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Five Points To Consider When Purchasing A Mediclaim Policy

Updated On Mar 29, 2022

Purchasing health insurance is now equivalent to purchasing a railway ticket, as opposed to a few years ago. Purchasing health insurance policies were similar to obtaining a train ticket, which required consulting with a travel agent. However, not only has the procedure of acquiring health insurance altered, but the number of health insurance firms has also expanded significantly. With everything going digital, even the health insurance industry has embraced the digital era. In India, there are many companies marketing health insurance policies, making it difficult to choose the best. 

Five Points To Consider When Purchasing A Mediclaim Policy

When Buying A Mediclaim Policy, Here Are 5 Things To Think About

To make things easier for you, here are a few things to think about before deciding on a strategy:

Consider Whether You Require a Family Floater Insurance

Depending on your needs, you can pick between an individual health insurance plan and a family floater health insurance policy. Individual health insurance plans are focused solely on you, whereas family health insurance plans cover your entire family. A family floater plan's premium amount may differ and be greater. However, it is a calculated risk because the chances of all members requiring hospitalization in the same year are quite unlikely. However, if a family member has a medical condition, finding an individual health insurance plan for them would be a prudent decision to avoid an increase in premiums.

Make a Sensible Choice When it Comes to the Level of Coverage

You must have a long-term strategy for your health bills when deciding on the level of coverage. Consider your medical and financial needs, such as the quantity of coverage, monthly premiums, co-payments, and deductibles. It assists you in determining your requirements and priorities so that you know what to look for in a plan. (A co-payment is a portion of a claim that the policyholder must pay out of pocket.) A deductible is an amount paid by the policyholder for medical treatment before the insurer begins to pay.)

For a Sub-Limit on Room Rent, Compare the Capping Clause

Many health insurance policies include a limit on how much you may spend on a hotel room. This implies that the policyholder may only claim expenditures up to a certain limit. If you pick a room with a rent that is more than this, you will be responsible for the additional costs. For example, if your health insurance coverage limits room to rent at Rs. 6,000 per day, but you are hospitalized and pick a room rent of Rs. 10,000, you would be responsible for the remaining cost out of your own money.

Look for Co-pays and treatment-specific Restrictions

Many health insurance policies impose restrictions on certain treatments, such as cataract surgery or heart surgery. Even if you have a big sum protected under the insurance, limits like these cap your claim. As a result, prior to purchasing a policy, consider these issues.

Look for a Cashless Treatment Option

One of the most crucial things to look for when purchasing health insurance is whether or not it offers a cashless mediclaim option. A policyholder who opts for the cashless option can receive medical treatment without having to pay out of pocket. He or she can seek care at any of the policy's network hospitals.

Take Away

As a result, when picking insurance, opt for one that has a larger network of hospitals near your home. Because there are so many insurers who provide health insurance policies, it is best to conduct your own research before purchasing one. Other significant elements to consider are the waiting period, claim settlement percentage, pricing, and so forth. These will assist you in making an informed decision.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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