediclaim Policy - Benefits, Plans, & Coverages

It is common knowledge how often medical expenses create financial burdens for people, especially when unforeseen illnesses or accidents take place. For an individual, a mediclaim policy can be a means to this end that helps him/her to alleviate this burden. It is popular among people as it helps individuals and families manage the increasing healthcare costs.

This article is going to delve deep into the benefits, types, and coverages of mediclaim policies. 

What is a Mediclaim Policy?

Mediclaim policy, which is also at times referred to as health insurance, is a plan that financially protects the policyholder in times of medical emergency. With a mediclaim policy, you can get reimbursement for your medical expenses, cashless treatment at network hospitals and more.

In India, where the healthcare cost sees a steady rise, mediclaim policies are quickly becoming a necessity to protect oneself from unexpected medical expenses. One can purchase these policies from insurance providers who offer a diverse range of plans that cater to various needs.

What are the Benefits of Having a Mediclaim Policy?

If you purchase a mediclaim policy you can expect to get the following benefits:

• Financial security in times of medical emergency.
• Cost-effective access to quality healthcare.
• Diverse coverage that aligns with your specific needs.
• Cumulative bonus that promotes better lifestyle and preventive healthcare practices.
• Tax benefits under Section 80D of the Income Tax Act.
• Cashless hospitalisation eliminates the need for upfront payment while receiving treatment.

What are the Types of Mediclaim Policies in India?

These are the types of mediclaim policies you can purchase in India:

1.Individual Health Insurance

This policy, tailored for a single person, is ideal for people who have fewer people depending on them.

2.Family Floater Health Insurance

Family floater health insurance plan, under a single policy, covers the entire family. Families with multiple members will find this to be convenient and cost-effective.

3.Critical Illness Insurance

If a policyholder of critical illness insurance gets diagnosed with a particular critical illness, the policy will provide a lump sum amount to cover high medical expenses.

4.Maternity Health Insurance

This is necessary for people who are planning to start a family. These policies come with a waiting period, so one should plan ahead of time.

5.Senior Citizen Health Insurance

People 60 years old and above have more chances of getting ill and in need of special medical care. Senior citizen health insurance caters to their particular healthcare needs.

6.Group Health Insurance

It is perfect for organisations that want to offer their employees good health insurance policy and take care of the workforce.

7.Top-up and Super Top-up Plans

In situations when the basic health insurance coverage exhausts, these top-up plans come into play. They act as supplementary coverage and protect the policyholder from ever-increasing medical costs. 

8.Unit-Linked Health Insurance Plans (UHLP)

If you want to generate wealth while investing in your health insurance, UHLP is the perfect option. Here, a part of your premium goes to the coverage and the rest gets invested in market-linked funds. 

What Coverage Does the Mediclaim Policy Provide?

These are the primary aspects of healthcare that the mediclaim policy covers:

1.Hospitalisation Expenses

Mediclaim policies usually cover expenses related to hospitalisation, including nursing charges, room rent, and other costs. The coverage varies depending on the type of policy and the sum insured.

2.Pre and Post-Hospitalisation Expenses

Various policies offer coverage for costs incurred during pre and post-hospitalisation. For example, it would cover consultations, diagnostic tests, and follow-up treatments. 

3.Day Care Procedures

With advancements in the medical field, several procedures do not require longer hospital stays. Proper mediclaim policies cover a variety of daycare procedures making sure that you do not have to pay out of pocket for procedures that do not require extended hospitalisation.

4.Ambulance Charges

As most medical emergencies require transportation by ambulance, mediclaim policies generally cover ambulance charges. This little financial support helps a lot during critical moments.

5.Critical Illness Cover

Some mediclaim policies provide an option to include critical illness coverage. In the event of a dire medical condition such as stroke, heart attack, or cancer this cover will offer financial protection.

6.Maternity Cover

Many mediclaim policies offer maternity coverage including expenses for pre and post-natal care. Before opting for such a policy it is essential to check conditions such as waiting period and so on.

7.Domiciliary Hospitalisation

When hospitalisation is not possible you may need to take hospital-like treatments at home. Some policies provide domiciliary coverage that eases the treatment process at home. 

8.Organ Donor Expenses

If you have to undergo an organ transplant, getting reimbursement or cashless treatment for such expenses is a possibility with a comprehensive mediclaim policy.

The Bottom Line

In conclusion, a health insurance policy or a mediclaim serves as a crucial financial safeguard against unforeseen medical expenses, offering various benefits like financial security, cost-effective healthcare access, and tax benefits. Understanding the types of health insurance policies and their coverage can help you make informed decisions to protect your and your family's health and finances.

To get affordable premium options with attractive features and benefits on your health insurance policy, contact ACKO.